Mistake 1: Budgeting only for the property price

A first-time buyer may focus on the advertised property price and forget the wider cash requirement. The real budget can include registration, agency, valuation, mortgage, trustee, developer administration, service-charge, furnishing, maintenance and moving costs, depending on the transaction.

The payment method also changes the risk. Before committing, compare cash purchase and mortgage scenarios using the same holding period, total costs and emergency reserve. A buyer should know how much cash remains after completion, not only whether the down payment is available.

• Calculate the full acquisition and ownership budget.
• Keep an emergency reserve after completion.
• Compare cash and mortgage scenarios on the same basis.

Mistake 2: Treating asking prices as market value

Portal listings show what sellers hope to receive, not necessarily what comparable properties achieved. A discounted launch price or urgent resale can also be misleading when the unit, payment plan, floor, view, condition or completion status differs from the comparison.

Use registered transaction data to build a realistic range, then adjust for the specific property. Compare the same building or a genuinely similar set and check transaction dates, unit size, layout, occupancy and total ownership cost before making an offer.

• Asking prices are not completed sale prices.
• Use recent and genuinely comparable transactions.
• Adjust the range for the property’s specific features.

Mistake 3: Skipping property and document checks

A buyer should verify the property status, ownership, seller authority, mortgage position, tenancy, outstanding service charges and the documents required for transfer. For off-plan property, the developer, project registration, escrow account, construction progress and contractual resale conditions also require review.

The physical check matters as much as the paperwork. Inspect layout usability, light, noise, parking, lifts, cooling, maintenance, access and visible defects. Read the agreement carefully and make sure the written terms match the property, payment schedule and possession expectations.

• Verify ownership, status, mortgage and tenancy.
• Review off-plan registration, escrow and progress.
• Inspect daily usability and read the agreement carefully.

Mistake 4: Buying without a clear objective or exit

A property suitable for personal use may not be the best rental or resale asset. Define the objective before choosing the area and unit: living, long-term rent, permitted short-term rent, capital preservation or future resale. The objective determines the suitable layout, building, payment method and holding period.

Before signing, identify the likely future buyer or tenant, the costs that reduce the net result and the conditions that would trigger a review. A first purchase should remain manageable if rent is lower, resale takes longer or an unexpected cost appears.

• Define the purpose before selecting the property.
• Know the likely future buyer or tenant.
• Test the plan against slower resale and unexpected costs.