Are you thinking of buying a house now, or are you aiming to wait until 2024? Home prices
have risen throughout the pandemic, and inflation has us by our necks. Ideally, this makes
waiting to buy a house feel like the best option.
However, things have taken a turn and are looking better for buyers here in Kenya. This goes
with where presently we have a better and more promising real estate market here in Kenya.
This includes the market for all of the desirable places like Westlands, Parklands, Kilimani, and
Kileleshwa.
So, is it time to buy a house now? Or is it better to wait for a while in the hopes that prices or
rates see a significant drop soon? The decision ultimately comes down to your finances. Here
are some key considerations to help determine the way forward.
If you buy now, you can start building equity as soon as possible. This is regardless of which way
the real estate market is leaning towards. Notably, when evaluating the market, buying
property now allows you to avoid potential increases in rates later.
Moreover, there are other considerations such as:
- Excellent credit
The best deals when buying a home are greatly acquired when credit scores are high. If you
have demonstrated that you are a low-risk borrower with a history of on-time payments, you’ll
be in line with the lowest mortgage rates that a lender offers. - Having enough for a down payment
Saving a fair amount of money to have for a down payment or deposit is equally important. If
you have a good amount of money that can be used in place for a deposit then buying a house
now would be great. Additionally, having cautionary money to have for additional costs is also
vital. - Searching for a permanent home
Finding a home is so much more than the price. Therefore, it is wise to purchase a home
especially when you have no plan on moving. The best thing about making this decision is that
it allows you to evade extra bills such as paying out rent.
