We are often asked this question during our work day, whether by colleagues or clients, The dream of owning a home for the family is the goal of every person who seeks to secure stability for his family members by ensuring decent housing that contains them and at the same time is their future refuge - God willing. To answer this question, there are many factors that must be taken into account before answering it, and the focus of the conversation will be on residential real estate, (buying a house)
The most important factors determining the purchase of residential real estate
Although the factors influencing this decision vary from from person to person according to the circumstances of each individual; however, there are four main factors that are important and common to all:-
1. The buyer's current status (employed or retired).
1.
2. The buyer's financial ability or availability of suitable real estate financing (cash, commercial or subsidized).
2.
3. Property type and location (villa - apartment - city - neighborhood).
3.4. Real estate market (supply - demand).
4.
Current status of the prospective buyer
Of course, everyone wants to own a dream home and seeks to be satisfied and relieved from paying current rents, but this desire is directly related to the person's work, as a young employee usually has more time to collect money, career advancement, and increase his salary with the coming years, especially in the case of while on the other hand, this time is narrower for an employee who is close to retirement and the need to accelerate the purchase decision has become greater due to his retirement and thus his low monthly income and the lack of financing programs for retirees or the increased profit margin for them.
Homebuyer affordability
The financial ability of the buyer plays the main role in making the decision or postponing it, those who have the necessary liquidity will have the ability to buy as soon as the right property is available to them, while on the other hand, those who wish to finance this decision will be directly related to the amount of the financing amount and the profit margin ratio and the availability of the down payment.
Property type and location
The nature of the property to be purchased affects the decision, buying a villa or apartment is directly related to the size and number of family members, of course the apartment will be less expensive than the villa, as well as the location of the real estate eye, as the neighborhoods located on the outskirts of the city and new plans will be cheaper than those located in the city and available with all services.
The location of the real estate eye is an important factor in helping the citizen to buy.
Real Estate Market
An important factor in deciding to buy a home is its market value, which in turn is subject to the economic rule of supply and demand, the higher the demand, the higher the value of the property and vice versa, so neighborhoods near the city and the availability of services will be in high demand compared to distant and less serviced neighborhoods and so on.
Conclusion
After reviewing the most important factors influencing the decision to buy a dream home, it must be noted that the decision to buy is an individual decision for the person wishing to do so, and therefore the importance of these factors may vary from one person to another according to his situation, who is in a hurry and has the financial ability will not mind paying a larger amount, on the other hand, the young man with a small family will have more time to choose the appropriate neighborhood and the price most suitable for his financial ability or may wait for prices to decrease to make the decision to buy, which is the best and most appropriate case for his situation.
After reviewing the most important factors affecting the purchase of his dream home, it must be noted that the decision to buy is an individual decision for the person wishing to do so.
Selected real estate news links from Issue 175:
شراء منزل – البناء – عقارات – شراء منزل – البناء – شراء منزل – شراء منزل
Real Estate Sorting Program completes sorting of more than 24 thousand real estate units in the first half of 2019
Residential program announces more than 13 thousand beneficiaries of housing and financing options
برنامج الأراضي البيضاء يحصل أكثر من 1200 أمر سداد لمساحات إجمالية تتجاوز 411 مليون متر مربع Government Services Observatory lays out the roadmap for e-transactions
Government Services Observatory
For the fourth month in a row. ITC tops the Speed Index for May 2019
Saudi Arabian Monetary Authority (SAMA) Launches National Electronic Business Invoicing Platform
SAMA Launches National Electronic Business Invoicing Platform
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Developer Services Center "Completion“ intensifies its preparations to implement the electronic linkage for issuing building permits meets with a number of secretariats
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Buying a house
Tadawul approves the listing of Al Nayfat Finance Company for public offering
Penalties include financial penalties. Dismissal from the register will follow the violators
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