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 Have you ever found yourself asking this exact same question? You are not alone. Most people have a fear of mortgages and others are simply put off by it due to the following reasons:

  1. Tough monthly payment spread over 15-20 years
  2. Low accessibility of mortgage against high priced properties
  3. Others calculate the total cost of principal and interest and conclude that it’s not a good deal because it amounts to paying three times the value of the house.

Hopefully, this article might help to allay your fears or at least address your concerns on the subject.

For starters, acquiring a mortgage gives you financial discipline. It might appear tough on the surface, especially when those deductions are going through your account every month. But see it as money that could have been wasted on other less important things like excessive entertainment or lending to others who might never pay you back.

You also get to enjoy the property even before you have finished paying for it.So it satisfies your immediate need of having a ‘roof’ over your head, a fully completed ‘roof’ at that.  It is just like paying rent every month but with the added benefit of owning the property at the end of the payment period. Sweet right?

When looking to acquire a mortgage to buy a house, some property developers give you options for properties within your income range, like a ‘shell’ unit (a house which has the exterior completed with windows, a wall and a gate and painted but the interior is left to the buyer) or an expandable unit which you may expand at your own pace.

In addition, owning a house gives you equity release. That is, the prospect of securing a loan against that house whenever you need it. This is a means of retaining use of your house which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.

At this point, I imagine you are smiling and nodding in agreement. But there is more.

Please do not forget that by the time you have finished paying off the mortgage in about 15 to 20 years, the value of the property would have similarly tripled earning you more money if you decided to sell it off.

Need I say more?

 

Written by Daphne Amarkai Quayson

Sales and Marketing Officer

Emerald Properties.

 

This article was first published in the Business Finder, April 14 edition, in our new column, REAL ESTATE 101

 

 

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