Quote:
Originally Posted by Xgenre
I say buy. Your father has no money to fully pay for the house on his own. So he needs you in to stretch the loan into affordable monthly instalments. He also realised he has no chance to get a 2 room flat bto if he has used up his 2 chances at subsidised housing. No one else he can own a house with. With you using your cpf, the monthly cash instalments are more affordable when it is split between the two of you. Just buy under Joint ownership so that he has no option to Will away his share.
Right now, you are moving around with relatives. Living out of other people's kindness, I think you are better off owning a flat despite all the potential problems you may face. Your father is just horny and wants face in front of his auntie gfs. Just play along. Soon, he will be old and penniless.. Which auntie wants him then?
So what if there is a loan when he passes on? He will be contributing to the initial down payment and on-going monthly instalment right? You can always rent out his room to earn a rental income which can be used to pay off the mortgage. Older flats tend to be located in better locations. Somehow I think the area is circuit road or toa payoh.
As for your Thai gf, gfs come and go. Unless there are plans to marry within 1 year, don't need to factor in their views lah.
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Just to add on, I think what you mean is the manner of holding the flat, meaning TS and his father should be getting the flat under a 'Joint Tenancy' in which the ownership of the flat is automatically transfer to the surviving co-owner.
All fair and good, the key point is father of TS must agree to it, if not it don't work.
The other thing is there is a way to get round this. In the event, the father marry his latest gf, he then can transfer his ownership to his new wife
while still alive. It can be done, and I have seen it happened.
TS then will have to be contend living with his new stepmother...