by Rita Njoroge
May 2, 2023
Benefits, Did You Know, How to, Real Estate, Uncategorized
03 Mins

Buying your first home? Here is what you need to know

A home is more than just a structure. It is a source of financial and emotional stability and an investment in one’s future that needs careful consideration. Before purchasing a home, it is important to ask yourself the right questions that will ensure you make the right investment that meets your needs.

Do you wish to own your own house but are unsure where to begin? Here are a few questions to ask yourself as a first-time home buyer.

Which type of property do I want to invest in?

There are always two options available when purchasing a home: on-plan or off-plan. An on-plan property is an already built property that is ready for occupancy. These types of properties provide you with the convenience of being able to move in as soon as possible. On the other hand, buyers who are willing to wait until the building is finished, and those on a tight budget will benefit more from off-plan properties. In comparison to a complete unit, off-plan properties are usually sold at a cheaper price. Off-plan properties are housing developments that are still in the planning stages; you pay as the residences are constructed. This gives you the option to pay in instalments over a longer period of time and gives you the chance to pick the architectural design and paint colour you want for your home as it is being built, provided that it complies with the developer’s requirements.

What is my budget?

A great strategy that you should use when looking to buy a home is to find the most affordable house that is within your budget, and in the best neighborhood. Knowing how much money you are willing to spend on a home will help you choose the best neighborhood and deals that will not leave you struggling to complete your payments. Being part of an investment co-operative like Safaricom Investment Co-operative that invests in real estate comes in handy as they provide you with affordable home deals that may fall within your budget.

Can I get a mortgage or a home loan?

If you do not currently have the money, mortgages and home loans are great strategies for helping you realize your dream of owning a home. It is necessary to know how much you can borrow before choosing the home to buy. Make sure, if you are buying using a mortgage loan, that you are aware of the maximum size mortgage that your financier will approve. Mortgage is reliant on factors such as the 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.

Is the real estate developer trustworthy?

Choose a developer that has a reputation for high-quality projects and one that keeps their word on how long their projects take to complete. It is also important to find out how well the developer does maintenance and finishes. Look at their previous projects to ascertain if they have been serving their investors well by maintaining high standard developments. Search for any recent or old news about them and if there have been changes thereafter to ascertain their reliability. This will save you the frustration that accompanies having a sub-standard developer. Safaricom Investment Cooperative is a trustworthy and dependable developer that will help you realize your dream of owning a high-quality property.

When purchasing a home for the first time, it is wise to get as much information as possible about the process and engage experts in the field so that you are better informed and prepared to handle challenges that may arise. This also helps you be more confident in the decision you are about to make.

If you are looking to buy a high quality and affordable home, Safaricom Investment Co-operative provides you with just what you need. To find out more about their properties, visit https://www.sic.co.ke/house-projects