Your search results

Top 5 Mistakes to Avoid When Buying Property in Singapore – Expert Insights!

Posted by Jayson Ang on March 19, 2025

| 0

Purchasing a property in Singapore can be an exciting and rewarding experience, especially for those looking to invest in the city-state’s thriving real estate market. However, navigating the complex process of buying property in Singapore can also be challenging, particularly for first-time buyers and foreigners who may not be familiar with the local regulations and market conditions.

To help you make informed decisions and avoid costly mistakes, we have compiled a list of the top 5 mistakes to avoid when buying property in Singapore, along with expert insights on how to overcome these pitfalls.

1. Underestimating the full costs of buying a home

One common mistake made by property buyers in Singapore is underestimating the total costs involved in purchasing a property. In addition to the purchase price, there are several other expenses to consider, such as the deposit, downpayment, mortgage loan, buyer’s stamp duty, additional buyer’s stamp duty, and conveyancing or legal fees. To avoid financial surprises, it is crucial to have a clear understanding of all the costs involved and budget accordingly.

2. Not checking your credit report

Ignoring or not observing your credit score throughout the home buying process can lead to unchecked errors that could impact your loan approval or lead to less favorable loan rates and terms. It is essential to monitor your credit report and address any discrepancies or issues before applying for a mortgage loan.

3. Failing to understand property restrictions and eligibility criteria

Foreigners looking to buy property in Singapore must be aware of the various restrictions and eligibility criteria in place. For instance, foreigners can only buy landed property with approval from the Land Dealings Approval Unit (LDAU) and are subject to additional buyer’s stamp duty. Understanding these regulations and ensuring you meet the eligibility criteria will help prevent potential legal issues and complications during the property purchase process.

4. Not seeking professional advice

Engaging a trustworthy property agent, lawyer, tax advisor, and mortgage broker is crucial for foreign buyers looking to purchase property in Singapore. These professionals can provide valuable insights into the local property market, help you navigate the complex legal and financial requirements, and ensure a smooth transaction process.

5. Insufficient research on property types and neighborhoods

Conducting thorough research on the different types of properties available, such as condominiums, landed properties, and HDB flats, as well as familiarizing yourself with various neighborhoods and their amenities, is essential for making an informed decision. Staying up-to-date on the latest property trends and market conditions will also help you identify potential investment opportunities and make better choices when purchasing property in Singapore.

Buying property in Singapore can be a rewarding experience if you take the time to understand the local market, regulations, and costs involved. By avoiding these common mistakes and seeking professional advice, you can make informed decisions and ensure a smooth and successful property purchase process. Whether you are a first-time buyer or a seasoned investor, being well-prepared and knowledgeable about the Singapore property market will help you make the most of your investment and enjoy the benefits of owning a property in this vibrant city-state.

If you would like to arrange a viewing appointment with us in Singapore, do send us a DM here

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Blog Posts Buying Tips Opinion

Freehold Properties vs Leasehold Properties: Which is Better?

Jayson Ang – June 26, 2023 –

TLDR When it comes to property investments in Singapore, understanding the differences between leasehold and freehold properties is crucial. This...

All Blog Posts Buying Tips

Discover 7 New Condos Close to an MRT Station in 2023

Jayson Ang – January 25, 2023 –

TLDR When it comes to finding the perfect home near MRT stations in Singapore, several exciting new launches stand out...

Mandarin Top 5

From Overseas to Singapore Property: 5 Steps Guide to Remitting Funds

Jayson Ang – May 21, 2023 –

From Overseas to Singapore Property: 5 Steps Guide to Remitting Funds 1. The first step in remitting money to Singapore...

All Blog Posts Buying Tips

5 Facilities Selling Points Condo Sellers Should Emphasize To Entice Potential Buyers

Jayson Ang – May 23, 2023 –

TLDR When selling a condo, focusing on highlighting key facilities like gyms, swimming pools, family-friendly amenities, community gardens, and clubhouse...

Mandarin Top 5

Retiring in Singapore? Here’s Where to Find the 5 Best Property Investments for Comfort and Security!

Jayson Ang – March 22, 2024 –

Retirees have unique needs when it comes to property investments. They require properties that offer comfort, security, and easy access...

All Buying Tips Opinion

6 Unexpected Property Warning Signs That Can Be Negative for Some, But Beneficial for Others

Jayson Ang – February 29, 2024 –

TLDR When considering property preferences, what may appear as a disadvantage to some buyers could be a unique opportunity for...

All Buying Tips

How Much You Need to Earn to Afford a Condo 2023

Jayson Ang – October 30, 2023 –

TLDR When considering investing in a private property in Singapore, it's important to understand your borrowing capacity. Financial experts recommend...

All Buying Tips Opinion Selling Tips

With a population of 6.04 million in Singapore, who are the winners and losers in the property market?

Jayson Ang – February 9, 2025 –

There has been significant outcry regarding Singapore’s population hitting a record high of 6.04 million, largely due to an increase...

All Buying Tips Opinion

The Impact of a Real Estate Agent on Your Property’s Selling Price

Jayson Ang – August 9, 2023 –

TLDR In the world of real estate, the value of property agents lies in their ability to create competition among...

Mandarin Top 5

5 Impacts Of The Singapore-Malaysia High-Speed Rail On The Property Market

Jayson Ang – June 10, 2024 –

The proposed Singapore-Malaysia High-Speed Rail (HSR) is a joint project between the two countries that aims to improve connectivity and...

All Blog Posts Buying Tips

Five Pitfalls of Selling a Home for the First Time

Jayson Ang – July 23, 2023 –

TLDR When selling your first home, avoid holding out for a better offer as it may backfire. Let your agent...

All Buying Tips Opinion

HDB Owners Missing Out on the “Ultimate Upgrade” to Landed Living

Jayson Ang – October 3, 2024 –

TLDR Over the past two decades in Singapore, the trend of HDB residents upgrading to landed properties has fluctuated. While...

All Blog Posts Buying Tips

A Beginner’s Guide to Homebuying: How to Choose the Perfect Property

Jayson Ang – May 20, 2023 –

TLDR When considering property investments, understanding your motives is crucial. Factors like accessibility to amenities, remaining lease, transaction history, rentability,...