You’re waiting for the right opportunity to buy a house In Kenya, but you have concerns about the potential for risks involved, given the tough economic times. If you need to buy a house, there are benefits.
As a potential house buyer, you can do things before buying to ensure your money is safe. Keep reading to know how beneficial buying a house in Kenya is.
Is Buying a House Beneficial?
Fortunately, buying a house in Kenya has intangible benefits that address the different needs of potential buyers.
Before you make any purchases on a house, consider how you’ll be affected both financially and lifestyle-wise. Examine the pros and cons before making any financial commitment.
The benefits of buying a house include;
1. Gives You a Sense of Privacy
Have you ever lived in a rented house? You’re familiar with the insecurity that comes with dealing with landlords and, or their agents.
In a rented house, the exclusive rights to access your house are limited, unlike when you’re living in your own house. The landlord can access your house at any given time.
However, buying a house gives you a sense of privacy. It can be defined as buying your privacy.
The best thing is that you make the rules and nobody can have access without your permission.
2. There is Pride in Owning House
This is probably the reason why a bigger percentage of people around the world dream of owning a house.
There is that sense of accomplishment that you’ve earned your house.
“Finally, this is my house!”
Owning a house means that you have the freedom to showcase your creativity in designing both its interior and exterior.
3. Creates a Sense of Financial Security and Stability
Imagine the possibility of owning a house in a neighborhood of homeowners? A peaceful environment. It makes you feel obligated to be a part of the community.
A peaceful neighborhood is a stable environment. This will in turn create a sense of stability in a family.
There is a sense of permanence in that, you don’t have to worry about paying rent or moving houses.
Buying a house in Kenya gives you a sense of financial security. You’ll be able to invest in the future.
When your mortgage payment is made on time, you’re guaranteed an increase in your equity.
As time goes by, the value of your house appreciates; consequently, it creates more equity.
4. Your House Can Be a Source of Ready Cash
Did you know that; once you buy a house, it can be used as a source of ready cash?
How?
As the owner of the house, when you want to make an improvement or want to offset a personal debt, you can easily tap your equity.
You can use the house as collateral when you want to borrow;
- A home equity loan
- A home equity line of credit
- Cash-out refinance and, or
- A reverse mortgage.
These are cheaper alternatives as compared to others.
The promises of owning a house in Kenya are in abundance. Its benefits are intangible. Apart from a sense of security, privacy, reduced costs, and freedom to change; it also gives you control over your environment and ensures that a family is stable.
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