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 …

Mandarin Top 5

Top 5 Factors to Look for in a Property Developer

Jayson Ang – March 13, 2024 –

With a highly competitive property market, it's crucial to choose a property developer that you can trust to deliver quality...

All Blog Posts Buying Tips

Buying HDB Resale : How to Minimise COV

Jayson Ang – January 20, 2023 –

TLDR Understanding Cash Over Valuation (COV) is crucial when buying a resale HDB flat in Singapore. COV is the additional...

Mandarin Top 5

Top 5 Reasons : Why Jayson Ang is the Best Property Agent in Singapore. And Why You Should Engage Him Today

Jayson Ang – March 9, 2024 –

In the bustling city-state of Singapore, the real estate market is highly competitive and constantly evolving. Finding the perfect property...

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...

Mandarin Top 5

The Future Of Singapore Property Investing: 5 Trends To Watch Out For

Jayson Ang – July 10, 2024 –

The future of Singapore's property market is shaped by several emerging trends that reflect cautious optimism, enviable locations, and sociable...

All Opinion

Is it Possible for the Government to Truly “Reclaim Your Home” in Singapore?

Jayson Ang – January 25, 2025 –

The Singaporean government possesses considerable authority to reclaim land, whether freehold or not, in accordance with the Land Acquisition Act....

All Blog Posts Opinion

Discover 5 Reasons Executive Condominiums Could Prove To Be A Smart Investment Despite Growing Inflation

Jayson Ang – January 22, 2023 –

TLDR An overview of the article discussing the benefits of Executive Condominiums (ECs) over private condos in the current real...

All Reports

Finding Your Dream Home In The Near Future. Exciting Upcoming Property Launches In The First Half Of 2024

Jayson Ang – December 25, 2023 –

TLDR The real estate sector in 2023 saw significant policy shifts affecting both private and public housing, with various changes...

Mandarin Top 5

Top 5 : Places to Learn About Singapore’s History

Jayson Ang – February 13, 2025 –

Singapore, a bustling metropolis known for its modernity and multiculturalism, is also a treasure trove of rich history and heritage....

All Buying Tips Selling Tips

Unpacking Property Ownership: Joint Tenancy vs. Tenancy-in-Common

Jayson Ang – September 10, 2024 –

TLDR When a property has multiple owners, the choice of ownership type is crucial to determine how shares are distributed...

Mandarin Top 5

5 Most Iconic Landmarks In Singapore’s Landscape

Jayson Ang – June 14, 2024 –

Singapore's landscapes is renowned for its innovative and dynamic approach to urban development, boasting some of the most iconic landmarks...

Mandarin Top 5

5 Tips : Riding the Wave: How to Profit from the Upcoming Boom in Singapore’s Property Market

Jayson Ang – August 5, 2024 –

Singapore's property market has always been a hot topic among investors and homebuyers alike. With million-dollar HDBs being sold and...

Mandarin Top 5

Top 5 Best Instagrammable Spots in Singapore

Jayson Ang – November 7, 2024 –

Singapore, a vibrant and modern city-state, is known for its stunning architecture, lush green spaces, and colorful streets. With its...

All Buying Tips

Tips for Young Adults to Begin Saving for Their Future Home

Jayson Ang – August 5, 2023 –

TLDR When aiming to purchase a home, it is crucial to gain knowledge about the buying process and track your...

Mandarin Top 5

Top 5 Reasons : Why Ultra-Rich Families Racing To Park Wealth In Singapore

Jayson Ang – October 9, 2024 –

Singapore, a small island nation in Southeast Asia, has become a magnet for the world's ultra-rich families seeking to park...

Mandarin Top 5

5 Reasons : Why Investing In Singapore’s Property Market Can Be A Good Retirement Plan

Jayson Ang – June 22, 2024 –

Investing in Singapore's property market can be a good retirement plan for several reasons. Here are five key factors that...

All Blog Posts Buying Tips

Subscribe to Jayson Ang’s Singapore Property Newsletter

Jayson Ang – December 27, 2022 –

TLDR Jayson Ang's Singapore Property Newsletter offers valuable insights on real estate investments, market trends, and expert advice. The newsletters...

All Buying Tips Opinion

2024 Will Be A Buyers Market

Jayson Ang – January 23, 2024 –

TLDR 2023 saw a roller-coaster ride in the real estate market, with various challenges like high interest rates and geopolitical...

All Buying Tips Opinion

Beyond Buying: Innovative Strategies for Property Investment Success

Jayson Ang – September 14, 2024 –

TLDR The world of property investment and real estate trends offers vast opportunities. Stay informed with effective property investment strategies...