For: many people, buying a house is something long-term rather than the option of renting a home.
Renting a house as a tenant tends to take more from you rather than add value. This makes it an ideal
losing situation for you as the tenant.
However, after buying a home, in a good location, with the right designs and amenities, over time, it
increases in value. For some, this may be a key starting point to buying more properties that are new
and in better development than before.
This not only liquidates your income, but it also generates wealth. So, the question you may have could
be, where do you start toward owning your own home?
Identify A House You Can Afford
One of the many steps of acquiring a house is first identifying a house that you can afford. There are so
many available properties being sold currently in Kenya. You have a wild variety of what you could pick
from, including our ongoing projects, Skyway and Utopia. Essentially, things to look for are the location,
size of the property, amenities, closeness to commercial hubs, etc.
Offer a Deposit
To gear start this journey, the first thing to do would be to give a start-up deposit for the identified
property. This amount varies with buying a house with different property developers. Often, the amount is between 5% to 15% of the total value of the property.
After giving a deposit, additional costs such as legal fees or valuation fees that are often 0.5% may incur.
However, this should not alarm you because this kind of investment is long-term. Over time, your house
will appreciate in value and thus making you more money than the buying price.
Consequently, there is always a balance that remains right after paying off a deposit. This balance is
normally paid in monthly installments for particular amounts of time. Different developers give different
payment plans to pay this off. This could be periodically in 2,3,4 or even 5 years.
To live in your home or have the house key, developers may require you to have paid off up to 70% of
your balance. This amount varies and thus could be more or less. The best thing about it is that you can
get good and flexible payment plans.
Hopefully, this has been insightful enough for you to go ahead and buy your house. Don’t forget to look
at our ongoing projects, Skyway and Utopia. They might be exactly what you are looking for.