Book Review: Behind the scenes of the property market : finding the truths and exposing the lies of a not-so-transparent industry

This is the second book from Vina Ip, the popular blogger of Property Soul, that listed her property investing experiences.

Her first book "No B.S. Guide to Property Investment" is a popular book that offers an alternative view on the property market in Singapore.  In it she points out what to look out for when buying new properties, which is a handy guide especially for first time buyers. In this new book, Vina Ip shows on what is going on behind the scenes of property market. 

As of the point of writing, there are already 99 reservations at NLB board. 

Published in 2020, this book is very popular. This book consists of 5 main chapters

1. How to lose money in properties

This chapter shows the common ways that people lose money after buying properties. It gives you the knowledge of these common ways so that you will not repeat the same mistakes when you buy properties. 

2. Lies, Lies and more lies

This chapter shows the common tricks, lies and tactics used by property agents, advertisements, media to entice you to buy. It also show you some red flags that you need to beware of. 

3. Caution, high risks ahead

Over here, the author shows you the risks of buying properties, what to take note of, what was it in the past and now. She also pointed out the risks of paying high prices for HDB flats and that not all real estate developers are good. You got to look at the track records etc. 

4. The road to property wealth

This chapter shows you how to achieve property wealth, the lessons the author learned as well as steps to win it. For calculating the affordability you can use the 3-3-5 housing affordability rule 

3 — You should have a capital of at least 30% of the property’s asking price. |
3 — You should not spend more than ⅓ of your monthly wages on your monthly mortgage repayment. 5 — The price tag of the property should not be more than 5 times your annual income.

5. Property trends and what's next

This chapter shows you on her view of future trends of property market in Singapore - the declining birth rate as well as ageing population. It also shows you the impact of Covid-19 on the property market. 

This book all in all is a good read, because it opened my eyes to see and learn more about the property market, as a buyer. It showed us some pitfalls to avoid when we make a purchase on such a big ticket item. Indeed some of the sales tactics she highlighted have been used by many property agents (including the one I engaged) - "Sell one Buy two properties" strategy and "Buying Properties as a saving plan".  Having these knowledge, we are better armed not to be too easily convinced or blind sighted by property agents that do not have your interest at heart. 

Some might think she is too pessimistic pointing out all the negatives of property market, but being aware of all these tactics used, we will be making a better decision in the next property we purchase.