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Put the Bank of Mum and Dad in order before helping kids get on the private property ladder
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More parents are chipping in to help their children buy their first homes for fear that they are being priced out of the property market.
ST ILLUSTRATION: MANNY FRANCISCO
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- Rising property costs and wealth transfer see parents increasingly helping children buy private property, offering gifts or loans for downpayments.
- Property cooling measures and longer public housing MOP periods push affluent parents to directly fund private property purchases for their children.
- Experts advise clear communication, legal safeguards like trusts or documented loans, and assessing personal wealth goals before assisting children.
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SINGAPORE – More parents are stepping in to help their children climb the private property ladder, with real estate agents reporting a rise in young couples turning up at new condominium launches backed by parents ready to provide financial firepower.
Rising property prices and what private bankers call a once-in-a-generation wealth transfer are reshaping home ownership strategies of many families, with parents and even grandparents channelling savings to help younger buyers secure private homes.
