When a person decides to purchase a house, it can be done through the developer or a property agent. Since it is a big investment, it is important to have both experience and wisdom in dealing with matters concerning property purchases.

If a property is purchased from a good real estate development company, you are less likely to stumble upon any problems. However, if you intend to buy your house from a property agent, there are things that you need to be aware of in order to prevent yourself from getting conned by unscrupulous property agents.

1. Be aware of the different roles played by a property agent and a lawyer

When you are purchasing a property, always remember to hire a separate property agent and lawyer. Since your property agent is not a lawyer, he or she is not the suitable person to handle legal affairs for you, unless he or she possesses a law license.

2. Having a few property agents make no difference

It is a misconception that having multiple property agents can help find your dream house with a lower price. However, this is simply not the case. Since properties have fixed and market prices, it fluctuates from time to time. Usually, a good property will not be overly cheap, unless the location or environment is not ideal. When deciding to purchase a property, be clear of what you are seeking for, a cheap or good property investment.

3. You lose your deposit if your property loan is not approved

Before deciding to purchase house, it is wise to first evaluate one’s financial condition. This can be done by enquiring from your bank. You need to understand the procedure of getting a loan clearly. Based on your personal details, revenue, occupation, skills, experience, risk, savings, amount of properties and debts, the amount of loan you can receive from the bank will be estimated. Never pay the deposit for a property before applying and getting an approval for a bank loan because you won’t be able to gain back your deposit money.

4. Property Insurance

Usually basic property insurance only provides protection against fire. If you need full protection against theft, flood, natural disasters and other possible risks, it is best to invest in a good property insurance.


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