{"id":30000,"date":"2019-10-12T11:50:52","date_gmt":"2019-10-12T03:50:52","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=30000"},"modified":"2022-06-13T17:24:14","modified_gmt":"2022-06-13T09:24:14","slug":"private-property-is-the-inheritance-your-children-are-least-likely-to-screw-up","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/private-property-is-the-inheritance-your-children-are-least-likely-to-screw-up\/","title":{"rendered":"It&#8217;s simple: If you want your kids to be rich, buy them property"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Want to leave a legacy that lasts? Then instead of giving your children a stock portfolio or something, leave them a private property. Here&#8217;s why:<\/p>\n<p>When I was 10 years old, my life ambition was to be an apple tree. When I was 22 years old, my legacy to the world was going to be a trust fund for my <em>World of Warcraft <\/em>guild. And when I was 30, I wanted my future children to inherit stocks in all the companies I deeply hate, so that they could &#8220;make themselves heard&#8221; and be thrown out of multiple AGMs.<\/p>\n<p>My point is, I was a moron right up till the age of 35, and I&#8217;m willing to bet I&#8217;m not in the minority here. In fact if I had to guess, I&#8217;d say most people gain roughly three IQ points per year, when it comes to making long-term decisions.<\/p>\n<p>So just in case you don&#8217;t have uncommonly mature, gifted children who <em>aren&#8217;t<\/em> like this, I&#8217;d suggest you try to leave a private property, rather than cash, stocks, or other more liquid assets.<\/p>\n<p>What exactly does a property inheritance do, that the others don&#8217;t? To summarise:<\/p>\n<ul>\n<li>It&#8217;s harder for them to stupidly liquidate on impulse<\/li>\n<li>They can cash-out instead of sell, if they really need the money<\/li>\n<li>Renting out the property is a good introduction to adulting<\/li>\n<li>It&#8217;s harder for someone to scam them out of property<\/li>\n<\/ul>\n<h3>1. It&#8217;s harder for them to stupidly liquidate on impulse<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-30068\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/hard-to-liqudate.jpg\" alt=\"\" width=\"479\" height=\"480\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/hard-to-liqudate.jpg 479w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/hard-to-liqudate-180x180.jpg 180w\" sizes=\"(max-width: 479px) 100vw, 479px\" \/><\/p>\n<p>Between the ages of one to about 19, most people&#8217;s core financial skill is the ability to turn money into less money. There are exceptions to the rule, but let&#8217;s not fall under the delusion that most of our children are Warren Buffet in diapers.<\/p>\n<p>The more liquid an asset, the faster and easier it is to spend. Maybe that&#8217;s why they call it liquidity; because you can piss it away. Cash is the most liquid, so you can bet a cash inheritance will disappear faster than fake CPF news. Stocks and bonds are also at risk of being impulsively sold off and spent, because think about it:<\/p>\n<p>If your child has access to a huge stock portfolio, they can touch parts of their smartphone and own a Maserati in about three days. Some of us can&#8217;t resist the impulse to buy a second pizza thanks to FinTech, let alone resist the above.<\/p>\n<p>With a house, however, selling it takes effort. It takes weeks, maybe months for the money to come in &#8211; and they need to do more than tap a smartphone. They need to bundle up their stuff, find new accommodations, register a change of address, etc. A property, due to its lack of liquidity, has <em>natural deterrence to stupid impulses.<br \/>\n<\/em><\/p>\n<p>Another good thing here is that they don&#8217;t erode it by spending it everyday. You can scrape away at a bank account or stock portfolio, squandering it on Grab rides, holidays to Bali, etc. With property, it&#8217;s mostly all or nothing. Sell it, or keep it. And that prevents spending behaviour that would gradually erode your legacy.<\/p>\n<h3>2. They can cash-out instead of sell, if they really need the money<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-30069\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/atm-machine.jpg\" alt=\"\" width=\"601\" height=\"601\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/atm-machine.jpg 601w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/atm-machine-180x180.jpg 180w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p>Let&#8217;s say there&#8217;s a situation when your child <em>really does <\/em>need the money. What do they do then?<\/p>\n<p>With most forms of assets, they need to sell them off to cover that emergency. They spend it, and it&#8217;s well and truly gone. With private property though, they can use a home equity loan, or cash-out refinancing instead.<\/p>\n<p>For example, they can borrow against the appreciated value of the property, at interest rates as low as 1.6 per cent per annum. That&#8217;s enough for them to fund a start-up, get a degree, add fish to their economy rice, etc. And they&#8217;d be able to do it for much cheaper than using personal loans, business loans, etc.<\/p>\n<p>Yes, I know what you&#8217;re thinking &#8211; if they&#8217;re being idiots they&#8217;ll do this and end up losing the house. But it&#8217;s <em>marginally <\/em>better than if they outright sell the house, as there&#8217;s some hope they can cover the loan repayments with rental income.<\/p>\n<h3>3. Renting out the property is a good introduction to adulting<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-30070\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/rental-income.jpg\" alt=\"\" width=\"601\" height=\"601\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/rental-income.jpg 601w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/rental-income-180x180.jpg 180w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p>The problem with leaving cash or stocks is that your children don&#8217;t need to understand anything about the assets. They just collect the dividends, or what the trust fund gives them. They&#8217;re missing a &#8220;teachable moment&#8221;, to use MOE parlance.<\/p>\n<p>When your children need to be landlords, they learn the basics of home maintenance. More than one life has been changed by learning how to plunge a toilet. They also learn how to calculate rental yields, argue with tenants over contracts, and perform CPR on the first person to see the quarterly maintenance bill.<\/p>\n<p>Some of the most useful skills I&#8217;ve picked up &#8211; like mediating between a screaming tenant and a security guard when they both speak different languages &#8211; comes from having had to rent out a unit. Likewise, having to confront neighbours when their leaks get into your unit, and dealing with the subsequent legal issues.<\/p>\n<p>Property, through all this bovine excrement, is an asset that <em>forces <\/em>you to learn its inner workings. Ramping up your children&#8217;s street smarts doesn&#8217;t hurt either.<\/p>\n<h3>4. It&#8217;s harder for someone to scam them out of property<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-30072\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/scam.jpg\" alt=\"\" width=\"601\" height=\"601\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/scam.jpg 601w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/10\/scam-180x180.jpg 180w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p>It&#8217;s not impossible to steal someone&#8217;s house &#8211; but it&#8217;s much harder than scamming them out of, say, an inheritance of cash or gold.<\/p>\n<p>A single <a href=\"https:\/\/www.straitstimes.com\/singapore\/courts-crime\/man-arrested-for-alleged-involvement-in-70000-love-scam\">Internet love scam<\/a> can wipe out huge chunks of cash at one go, and some assets &#8211; like gold &#8211; can literally be stolen. A collection of luxury watches worth $1 million will fit into a $5 fanny pack. And if your children <em>do <\/em>want to sell the house to benefit a scammer, they&#8217;ll be forced to encounter a whole range of professionals along the way &#8211; from the real estate agent to the conveyancing firm. There&#8217;s a higher chance they&#8217;ll run into someone who talks sense into them.<\/p>\n<p>So again, property&#8217;s illiquid nature can actually help here. For most assets, illiquid can also mean &#8220;very inconvenient to steal&#8221;.<\/p>\n<h3>Finally, Singapore real estate is a good store of value<\/h3>\n<p>That means an unpleasant surprise is less likely. For example, imagine if you leave your children a large stock portfolio, just before a market crash wipes out half its value. Or you leave them an art collection, just as the art market decides your collected works of <em>Jean Philiipe la Pom&#8217;pous<\/em> aren&#8217;t that great after all.<\/p>\n<p>That sort of volatility is less likely, when it comes to property. Sure, property prices go up and down, and the rental can be unpredictable; but the randomness is nowhere near the scale of most other assets.<\/p>\n<p>So if you have a huge art collection, or a lot of stocks, or just a pile of cash, consider maybe putting it into a private property for the children.<\/p>\n<p><i>Would you leave a private property to your children? Voice your thoughts in our comments section or on<\/i><a href=\"https:\/\/www.facebook.com\/groups\/yourpropertycommunity\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i> our Facebook community page<\/i><\/a><i>.<\/i><\/p>\n<p><i>Looking for a property? Find the home of your dreams today on Singapore\u2019s largest <\/i><a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\" target=\"_blank\" rel=\"noopener noreferrer\"><i>property portal 99.co<\/i><\/a><i>! You can also <\/i><a href=\"https:\/\/www.99.co\/singapore\/insider\/1500-is-not-a-fixed-income-ceiling-for-rental-flats\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i>access a wide range of tools to calculate your down payments and loan repayments<\/i><\/a><i>, to make an informed purchase.<\/i><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to leave a legacy that lasts? Then instead of giving your children a stock portfolio or something, leave them a private property. Here&#8217;s why: When I was 10 years old, my life ambition was to be an apple tree. When I was 22 years old, my legacy to the world was going to be&hellip;<\/p>\n","protected":false},"author":65,"featured_media":30066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[54245,55215,53709],"persona":[],"class_list":{"2":"type-post","13":"entry","14":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It&#039;s simple: If you want your kids to be rich, buy them property - 99.co<\/title>\n<meta name=\"description\" content=\"Want to leave a legacy for your children? 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