6 Reasons You Should Buy An Affordable Housing Unit

The Affordable Housing Program is aimed at providing decent and quality homes for all Kenyans, bridging the gap between the demand and supply of housing in Kenya.

This initiative has brought the dream of homeownership closer to all Kenyans having with its classifications in social, affordable and market housing.

Here are some benefits of investing in Affordable Housing Units

Predictability

Imagine if you knew what would happen tomorrow. You would make all preparations to make things better for yourself and your loved ones.

Affordable Housing is offering exactly that, in terms of housing. Unlike rent, your fixed-rate rent-to-own rates do not rise from year to year. This means you can plan yourself for the next 10 to 15 years.

Take this for example, you are currently paying rent for the house you live in. You will never own the house, and in some instances, the landlord could increase the rates.

However, in Affordable housing, the amount will remain constant, and after some time, you will stop paying rent, and eventually own the house.

Security for your children

Whenever you buy an asset, in most cases, it is for the benefit for the whole family. While at a certain point you will retire and maybe choose to spend your retirement life in the countryside, your children could greatly benefit from the house you bought in the city through the Affordable Housing Programme.

They will not be forced to start life from zero.

Easy to pay

All Kenyans are eligible to register for these homes on Boma Yangu, creating an account with one’s personal details, selecting the preferred unit based on availability and pricing then commence with saving.

With a required minimum deposit of 10% of the purchase price, one is eligible for home allocation. To apply for a unit, complete the application form available online, choose your preferred purchase plan from the:

1.     Outright Cash Purchase – Full payment upon purchase.
2.     Home Loan – Financing through a partner financial institution.
3.     Tenant Purchase Scheme (TPS) – A structured payment plan where tenants make monthly payments toward ownership.

Once an application is submitted, the Affordable Housing Board reviews it through a fair and transparent process. The social housing income is eligible for assistance of up to 10% of the purchase price upon request.

Freedom

With a predictable lifestyle in terms of housing, one has freedom to do other developments, since his/her income will not be greatly dented.

Social amenities such as schools and hospitals are also established within the Affordable housing projects, making them a complete community. This will free you from the hustles of looking for schools for your children and hospitals.

Stability

Living in one neighbourhood, paying a constant amount of rent and a predictable future creates a form of stability for beneficiaries, making their ability to grow easier.

Appreciation

The Affordable Housing Unit can be looked at as an investment plan, which appreciates in value after some time.

According to the law, a purchaser shall not sell their affordable housing unit until eight years after completion of payment of the agreed price has lapsed. This means that one can sell their unit after eight years and completing their payments. As has been, real estate assets appreciate in value after a certain duration.

Read: How Affordable Housing Project In My Town Transformed My Life: Beneficiaries Tell Their Stories

>>> Govt Puts Up For Sale 4,888 Affordable Housing Units: Here’s The Full List And How To Buy