How much is enough for retirement in Singapore?
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slmkhoo:
First and foremost, when it comes to HDB flats, is whether HDB approves such modifications? I have a feeling it may be a problem.
Agreed esp on hacking some parts. -
Maybe easier to just buy 2 adjoining flats (3rm flats) and rent out one of them. No need to spend extra money on redesigning/renovate while enjoying a higher rental yield renting out an entire 3rm flat than an artificially created studio.
Agree that most of the 5rm flats have the bedrooms tucked at the far corner of the unit.
Someone I know built a partition wall in between the rooms to split his ground floor 3-bedder private apartment into a studio and 2-bedder. The studio uses the main door to enter/exit while the owner and his wife living in the other half of the house enter/exit through the patio. The studio created is then rented out as a source of retirement income for the old couple. -
lee_yl:
This is illegal, isn't it?
Someone I know built a partition wall in between the rooms to split his ground floor 3-bedder private apartment into a studio and 2-bedder. The studio uses the main door to enter/exit while the owner and his wife living in the other half of the house enter/exit through the patio. The studio created is then rented out as a source of retirement income for the old couple.
http://www.asiaone.com/News/AsiaOne%2BNews/Singapore/Story/A1Story20090920-168929.html
https://www.ura.gov.sg/uol/buy-property/about/leasing/residential.aspx -
starlight1968sg:
They are talking about erection of partition walls in HDB, not hacking. Hacking requires HDB's permit, as always.slmkhoo:
First and foremost, when it comes to HDB flats, is whether HDB approves such modifications? I have a feeling it may be a problem.
Agreed esp on hacking some parts.
You can partition your HDB flat. Gypsum, tempered glass, wooden walls, whatever but must provide sufficient lighting (implied must have windows?), ventilation and most imptly, direct safety escape route to the main exit. This newly created studio door mustn't open out to another room but must have direct access to the main door. Not too sure about wooden walls, as they are hazmat.
Be careful with reconfiguring bathrooms and kitchen in the newly created studio within your HDB. You know these spaces require waterproofing screed/membrane. E.g. can't simply create a sub-bathroom at the original living room space for your tenant. Your neighbours downstairs will suffer from water leakages or seepage over time.
Get HDB licensed renovation contractor to do up a proposed configuration. There're so many 5-rm flat types in the market. Some point blocks from the 70s-80s, others combined with 4-rooms or even EAs. -
MrsKiasu:
What is the advantage of selling own flat to our kid? Zero cash/no agent fee/heart attachment?
Can't help but wonder why parents want to pick 1 descendant over the other(s) for this sort of transaction. Is it fair? Won't the other descendant(s) get upset since the parents' matrimonial property (aka inheritance) is no more or downsized (if parents purchase a studio apartment after the sale)?
The proceeds won't be a lot since SP's been discounted for one's own child. Parents are shortchanged through this sacrifice.
Won't that buyer's spouse feel pressured to buy that 30-year-old LH property from you and to have to service its mortgage (of an old property with not many years left), albeit it's at a 'own family price', sans the agent's fee? Must the spouse oblige because his/her in laws want to cash out for retirement?
I'd also heard of parents selling the entire flat to 1 married child to cash out, let the child and spouse pay for the monthly instalments and utilities, while the parents and unmarried sibling(s) continue to live as occupiers in the flat.
Another equally bad scenario is the property is jointly owned by the parents and that child (excl. the spouse) via selling 50% share to the latter. The spouse doesn't own the property and quarrels with better half everyday. The other siblings decry unfairness. -
Zeit:
Lots of different scenarios, and every family will need to work things out. Given goodwill on all sides, it can be worked out. My mother's youngest brother was left the largest share of the family home (he bought out the other siblings' smaller shares) on the understanding that my grandmother would live with him and he couldn't sell without her consent. My aunt and cousins lived amicably with my grandmother until her death in her 90s.MrsKiasu:
What is the advantage of selling own flat to our kid? Zero cash/no agent fee/heart attachment?
Can't help but wonder why parents want to pick 1 descendant over the other(s) for this sort of transaction. Is it fair? Won't the other descendant(s) get upset since the parents' matrimonial property (aka inheritance) is no more or downsized (if parents purchase a studio apartment after the sale)?
The proceeds won't be a lot since SP's been discounted for one's own child. Parents are shortchanged through this sacrifice.
Won't that buyer's spouse feel pressured to buy that 30-year-old LH property from you and to have to service its mortgage (of an old property with not many years left), albeit it's at a 'own family price', sans the agent's fee? Must the spouse oblige because his/her in laws want to cash out for retirement?
I'd also heard of parents selling the entire flat to 1 married child to cash out, let the child and spouse pay for the monthly instalments and utilities, while the parents and unmarried sibling(s) continue to live as occupiers in the flat.
Another equally bad scenario is the property is jointly owned by the parents and that child (excl. the spouse) via selling 50% share to the latter. The spouse doesn't own the property and quarrels with better half everyday. The other siblings decry unfairness.
I my case, if both my kids want to buy the flat, they will have to come to some agreement over it, or we will just sell it on the open market. If only one is married, I guess that will be the one to buy over the flat as, realistically, it will take 2 incomes to afford it. Again, I hope that there will be goodwill on all sides, including the potential in-laws. -
Zeit:
If an elderly wants to play favouritism, & well-knowing that other kids will not be happy, and will \"break up\" the family harmony(and the recipient actually accept happily...) , and still wants to go ahead. U cannot do anything...MrsKiasu:
What is the advantage of selling own flat to our kid? Zero cash/no agent fee/heart attachment?
Can't help but wonder why parents want to pick 1 descendant over the other(s) for this sort of transaction. Is it fair? Won't the other descendant(s) get upset since the parents' matrimonial property (aka inheritance) is no more or downsized (if parents purchase a studio apartment after the sale)?
.
In many situations, the favouritism may not even involve monetary, eg. can be in the form of rendering help in looking after grandkids...SOn's kids are rank at a higher level than daughter's kids....Son's kids CANNOT even be bathed nor feed by helper, BUT daughter's NEWBORN with a young toddler, CAN BE LEFT alone with a NEW INEXPERIENCED helper for at least 10 hours per day, & the only cold comment is \"can la, no problem de,just install a camera lor”
Talk as if, when i can see from camera that my defenceless children are going to be thrown down from 16th storey,i would have magic powers to fly home within a second to stop that from happening?!?
不开口还好，开了口清楚看见了很明显的漠不关心！ 只能暗吞眼泪，倍感心寒！
这样还算一家人吗？
even reach the extent of becoming depressed, also don’t bother anyone much, except your own immediate family..
But when need help of any form, approach daughters 1st... coz son no time !! -
Giving or selling my property to dd is not on my radar yet. I focus on getting enough for my retirement.
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I have never really understood the part about ‘blaming’ parents for favourtism of giving more to which sibling/s, etc.
Parents’ basic responsibility is to feed the kids, cloth them, and give them education within means. Other than that, nothing more should be expected from them and so whatever they want to do (asset distribution, care of grand kids, etc) are their absolute prerogative. If you are given the longer end of the stick, that’s good; if shorter end of the stick, also never mind coz you were given the basic oredi in the past.
养育之恩大如天. So to try to get more it’s a negative 心态问题 of ‘if you have it, then you should give it to me and the rest ‘equally’. Why must they do it ‘equally’ and why can’t they practise favourtism when the assets and energy are all theirs that they don’t owe an adult child any further.
Try to adjust own 心态 towards this and accept their decisions as long as those decisions are theirs willingly. It is only when you can have this healthy 心态, then your kids will stand a higher chance of carrying similar 心态 of not wanting to compare and compare (same theory of we should not compare our kids to others’ coz that’s just so unproductive to do so).
When my mum was struck with cancer, ALL her kids (more than 6) queuing to take care of her if my younger brother (whom she stayed with) couldn’t manage her. All were willing to give up their kid’s room and transform it into a hospital-ward-style room for her. Kid could sleep anywhere in the house never mind coz mum was No. 1 and kid can adapt.
Now my two kids are ‘fighting’ to stay with me after they marry. They consider parents as ‘assets’ and not ‘liabilities’. It’s something that they have to do to 报父母恩. What really happened to this basic value nowadays?
Remember your kids are likely to mirror your 心态 and having a 宽宏心态 is one of the keys towards happiness in life (money cannot buy this). -
Hercules
thank you for sharing. You never failed to impress me with your wisdom and advice.
OT: A good reminder on 养育之恩大如天 and this includes treating not only our parents but our inlaws too.
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