We all have plans in life, and one of the common plans most people have is owning a home. Of course, a home is an essential asset that everyone should have.
However, sometimes people face the dilemma of whether to buy a fully constructed house or cement it themselves.
If you are weighing your options and wondering whether to buy a house or build one, you can check the benefits and drawbacks that come with each.
Buying a house
Some people prefer ready-made houses because it’s easier to buy a house than construct one. This means you can shop around for a house and move in as soon as you wish.
In addition, buying an existing house is very convenient and most of them are located near your children’s schools or your place of work.
The other advantage is the cost could be lower depending on the location and the finishing used in the house.
However, buying a house comes with its drawbacks as it may not be exactly what you are looking for both structurally and design-wise.
Additionally, you will have to do some modifications and maintenance especially if the house is not new.
Constructing a house
Constructing a house comes with its advantages, as you will get a chance to choose the material you want and the design of your choice.
Some experts further say that when building a house you save a lot of money. This is because you will build a house that only suits your needs and not spend extra funds redecorating or repairing a home after buying it.
Furthermore, self-building gives you the option of using eco-friendly materials that will save money while conserving the environment.
The disadvantage of building your home is the project could take longer than expected and exceed the cost expectations.
Superior Homes opens the first truck stop along the Northern Corridor
This could be caused by the weather, lack of funds in the process of building the house, and daily inspections.
Whether you are looking for a ready-made house or wish to construct one that matches your preferences, money is the only thing that will actualize your home ownership dream.
For the longest time, many people have been locked out of owning homes due to lack of money. Luckily, affordability is no longer an issue, thanks to the Co-operative Bank of Kenya.
The bank is offering a mortgage plan aimed at availing affordable housing to people who earn less than Sh. 150,000 per month.
The Co-Op Bank mortgage plan is a lifesaver and defies the old trend where many Kenyans were locked out of the mortgage market due to low income levels.
What’s more, the mortgage plan is 3 percent cheaper than the average mortgage rate of 12.9 percent, as estimated by the Central Bank of Kenya.
To be eligible for this plan, aspiring customers must have a maximum household gross income of Sh. 150,000. They also must have at least six months of consistent banking with Co-Op Bank.
Aspiring homeowners have the option of either purchasing a ready residential house or buying a plot and constructing.
The purchased or constructed property serves as the security for the loan, with the loan’s interest rate capped at 9.9 percent per annum on reducing the balance.
The loan is open to both employed and self-employed individuals. The maximum loan tenure for employed applicants is 15 years and 10 years for self-employed individuals.
For the properties around the Nairobi Metropolitan area, the bank provides loans of between Sh. 500,000 and Sh. 6 million, and loans of up to Sh. 5 million for properties outside Nairobi.
Interestingly, top-up loans are allowable under commercial rate and upon repayment of the primary loan for a period of at least 12 months.