Should we take money from parents to buy house?

[AlexChua]

There is alot of such person in this world. They think everything for themselves.

 

I know of this guy who have already had a pte property under his name, asking his parent to sell HDB and buy another pte property using the son's name.

 

He told the parent very nicely, they will live in condo. Paint a beautiful picture. He will finance their stay-in condo from then.

 

From owner of HDB to guest of a condo. Smart right?

 

Somemore he is not the only son, he have a elder sister and younger brother who have gotten married.

 

 

Another instance is a daughter who live with hubby in Pte property too. Want to buy a smaller HDB for investing, ask parent to sublet their bigger HDB out and use the rental pay for the smaller HDB. At the same time, the smaller HDB belong to the daughter.

 

Singaporean are getting no way better than crooks on street.

But stories... listen with pinch of salt

 

:)

[Patronic]

LOL... you sound like that indian comedian... can't remember his name now...

"be a man, do the right thing"

 

Russell Peters

[Mdfaz]

I dun believe in 'troubling' your parents once you have started working and especially when starting a family.

 

I remembered 4 years ago when i bought my current flat, my wife and I were short of $8k for the downpayment. We didnt resort to borrowing from parents but digged deep to fork out the money, on top of paying for marriage expenditures. i had to take a loan then to pay quite a lot of things as well. And my first child came within the first year of my marriage... financially, we were quite tight but managed to pay off everything, thankfully.

 

better not trouble our parents lah... they have already brought us up to where we are now, it's time we become financially independent.

 

Hi people,

 

I am wondering, with the rising property prices, what are your views about using parents money to buy house?

 

Assuming you are NOT the only son or daughter, would u use your parents money to buy house?

 

I head soo many stories about sons/daughter taking parents money to buy house and then kick parents out.

 

aiyo, now my elder brother is trying the same thing. Both my elder sister and me bought property recently but we both took loans from the bank and not a single cent from parents.

Edited June 16, 2010 by Mdfaz

[Itsec]

Another instance is a daughter who live with hubby in Pte property too. Want to buy a smaller HDB for investing, ask parent to sublet their bigger HDB out and use the rental pay for the smaller HDB. At the same time, the smaller HDB belong to the daughter.

 

Singaporean are getting no way better than crooks on street.

But stories... listen with pinch of salt

 

:)

 

i'm thinking of doing something similar... but in a rightful manner...

 

get my older sis to buy 1 flat (i try to chip in) and get my parents (rent out their flat) to move in with my sis... ensure my parents are self-sufficient... in the current situation.. to keep up with market, battling inflation, raise kids... we hardly have enough cash for our own :(

 

 

[AlexChua]

it depend on your motive.

 

The folk live in a smaller house (ok)

The folk use their rented income to pay off the loan for you (is it ok)

You stop giving them money (is it really ok)

 

In the last few years of parent, you still want to make use of them (fully).

 

Just let them enjoy life and dun worry about all these mahz.

[Chewbacca]

Sometimes you can find an approach that's good for everyone. For example, you get your parents to move in with you to your new flat. Rent out their flat. Then they get to see you everyday, you get to take care of them better, better financial situation, also encourages you to have kids, and they'll be happy if they get some grand children.

 

Something like that.

 

BTW, my parents chipped in for my properties. But....my family has always been, well, not rich, but financially smart and responsible.

 

[macrosszero]

Instead of taking a loan from the bank, take a loan from your parents and pay them back on time at an agreed sum of interest. Somewhere between bank fixed deposit saving interest and loan interest would be mutually beneficial. Your parents earn more interest on their money, you save some interest incurred on your loan. But you must be disciplined and pay it off and not assume its a gift.

[Zyrofillica]

Instead of taking a loan from the bank, take a loan from your parents and pay them back on time at an agreed sum of interest. Somewhere between bank fixed deposit saving interest and loan interest would be mutually beneficial. Your parents earn more interest on their money, you save some interest incurred on your loan. But you must be disciplined and pay it off and not assume its a gift.

 

as long as there is still trust in the family. And i know many families broken apart due to $$$ matters. So... that is the reason why it is still not recommended to do this even though i agree its mutually beneficial rather than to go to a bank

[Gearoil]

AlexChua

 

I know why you revive this thread.

 

But why you are so troubled is simply becos even if you want to be good in heart when there will be more nasty ppl who will take advantage of their parents and own siblings to enhance their own worth and gain.

 

You cannot change ppl for the better even if you had gone to the end of the world, to be a better person yourself.

 

The truly divine would say..

 

Let these ppl be. They sow the gains today to suffer their ill deeds tomorrow. If they personally don't suffer, they will bring the curse to their exact off springs who will carry on the curse for them.

 

Only the true hearted will walk free from this all when he/she leaves the world with honour and bliss.

 

How many ppl will leave the world truly like this?

 

The person who is about to die will fear what he/she has done in their life time.

 

And who would want to have the utmost fear, when the time comes for one to cross over to the other side?

[AlexChua]

Hi. I google this topic as i know of somebody's daughter and son doing all these and surprise that it actually have a good result. therefore seeing this thread date is not far away, i decided to register and post my cents worth.

 

Parent are alway making sure their offspring are getting their best. However as the population get stronger and financial more capable, the sons and daughters of this singapore are getting less worthy. Not as in $ and cent, but as a human being.

 

They lack the 'touch' ....

 

Having said that, i do seek help from parent everytime. But they are unable to provide me, i did not turn it to hate. i know their position and willing and trying to provide better to them. I hope so... but i not sure i ever do it.

 

Hhaha..

[Busybody]

Hi people,

 

I am wondering, with the rising property prices, what are your views about using parents money to buy house?

 

Assuming you are NOT the only son or daughter, would u use your parents money to buy house?

 

I head soo many stories about sons/daughter taking parents money to buy house and then kick parents out.

 

aiyo, now my elder brother is trying the same thing. Both my elder sister and me bought property recently but we both took loans from the bank and not a single cent from parents.

 

No $ can always rent

 

No $ can always wait for a downturn to buy

 

Does your elder brother own a car? maybe it's time to sell it off... and your sister-in-law is just waiting for your brother to pay for everything?

[Blackwind]

Hi people,

 

I am wondering, with the rising property prices, what are your views about using parents money to buy house?

 

Assuming you are NOT the only son or daughter, would u use your parents money to buy house?

 

I head soo many stories about sons/daughter taking parents money to buy house and then kick parents out.

 

aiyo, now my elder brother is trying the same thing. Both my elder sister and me bought property recently but we both took loans from the bank and not a single cent from parents.

 

it is ok to use parents money to buy house if the parents are ok with it.... but the important thing is to always take care of the parents

 

we have to take care of them regardless of how helpful they have been

 

my mom is actually currently looking for a private property to buy for me.... asked her to use the money to travel and enjoy herself instead... but these old ppl are not like our new gen.... they always like to do things for their children and forgo their own enjoyment(perhaps saving money for future gen is like their enjoyment)

 

we cannot take advantage of them

 

so to ans your qtn nothing wrong with your bro doing that.... but most importantly i think all 3 of you should take good care of your parents regardless of how much she had helped each one of you...

in the worst case scenerio if your bro does kick them out... you will have to take them in and give them your fullest support

 

 

 

having said all these i have to add that all of us had different upbringing.... so what i say might actually not fit very well with you

 

 

 

my little dog is sleeping beside me now.... sometimes i really think that human beings can learn a thing or two about fidelity from dogs

 

 

 

 

[AlexChua]

As a matter of fact, it all boil down to human natural, of cos your up bringing. It might not be swindler by kids and sometime parent turn out to be monster too.

 

certainly for me, i have a pair of hand and leg which i believe i can earn my $ and cent. Therefore there is no need for me to swindle my parent money and make what belongs to them become mine. It not fair and it defect the way natural works. 1 +1 is not equal to 2 anymore.

 

when everything break the natural, something real bad going to happen. haha

[Joseph22]

it depend on your motive.

 

The folk live in a smaller house (ok)

The folk use their rented income to pay off the loan for you (is it ok)

You stop giving them money (is it really ok)

 

In the last few years of parent, you still want to make use of them (fully).

 

Just let them enjoy life and dun worry about all these mahz.

 

 

Actually i was thinking if its this sitatuation what will you think??

 

Assuming the son have a 5 room and parents 4 room.

Son bought a condo.

get the parents to live in their 5 rooms so that the parents can rent out the 4 room.

 

The parents 4 room rental fee all go to parents.

Son dont give money to support them. (or did not give a lot just give as a token)

Edited June 17, 2010 by Joseph22

[Wind30]

err... that is what they ALWAYS say before buying the house. We will take care of you, you can stay with us, blah blah blah.

 

they may even meant it the time they are saying it. But staying together is not easy. If the wife cannot get along with the in-lawys how?

 

I will take care of my parents irregardless of what happens BUT why should I condone something which may/will lead to my parents being poor and penniless in their old age, forever relying on their children???

 

Just doesn't make sense.

 

it is ok to use parents money to buy house if the parents are ok with it.... but the important thing is to always take care of the parents

 

we have to take care of them regardless of how helpful they have been

 

my mom is actually currently looking for a private property to buy for me.... asked her to use the money to travel and enjoy herself instead... but these old ppl are not like our new gen.... they always like to do things for their children and forgo their own enjoyment(perhaps saving money for future gen is like their enjoyment)

 

we cannot take advantage of them

 

so to ans your qtn nothing wrong with your bro doing that.... but most importantly i think all 3 of you should take good care of your parents regardless of how much she had helped each one of you...

in the worst case scenerio if your bro does kick them out... you will have to take them in and give them your fullest support

 

 

 

having said all these i have to add that all of us had different upbringing.... so what i say might actually not fit very well with you

 

 

 

my little dog is sleeping beside me now.... sometimes i really think that human beings can learn a thing or two about fidelity from dogs

 

[Tigerwoods]

My friend told me a story of his cousins that took turns to squeeze money from his retired Taxi Driver Uncle.

The 1st cousin squeezed the most to buy a 5rm flat, the other 2 got money for Car.

1st one sold the 5rm and bot 4rm, pocket the $ and told him and aunt to go stay in the other 4 siblings' house (like a nomad) as he has no space for him (he got 3 kids).

 

the Uncle is penniless and live on handouts from his 2 other daughters as all the 3 sons act blur...

The aunt is senile now and he went wayward and living with China woman, the 2 daughters are furious and stopped giving him money.

 

This is indeed a sad event. Who is to blame ??

 

For me, I will leave little $ for my children (I have little to begin with so its not by choice). I have to equip them with life skills and moral standing.

[Blackwind]

err... that is what they ALWAYS say before buying the house. We will take care of you, you can stay with us, blah blah blah.

 

they may even meant it the time they are saying it. But staying together is not easy. If the wife cannot get along with the in-lawys how?

 

I will take care of my parents irregardless of what happens BUT why should I condone something which may/will lead to my parents being poor and penniless in their old age, forever relying on their children???

 

Just doesn't make sense.

 

yes, you are very right. i've seen all these happen before.

 

perhaps you can share your point of view with your parents. hopefully they will make the right decision.

[Icebrush79]

Hi people,

 

I am wondering, with the rising property prices, what are your views about using parents money to buy house?

 

Assuming you are NOT the only son or daughter, would u use your parents money to buy house?

 

I head soo many stories about sons/daughter taking parents money to buy house and then kick parents out.

 

aiyo, now my elder brother is trying the same thing. Both my elder sister and me bought property recently but we both took loans from the bank and not a single cent from parents.

 

Mine is a different case friend...

 

Parents went ahead and bought properties, one for myself and one for my twin brother.... I only found out when dad called me out of the blue one fine day and told me to come home and sign some papers...

 

Question.. Will I pay them back?? Frankly, I don't think I would because they won't accept anyway (I tried..)... Just like the monthly "allowance" thingy, its more of a formality actually... I give them a substantial amount monthly, only to get it routed back to some "special account" they term as "savings for rainy days"... So in a way, its a good form of "forced savings"...

 

Perhaps, some might flame me for being "spineless" or give some righteous comments like grown ups shouldn't take parents money blah blah blue.... I just want to put this disclaimer.. I tried... my dad is extremely stubborn and he believes in providing everything for his children....

 

cheers