buying a house in europe vs in Africa
There are so many comparisons when it comes to buying a house in Europe and buying a house in Africa, Let’s take a look at buying a house in Europe
- In Europe, you don’t need to have all the capital to purchase a house all you need is a down payment and the balance is paid on installment payment
- buying a house has to do with your cashflow and stable source of income
- you can buy a house (single house) or an apartment (condo)
- you can mostly purchase an existing appartment and renovate it to your taste
- there are many mortgage brokers and financial institutions that assist in buying an apartment all you need to do is meet up with the requirement
- you can pay your mortgage in monthly installments for a maximum of 30 years
these are some of the things need to know about buying a house in Europe, now buying a house in Africa
- you need to have a deep pocket before buying a house in Africa
- you have to buy the land and begin to construct from scratch which is capital intensive
- due to the emergence of some real estate agents, you can now purchase a house already built
- the method of installment payments has no backing from any financial institution and it is not pegged to your source of income
- due to a lack of government interference and strong policies, it is difficult to get a mortgage from the bank or other financial institution due to poor documentation
- you cannot get a mortgage for a house on installment for up to 30 years
in conclusion, there are so many advantages to buying a house in Europe which is cost-effective because you don’t have to have all the necessary resources to purchase them, you can make complete payments for up to 30 years, while in AFRICA, you have to buy the land and start building from scratch which is capital intensive and there is no plan for installment payment up to 30 years
