Real estate is a beautiful business thriving in Singapore, offering numerous opportunities for both buyers, sellers, investors and renters in the country. However, it is also a hotbed for scam activities and housing scams. Most unsuspecting individuals looking to rent or buy a house in Singapore often get exposed to these scams in the process, losing their money. This fraudulent act can cost victims thousands of dollars. It is important to stay vigilant and safe when looking to rent or buy a house in Singapore.
Here are some tips to avoid common real estate scams in Singapore:
1. Verify the Identity of the Property Agent.
This is one of the first few things to do when you are about to get a house in Singapore. Scammers usually impersonate the identities of legal property agents by using their credentials from the Council of Estate Agencies (CEA). Always be sure to verify from their website if the agent you are dealing with is a verified one.
2. See the Property in Person.
Another way to avoid common real estate scams is to see your house of interest in person. This is effective because you will be able to make sure that what you see is what you get. You can also do well to ask people living in the area if the house is for rent.
3. Be Confidential about Your Information.
Rental processes often involve providing confidential information about yourself like bank account numbers or social. Always try to verify the legitimacy of a property first before providing information to anyone. Ask the tenants living in the area currently if the house you want to rent or buy is available for let. They would even give more information on the house than anyone else.
4. Avoid Falling for Cheap Listings and Advertisements.
Always learn to do your research even if the deal is so good. Most scams usually start like this. They offer really cheap prices for houses and make you feel like you are getting more than what you paid for. Try to look out for such things and never make the mistake of paying upfront for any of these adverts unless you are sure of the agent or rental corporation.
5. Ask Questions.
Before purchasing, asking questions is necessarily the first thing to do before anything else comes. It prevents any false information from getting to you.
6. Be Up To Date.
Check the prices of houses and compliances of the area and house you have an interest in before purchasing any house. Most agents may do what they call illegal subletting. They would sublet their rental units to unsuspecting persons looking to rent. This can cause future issues for the new tenant.
With its numerous opportunities and fast-rising market trends, the real estate business also carries the risk of scams. To be protected from this virulent act, stay vigilant, exercise caution, conduct thorough research and deal with professionals in the game when buying, selling or renting properties. This way, you can avoid common scams in Singapore.
At Smart Mortgage, we know that finding your dream home is more than just getting a mortgage. It’s like teaming up with the right real estate experts. We do more than just help you with the mortgage process and make plans that fit your needs. We proudly work together with a group of trusted real estate agents. Our promise is to give you not only financial help but also a complete and personalized approach to buying a home. We enjoy building connections with real estate professionals who, like us, are committed to doing an excellent job and making sure clients are happy.
If you have questions or want to talk about how we can help you buy a home smoothly, contact us. Let’s discuss how we can partner to make your home-buying experience perfect. At Smart Mortgage, it’s not just about mortgages; it’s about making your dream home a reality.