My advice if you want to buy a property, don’t go overboard and increase the mortgage amount, because that will result in obligations you’ll have to pay, and those obligations will increase as the loan amount increases:
1- The buyer pays the first installment of 10% of the property’s value, and the bank pays 90% of the property’s value.
2- The buyer pays the value-added tax (VAT) of 5% if the property’s value exceeds one million riyals.
3- The buyer pays the brokerage fee, which is agreed upon between the seller and the buyer, amounting to 2.5% of the property’s value.
4- The buyer pays the administrative and appraisal fees.
5 – The cost of furniture and air conditioners after purchasing the property.
@mnfr10
