3 harmful social consequences of parents buying property in trust

Since the property cooling measures were announced last December, some prospective home buyers have been interested in buying properties under their kids’ names.

More importantly, most parents considering buying property in a trust shouldn’t be motivated by financial gain. Instead, they want to protect their kid from having to stress out over mortgage payments. Hard to say for now, since we’re still in the early days. But as these trust-beneficiaries come of age 18-21 years down the road, there might be consequences. Here are three potential ones we could think of when buying property in your child’s name .Buying an HDB flat, budgeting for mortgage payments, upgrading to a new home are familiar rites of passage for middle-class Singaporeans.

Unless she only consorts with fellow heirs and heiresses, be prepared for her old friends to start drifting away from her. After all, she doesn’t have to go through the hits-and-misses in life, like balloting for a flat and applying for a home loan.

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