Ups and Downs of Buying an Apartment in Addis Ababa
Owning a home is the fulfillment of the Ethiopian dream. For others, it is their worst nightmare. Purchasing a home is one of the biggest financial decisions you will make in your life. So, before you decide to buy, carefully consider the ups and downs of homeownership.
Before buying a home, it is important to consider how such a purchase will affect your finances and your lifestyle. It makes sense to review all of the advantages and disadvantages of becoming a homeowner before making this big commitment.
What Are The Advantages Of Owning An Apartment?
- Greater privacy, Nearby Shop malls, Hospitals, Schools, Workplaces, Cultural Restaurants.
- Homes typically increase in value, build equity and provide a nest egg for the future.
- Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
- The interest and property tax portion of your mortgage payment is a tax deduction.
- There’s a pride in homeownership, which also closely ties you to your community.
- Affordable options exist, like purchasing a lower-cost manufactured home.
What Are The Disadvantages of Owning an apartment?
- Homeownership is a long-term financial commitment.
- Owning home ties you to your community, making it more difficult to suddenly pick up and leave a location.
- Buying a home requires a down payment, closing costs, and moving expenses.
- The value of your house may not increase – especially during the first few years.
Here are the factors to consider when comparing buying to renting a home
- Homeownership is not for everyone.
- Homeownership requires you to have a stable or growing income.
- The financial benefits of homeownership are long-term. You should have a budget and a savings plan in place before buying a home. Owning a home is a big responsibility.
- Your credit score will impact how much you can borrow and at what terms. If you have substantial credit card debt, you may want to seek the help of a credit counseling agency and debt management program and pay your debt down, before applying for a mortgage.
Metropolitan real estate PLC, is an American-owned Real estate building, building quality homes in Ethiopia to fulfill the needs of luxury real estate for sale in Addis Ababa and all of Ethiopia.
Let us connect today, on Metropolitan Real estate, which has multiple ongoing projects such as Metropolitan Central Tower Luxury Apartments are around AU headquarters. Metropolitan Westview Standard Apartments located at Total Soset kuter Mazoriya. If you are ready to begin your journey on the way to becoming a homeowner, please contact us with the Ethiopian office: +251973404040 and USA office: +1 480 280 2242.
