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Esther Mungai on Tuesday, November 13 2012, 07:23 AM

How much am I can I pay for a house?

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What is the most financially sensible option for a house, with my salary standing at Kshs. 84,000 ? I'm considering to take a 5 years mortgage for a new house.
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  • Replied by Realcom on Thursday, November 15 2012, 04:49 AM · Hide · #1
    Good morning Madam,

    Realcom research notes that price range is only part of the equation; there are many other factors at play.
    We at Realcom would need more data on your financial and social status to enable us advise you better. Please contact us by following the link www.realcom.co.ke or call me Steve on the numbers provided therein.

    However note that when buying a home, it can be difficult to adequately prepare for the scope of the decision and all its implications. The inexperienced may find the complicated nature of the process distracts them from broader concerns, making it difficult to focus on what they want in the home they eventually purchase.
    At the same time, allowing the search and purchase of a new home to take too much time is often frustrating.

    A real estate agent can help by providing guidance, but there are some things they cannot do for the home buyer. Before delving too deep into their search, home buyers should be certain to consider and possibly discuss with each other, just what it is that they want.

    PLEASE CONSIDER THE FOLLOWING:--

    Simplifying a complex decision

    One common problem that occurs among new home buyers is that they may not plan ahead sufficiently. If they begin looking at homes without first sitting down and deciding what they want, it can make it more difficult to evaluate prospects.

    As a result, Realcom recommends home buyers take some time before looking at homes in person to figure out what characteristics are necessities, and which would be preferred but are optional. For example, a family with several children might be unwilling to compromise on the minimum number of bedrooms required, while the age of the kitchen might be less important as long as it is in good repair.

    If home buyers tell their agent in advance what specific requirements they have, it can expedite the search significantly. Landscaping, hardwood or carpeted floors, a finished basement and other amenities may be necessary for a family's desired lifestyle.

    Neighborhoods and comparisons

    Another factor is the neighborhood as a whole.
    When looking for a new home, it can be easier to begin by narrowing things down to a specific area, type of development or other location-based criterion.
    Again, this can also simplify an agent's search for appropriate properties, allowing more effective collaboration.

    Realcom's agents sometimes help buyers by comparing specific homes to enable the client and Realcom, to refine the search.
    First, home buyers choose which of the two they prefer. Afterward, determining why can help them to figure out what characteristics they value more highly!!

    According to Realcom's experience, when considering these factors, home buyers would be well served to consider the direction of their life over the approaching years. Selling a home very soon after purchase is generally a financial strain, regardless of the market.
    2 votes by Kevin Kazungu, JDA
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    Replied by vams on Thursday, November 15 2012, 07:01 AM · Hide · #2
    How much house you can afford is a function of two things:

    How much you are able to borrow
    how much down payment can you muster.


    Experienced real estate agents and/or mortgage providers stand at a better place to give you more information on these.
    1 vote by Kevin Kazungu
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