How to Avoid the Common Mistakes done by Property Owners and Buyers?

How to Avoid the Common Mistakes done by Property Owners and Buyers?

Kumar Properties

How to avoid the common mistakes of Property owners and buyers?

Over the years, I have met many property buyers and owners who made many common mistakes when it comes to property. Therefore, I would like to take this opportunity to share my insights with you. At the end of the day, my objective is to help everyone to avoid making costly mistakes which can sometimes amount to hundreds of thousand dollars.

The above is one of the most common mistakes which I have witnessed in my real estate career.  Most people follow the herd mentality and rush to buy when everyone is buying. On the opposite, when market is quiet, people then to hold back.
Let’s wait for the market to drop further before we decide to go in. Does this sound familiar to you? Do we buy the property based on emotion or logic?
As for me, I always look at property based on research instead of hearing from others. I observe the facts and figures before making any decision. I am sure that you agree with me too. Property purchase is a big-ticket item, we should never rely on emotion buying.
Today’s market has changed. Despite the current endemic situation, prices of properties in Singapore are still very resilient. Why is it so? Does this means good or bad if you are reading this article now?

If you can afford the property today and are willing to hold for long term, there will not be any big drop in prices even when the market adjusts in future. The main reason why the prices are holding so strong is because of the effective government cooling measures that were put in place. The intention of the government is very clear – they aiming for gradual growth in the property market instead of crashing the market. This is something good for all homeowners and investors out there to take note.
Hence, if you are trying to time the market, there is no point in doing so. Once you observe the market, you will realise that many new plots of lands (government land sales) and en-bloc are setting new record prices. As a result, prices will eventually go higher in the future too. Refer to the chart below. With the new land bids, Ang Mo Kio/ Lentor development are expected to sell at minimum $2000psf and above in the future.

Many buyers usually end up paying more because they realised they could not afford to wait further as the prices have gone up. Just look at the chart below. For a 1,200 – 1,500sqft unit at the Outside Core Central Region (outskirt properties), the buyer only pay $693,000 in 2005. Today, they need to pay an average of $2 million dollar for the same unit.
Can you see how fast the prices have gone up?  This is the problem of waiting game, and how people pay more by waiting. Do not fall into this trap anymore as waiting is not the right move. It is crucial for you to learn how to look at facts to make the right decision.

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