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The residential sector has been thriving supported by factors such as the rapidly growing middle class, which means increased disposable income to afford people their own homes. In addition, there’s a renewed focus on affordable housing, from both the public and private sectors, which means that most Kenyans from the lower middle class will be able to purchase houses. Owning a home is the ultimate dream for many, and affordable housing is the solution for those who cannot build for themselves due to varying factors.
With that said, buying a house is exciting but one should always keep in mind that it is a lifelong investment. The road to the dream is paved with many mistakes, which can all be avoided if the process is approached with caution.
Below are seven mistakes first-time home-buyers should aim to avoid:
As a first-time buyer, chances are you are more susceptible to hidden mistakes that could be financially and emotionally expensive. However, as tedious the process can be, one must continuously educate themselves in order to remain in the know. Talking to real estate experts and reading research reports wouldn’t hurt. Additionally, before parting with your money, have you ensured that you are financially stable enough to make the purchase? To avoid future financial constraints, one should budget and arrange their finances first then identify a home based on the budget, not the other way round. For mortgage buyers, ensure you understand the size of mortgage you are eligible for from your financier. Mortgage is reliant on factors such as size of your income and the house deposit, more importantly, understand the repayment plan, which is also determined by one’s age and the prevailing interest rates.
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