TO BUY OR TO RENT

This has been a long standing debate in the real estate industry. Which is better?

The Kenyan real estate market provides a lot of options for the buyer or renter. The buyer or renter basically has to figure out what works for them. 

Fortunately, the players in the Kenyan real estate market have catered to every person's needs. Buildings are cropping up everywhere with the more sophisticated customer in mind. 

We will break down the advantages of both options in this read. 

Renting a House

1. Flexibility

Renting a house gives you flexibility of moving when the property doesn't suit you anymore. For instance, when your kids move out and start living on their own, you may need to move to a smaller place. If your family grows, you may need to find something bigger to accommodate everyone comfortably. 

On the other hand, the landlord can evict you at anytime. They can also increase the rent when you renew your lease. This could require you to find something that fits your budget thereby inconveniencing you. 

2. Fixed amount

While renting, you have a clean cut budget at the beginning of every period. Your rent is a constant amount for every lease period. At the beginning of every month, you are able to calculate your expenses and  plan your expenditure well. 

On the other hand, it restricts you in terms of the changes you can make to the property. Anytime you intend to make any adjustments to the property, you would have to obtain permission from the landlord. 

3. Access to amenities

Renting gives you access to amenities that would otherwise be expensive. For instance, luxuries such as a swimming pool, sauna and gym could be costly to install and maintain. These amenities in rental properties come at no additional charges to the tenant.

However, most apartment buildings have a no-pet policy. If you are a pet lover, finding a place to let would prove very hectic. 


Buying a House

1. Personalization

Buying your own home gives you a chance to personalize it. From painting to remodeling, you can make the house fully yours. When you own your own home, you have full creative control over it. 

However, you are responsible for all repairs and maintenance in your home. For instance, if the roof has a leak, you have to bear the cost of fixing it. 

2. Investments

Buying a house can serve as an investment. You can buy and rent the house. You are then assured of constant monthly returns. 

On the other hand, the monthly expenses may differ from month to month. For instance, you 

can spend little money on maintenance one month, and the next you could end up spending a lot for unprecedented expenses. 

3. Freedom 

While owning your own home, you have the freedom to live however you want. You can make changes to it, you can own pets, you can convert it to an office; none of which you can do while renting.

On the other hand, you have less liquidity. If you need cash and you decide to sell, the sale could take a long time. 

Which is better, buying or renting? 

There are a lot of factors that play a part in deciding which option to choose. Among them: financial position, Career goals, Plans for the future and the amount of time you intend to live in a certain location. 

In summary, renting provides flexibility, access to amenities and predictable monthly expenses. Buying a house provides investment opportunities, chance of personalization and freedom. 

Choose what option works for you!


Engage with us on: 

Email: info@real.co.ke

Website: www.real.co.ke

Call us on: 0738400400 or 0722341111

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Comments

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