This archive report was first published on 2 September 2021.
As the real estate market continues to grow, many individuals are faced with the decision of whether to build or buy a house. This choice can be daunting, especially with the numerous factors to consider.
According to Lawrence Kiarie, development manager at Centum Real Estate, location is a crucial factor to consider. 'You do not want to build or buy a house and two or three years later someone puts up an apartment,' he says, highlighting the importance of understanding zoning regulations.
Another key issue to consider is affordability. Kiarie notes that the bigger the house, the more the service charge. 'You should also understand the zoning regulations of the area,' he advises.
Deputy Director and Head of Personal Banking at NCBA Mercy Kagwiria takes a different approach, stating that either decision is good. 'Do not wait to buy or build real estate. Buy or build real estate and wait and enjoy your investment,' she says, referencing the projected four to six per cent growth in the sector.
Emma Miloyo, an architect, suggests that individuals should evaluate why they want a house in the first place. 'Why do I want to put money in real estate?' she posed, referencing that while shelter and investment are major reasons, there are some who purchase property for prestige or status.
Ultimately, the decision to build or buy a house depends on individual circumstances and priorities. By considering key issues such as location, affordability, and long-term perspective, individuals can make an informed decision that suits their needs.
