Are you ready to buy a house in Kenya?

Buying a house in Kenya in November 2019 can be an emotional roller coaster with instances that excite you and make you feel adept, and other instances where you will be distressed and worried if you are doing the right thing. Aside from having the right professionals advising you financially and legally, it would really help if you were sure it was the right time for you to make the investment. So how do you know you are ready to buy a house in November 2019?

The following signs may help.

  1. Positive cashflow

Positive cash flow basically means that your revenue is more than your expenditure in order to buy a house in Kenya. The amount you are bringing in is more than what you are spending on debt and your everyday necessities. You need to calculate your debt-income ratio on your net income

  1. Solid savings

Buying a house in Kenya isn’t a decision you make today then pay for the house tomorrow. When it occurs to you that you would like to buy and not build, you should have a dedicated savings account that you regularly service. If you have such savings, it is a sign that you are serious about buying a house.

  1. Steady source of income

Unless you are moneyed enough to buy a house in Kenya on cash basis, you will need to pay a monthly instalment until the loan is fully serviced. This means that you need a steady source of revenue, if not for anything else, to service this loan.

  1. Long-term Living

Buying a house in Kenya has a sense of perdurable to it . You will probably have to stay in that neighbourhood for the rest of your life. You don’t get to leave when it gets boring or difficult. Unlike renting where repairs and maintenance is the landlord’s worry, you are now in charge of every repair needed around and in the house. You need to be sure that this is something you can support financially and that you are psychologically ready for it.

  1. Ready for Responsibilities

You are at a stage in your life where you want to buy a house in Kenya. You may already have a family or forethought on starting one before long, and you have looked around for an exemplary neighbourhood. You already have a portfolio of what your ideal living room, kitchen, bedroom etc looks like. It is now time to have a home of your own.

Having this information in mind will help clear away emotional aspects about buying a house in Kenya. While it’s exciting and nice to fall in love with a place, it’s good to have as much information to keep you on the ground about what you really want and how much you can actually afford.