Buying a House in Uganda: 7 Things To Consider
Your home should be a place of rest that shields you from the stress of the outside world. However, deciding whether to buy a home can itself be a stressful decision requiring you set aside every emotion and consider all the pros and cons of that decision. Here are seven thoughts to help take the stress out of the decision making process:
- Change your thinking: If you think that you would be automatically happier in your own house than in a rental, you may need to reconsider. Renting a property provides for a lot of flexibility that owning a house does not. Whether you are single in a bedsitter or a couple in a one bedroom the continued comfort of both yourself and others in your life should be your first concern.
— - Who calls the shots: As a tenant, you are always at the mercy of your landlord. You cannot wake him/her up in the middle of the night to come and fix a leaking tap. Does that bother you? If it does then it’s better to own your own place so that you do not have to wait a month with a leaking roof and cracked walls before it warrants your landlord’s attention. That said, if you own you’re responsible for every dripping tap which means getting out the tool box or paying for those repairs!
— - Having a place to call your own: Sitting on your front porch knowing that a place is actually is yours is a feeling you can’t beat! As long as you keep up with your mortgage payments, you will not have to worry about being thrown out on the curb or constant rent increases.
— - A home can be an investment: If you own your own place you start to build equity for yourself whereas each year that you live in rented apartment, you are growing the equity of the property owner. Equity is the difference between the market price of your house and the amount owed on the mortgage if you sold it. As you pay down your mortgage you gain equity.
— - Do you have the cash? Few people can afford to pay outright for a house with cash. This means getting a mortgage and even with a mortgage you will need some money for a deposit and the costs incurred during the transaction. If you’re going to buy you’ll need to plan ahead so that it will be a painless process and remember that it’s never too late to start saving!
— - View home ownership as a long-term relationship: If you’re going to buy make sure that you’re in love with your home – no matter what flaws you may discover soon after you move into it. Part of the monthly mortgage repayment goes to servicing your debt and paying interest on your loan. The debt does not decrease simply by the amount you pay each month. Selling your house shortly after buying it could prove costly so be prepared to stay put for a number of years.
— - Look before you leap! Buying a house is a big commitment you should consider carefully before you make the decision. It involves serious financial implications that could cause major stress if you misjudge your ability to meet your obligations. If you aren’t prepared to deal with the problems you just might need to hang onto your rented apartment a little while longer.
Whether you chose to rent or buy a home remember a home is what and where you make it.
