We see the same avoidable mistakes at almost every launch. Here are ten, and how to avoid them.
1. Budgeting on the maximum loan
The 55% TDSR limit is a ceiling, not a comfortable target. Fix: keep your actual instalment below about 30–35% of take-home pay.
2. Forgetting stamp duty
BSD on a $2M home is about $69,600, due within 14 days of signing the S&P. Fix: include it from day one using the stamp duty calculator.
3. Not getting an IPA before launch
Without an in-principle approval, you may book a unit you cannot finance. Fix: apply for an IPA 2–4 weeks before booking day.
4. Choosing on psf alone
A lower psf on a larger unit can still mean a price you cannot afford. Fix: decide on total price and layout first, then compare psf.
5. Falling for showflat styling
Showflat furniture is often built smaller than standard, and styling hides awkward corners. Fix: measure your real furniture and study the floor plan’s actual room dimensions.
6. Ignoring facing and noise
West sun and expressway noise affect daily comfort and resale. Fix: use the unit selection checklist.
7. Having only one unit in mind
Your first choice may be gone by the time your queue number is called. Fix: shortlist 3–5 units across different stacks.
8. Forgetting renovation and furnishing
Even a fully fitted unit needs curtains, lights, furniture and appliances. Fix: budget $30,000–$100,000+ depending on unit size.
9. Selling within the SSD period
For purchases from July 2025, selling within 4 years costs 4–16% in SSD. Fix: plan to hold at least 4 years from the OTP date.
10. Not comparing with resale
Sometimes a resale condo fits your needs better. Fix: view a few nearby resale options before launch. See the nearby condo comparison.