For many house owners seekers, this often question asked and many end up in a mixed motion of buying in cash or mortgage will be a better option. If you are one of them then a solution may be a little difficult to make but there are those advantages for any house seeker that may opt to use against the other.
In Kenya house seekers tend to buy in cash instead of buying in mortgages due to fear of high leverages and interests that may be charged by the banks.
Buying the house in cash may be a n added advantage of calming down the process involved when applying for a mortgage loan. Many of sellers opt to get such buyers, so, it will be easy to get discounts easily. At long run this may incur some hidden expenses that were vividly visible. To buy through mortgage it may assist you in using the money to invest.
There are various mortgage plans to choose from as from different financial institutions offering different interest rates depending on your situation. Cash buying, reliefs you from these securities and loss of house in case you may fail to clear off the bank debts.
If buying your dream house is by cash or mortgage terms one is to be considerate on the risks involved and capital invested in it. If you decide to go in cash terms make sure you have enough to cover all the costs involved and if it is mortgage terms consider if you can be able to cover principal and interests on monthly basis.