Before Building That Home, Consider The Following
KEY POINTS
"You have to be sure that the title deed is genuine to avoid losing money to scammers. Before buying that piece of land and starting building, how sure are you that the title deed you see belongs to that piece of land?"
KEY TAKEAWAYS
"I encourage those who want to build a home to make it a habit for every transaction they do to be passing through their bank account. Not just passing but letting it stay there for a few days before withdrawing. This lets the bank know your history and the ability to pay back,"
Everyone would love to own a home but many just do not know how. Some are divided between buying and constructing a home. On Wednesday, Absa Bank Kenya hosted a conversation on owning a home through construction.
According to Chege Waiganjo, a Real Estate Consultant and a Director at Landmark Realtors Ltd, land prices and location play a major role in determining whether one should buy a home or construct one. “The price of land is a major determining factor. The price varies from place to place,” he said.
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Speaking during the session, Elizabeth Nganga, Country Sales Manager, Home Loans Absa Bank Kenya, called on aspiring homeowners to always be keen, and carry out thorough background checks before deciding on what piece of land to buy or where to build a home.
“You have to be sure that the title deed is genuine to avoid losing money to scammers. Before buying that piece of land and starting building, how sure are you that the title deed you see belongs to that piece of land?” she said.
According to Elizabeth, building a home should not hurt. She says Absa Bank Kenya has products that support new homeowners to realize their dreams of building a home. The bank has financing facilities that span for up to 20 years, giving customers enough time to pay back.
“I encourage those who want to build a home to make it a habit for every transaction they do to be passing through their bank account. Not just passing but letting it stay there for a few days before withdrawing. This lets the bank know your history and the ability to pay back,” she added.
On his part, Caleb Karichu, an Architect at Catalysis Group Ltd, believes that it is easier and cheaper to build a house than to buy a complete one. “One who saves a house has to include all the costs from materials to labor, and then add his/her profits on it, making it a bit expensive as compared to building your own.”
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About Juma
Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com
