Is Your Money Working Hard For You?
Until last year they were staying comfortably in their EA flat with considerable savings in their bank accounts. But the money wasn’t working hard for them, earning paltry interest.
They also recognised the downward trend of HDB prices and that their flat was not meant to be kept long term. For quite some time now, they had wanted to invest in private property but were deterred by the Additional Buyer Stamp Duty (ABSD), which is an additional 12% for their second property.
We discussed and did 𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬 𝗪𝗘𝗔𝗟𝗧𝗛 𝗣𝗟𝗔𝗡𝗡𝗜𝗡𝗚.
The Process of Property Wealth Planning
First, they sold their EA flat last year. They then bought a condo near their parents’ home, under the sole name of the husband.
Recently, they purchased their 2nd condo with a rental yield of more than 3%. This time it was under the wife’s name.
By selling their HDB flat which was under joint-ownership, they had purchased two condos under separate names. In this way, they have made a substantial saving on Additional Buyer Stamp Duty (ABSD).
And they still have enough resources to buy another small brand new condo in their daughter’s name who is only 3 year old.
𝙉𝙤𝙬 𝙩𝙝𝙚𝙞𝙧 𝙢𝙤𝙣𝙚𝙮 𝙞𝙨 𝙬𝙤𝙧𝙠𝙞𝙣𝙜 𝙝𝙖𝙧𝙙 𝙛𝙤𝙧 𝙩𝙝𝙚𝙢!
Interested to know how they do it? Give me a call for a no-obligatory discussion on Property Wealth Planning.
Associate Deputy Group Director
OrangeTee & Tie Pte Ltd
Danny has been a licensed real estate agent since 2005 and has helped many in Property Wealth Planning.
Do drop him a Whatsapp message or send him an email for a discussion if you are planning to grow your property wealth.