Tips to Help You Buy the Right Residential Property
Matar Al-Shammari
Buying a property through mortgage financing is one of the most difficult and risky decisions a borrower can make, and the reason is that the financing term is long, the payroll deduction is high (65%), and the interest rate is high. Therefore, before deciding to purchase residential real estate, everyone should develop real estate purchase plan as follows:
1- Be prepared and ready to purchase the property, both financially and mentally.
2- Settle all your obligations, big or small.
3- Ensure you are eligible for financial assistance, understand how to access it, and choose the appropriate product.
4- Visit the financing institution to learn the details of the mortgage, ensuring that the loan amount and payroll deductions are appropriate for your monthly income, and that the loan term does not exceed the retirement age.
5- Based on the loan amount, look for the right home in the right location, within your means and financial capacity.
6- Do not overestimate the property’s value or the loan amount.
7- It is best to choose a property for residential use only, rather than for both living and investment.
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