{"id":70703,"date":"2024-11-02T21:14:39","date_gmt":"2024-11-02T18:14:39","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=70703"},"modified":"2025-11-26T01:13:04","modified_gmt":"2025-11-26T01:13:04","slug":"%d8%b1%d8%ad%d9%84%d8%a9-%d8%a7%d9%85%d8%aa%d9%84%d8%a7%d9%83-%d8%a7%d9%84%d9%85%d9%86%d8%b2%d9%84","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/70703\/","title":{"rendered":"Top tips on the journey to homeownership"},"content":{"rendered":"

Top tips on the journey to homeownership<\/strong><\/span><\/h4>\n

Hisham Al-Qasim<\/a><\/h4>\n

If you're thinking about buying a home, you've likely done some research and talked to family and friends who have purchased their own homes. While those tips can help you consider the homes you want to buy, you'll also want to utilize the years of experience in this article to help you find a home that meets all of your personal needs, including finding a home within your budget.<\/p>\n

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    Focus on homes that fit your \u201cfinancial comfort\u201d your<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

    Real estate agents often need to know their clients' purchasing power from the start; often, buyers don't know what their budget is. It's enough to ask yourself how much are you paying for rent now? Are you comfortable with this monthly payment? Can you afford to pay a little more or would you prefer it to be a little less?<\/p>\n

    Will you be poor because of the house? Will you be able to go to malls? The point is to be in a comfortable scenario, where you can get your dream home that falls within your comfortable budget, and still be able to do daily activities.<\/p>\n

    Once a buyer determines their budget, they can start looking at homes that fall within their financial comfort zone.<\/p>\n

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    1. \n

      Explore government programs that can help with the down payment<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

      Government programs can help buyers enter the real estate market, even if a buyer has previously owned a home.<\/p>\n

      These programs include down payment assistance, low-interest loans, grants, forgivable loans, deferred payment loans, and other incentives that help reduce the amount you need to borrow. In the Saudi market, buyers can take advantage of programs such as the Real Estate Development Fund and the Sakani program, which provides financial support and facilities for citizens to buy their first homes.<\/p>\n

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        Negotiating concessions from sellers<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

        Don't assume that sellers won't negotiate, especially in a buyer's market.<\/p>\n

        Most real estate brokers intervene on behalf of the buyer. They are able to gather market data and see if the neighbors have paid concessions. If so, they can share that data with the seller.<\/p>\n

        In the Saudi market, buyers can negotiate concessions such as bearing the costs of maintenance or renovations, or even paying part of the financing costs, which can save a lot of money in the long run.<\/p>\n

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          Find an experienced real estate agent with good customer reviews<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

          There's a strong reason to contact a real estate agent who has in-depth knowledge of the market you're shopping in, as well as multiple strategies to help you save money on the sale price, home repairs and transportation.<\/p>\n

          Buyers should verify the experience and success of their agents. Each market has its own dynamics, and the strategies you'll use to buy in a seller's market will differ from those you'll use in a buyer's market.<\/p>\n

          In the Saudi market, buyers can look for experienced real estate agents by reading reviews on sites like Aqar and Haraj and making sure the agent has a track record of success in the local market.<\/p>\n

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            Arrange financing early to be prepared for different interest rate scenarios<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

            A conversation with a lender can be intimidating for some people, especially if this is their first home, but a three-minute conversation with a lender can provide a lot of initial clarity about your purchasing power.<\/p>\n

            If you're not quite ready to buy yet, your lender can help you create a plan and give you some clear steps to ensure you're in a strong position to buy in the future. \u201cGetting clarity on the costs associated with the purchase will ensure more confidence during the buying process.\u201d.<\/p>\n

            In the Saudi market, buyers can take advantage of early financing programs offered by local banks and the Real Estate Development Fund, which help in determining purchasing power and better financial planning before embarking on the purchase process.<\/p>\n

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              Consider buying a home that needs renovation versus a move-in ready home<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

              Buying a home in need of renovation may help you get the location, space, and design you want without having to pay top dollar, while there is value in having something ready to move in, buyers pay for that convenience.<\/p>\n

              Lenders finance homes based on their current condition, not how much they're worth after improvements, so you'll need to make sure the home is priced correctly. That way, you're more likely to qualify for a mortgage, preferably with enough to afford the improvements.<\/p>\n

              Make sure you have a vision for the space, and be careful in choosing finishes to ensure consistency in the space once it's completed over time, this will help with resale value.<\/p>\n

              In the Saudi market, buyers can consider homes in need of renovation as an option to acquire a property in a prime location or with more space, taking into account the costs and time required to make the required improvements.<\/p>\n

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                Know when to give up desirable home and neighborhood features<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

                Apart from the price point, it's hard to find everything on your dream list. It helps to be clear about your search criteria and what you want to prioritize. For some people, location is the most important thing and for others, just having the right design or presentation is most important.<\/p>\n

                If you haven't found the right home in the right location at the right price, I recommend you adjust your expectations about what you can get for the location or expand your search geographically. Don't wait too long to get the right thing as prices continue to rise.<\/p>\n

                Knowing which features are must-haves and which are nice to have can help you make these decisions.<\/p>\n

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                  Consider buying a home with renters in mind, or buying a multifamily property<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

                  From a financial perspective, buying a multifamily home (up to four units) with an owner-occupied loan and living in one unit while renting out the other is one of the smartest first purchases. It allows you to get an investment property with a relatively low down payment and interest rate while offsetting your mortgage payments by renting out the other unit or units.<\/p>\n

                  While it may not be the space you want, it's one of the best ways to keep your monthly costs low, allowing for more investments in the future.<\/p>\n

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                    Keep an eye out for homes that have been on the market for a long time<\/strong><\/span><\/h4>\n<\/li>\n<\/ol>\n

                    While new listings generate excitement and represent new possibilities, homes that have been on the market for a long time deserve a second look.<\/p>\n

                    In the Saudi market, buyers can take advantage of homes that have been on the market for a long time, where better prices can be negotiated or favorable financing terms can be obtained. These homes may have been incorrectly priced initially or not marketed well, providing an opportunity to get a good deal.<\/p>\n

                    Ultimately, the home-buying journey is a unique and exciting experience. By following the tips mentioned in this article, you will be in a better position to make informed decisions that meet your personal and financial needs. Remember that good preparation and advance planning can make this process smoother and less stressful. Whether you're looking for a move-in ready home or one that needs some renovations, finding the perfect home requires patience and careful research. We wish you all the best on your journey to becoming a homeowner, and that you find the home that meets all your aspirations and dreams.<\/p>\n

                     <\/p>","protected":false},"excerpt":{"rendered":"

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