Middle East North Africa - Financial Network

Demand More is a registered trade mark of MENAFN.COM

  Quotes: MENA   Enter Symbol: NewsLetter: Search News: advanced
 Home | How-To Guides
How-To Guides
Advisory & Analysis
UAE- Buyers flock to supermarkets
KSA- Nonfundamentals bringing markets back to senses
Mixed outlook for Dubai rents
How to Get Out of Debt
How to Conduct a Business Trip
Teaching Your Children How to Save
How to Buy a New Car
How to Avoid the Financial Burden of Your Vacation
How to Land the Ideal Job
How to Track Your Spending
How to Shop Online
New Car vs Used Car
The Good, Bad and Ugly of Credit Cards
How to Hire Employees
How to Invest in the Stock Market
How to Secure a Mortgage for Your Dream Home?

Tips for First-Home Buyers

[-] Text [+]

Buying a home is one of the biggest investments people will likely make in their lifetimes. Therefore, you need to weigh the benefits and risks of such investment to ensure the best for you and the future of your family. There are several obstacles that you will meet in the home-buying process, but the following steps will hopefully smooth the way for you:

Homeownership Obstacle & Rewards

Owning your own home has many benefits as it gives you personal satisfaction, stability for your family and also serves as an investment in the future. Having a home has its financial advantages as you will not be paying rent every month. There will be several obstacles that might hinder your plan’s progress as buying a home is not merely a process of give and take; there will be many chores to go along with it as getting the property inspected, repaired, and insured …etc. You should write down why you are looking for a new home and examine the factors that led you to find a new home.

How Much Can You Afford?

Money is a major issue for home-buyers as the future owner has to plan a budget in advance and search for financing sources. You should talk to several lenders before you venture out on your home-shopping mission as this will save you much unneeded trouble. Finding exactly how much you can afford from your lender or at least getting re-approved for a loan shows the seller your seriousness and commitment towards your goal, thus giving you a stronger edge over other interested parties. Also, it saves you a considerable amount of time as you won’t be looking at homes outside of your price range. If you are not going to pay in cash, you need to evaluate how much you can afford to put as a down payment in order to calculate your monthly installments.

Let’s Go House-hunting

Once you are done with the pre-financial planning, you are ready to start your home-shopping journey. Bear in mind that the location of your future-home is very crucial as it will be the starting point from where you go to your place of employment, where your kids go to school, shopping centers, close-relatives houses….etc. A picture-perfect dream home can turn into a nightmare if it’s in an undesirable location, and a poor-location home can be a bad choice if you expect to resell the home within a few years. Seeing multiple homes can be a perplexing experience for most people, so instead of relying on memory, make sure to write notes about the homes you visit to easily filter your options. Remember that the right home for you and your family does not necessarily have to take your breath away.

Plan & Relax

Some buyers look for years but a motivated buyer will often find a home in less than a month. Make sure to let your real estate agent know exactly what your wants and needs to show you only the homes that suits your particular parameters. Make sure to see only up to six homes a day as more than that will charge your brain on overload. Make sure to wear your comfortable shoes as this will not be an easy ride.

Do your Homework

Educate yourself rather than receiving ready information from your real estate agent. There are plenty of resources that can help you attain access to information about recent home sales prices, market trends, homes on the market, and the home-buying process. All this information and more is now available on the web, specialized newspapers, or even on television. If you need more information and guidance, try to locate professionals and experts in your area.

So You Found the Right Place

So you think that you finally found the home you’re looking for, think again. Before making your decision, revisit the property and go around with your spouse or someone you trust. On the second visit, be methodical and take notes if you like. Don't get distracted by color schemes or furnishings as you can change them later on. Try to focus on important areas in the house such as kitchen or bathroom, as a new suite for these spots can cost thousands. Be aware that a house with no furniture can look deceptively large.


A transaction that reduces the risk of an investment... 

Financial Glossary 


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help