Real estate is defined as property which is immovable in nature and comprises of land and buildings on it (Soanes 1221). Real estate business has been boosted by the high demand of houses and land. This property can either be lent out or completely sold out to a person. It is better for an individual to purchase fully a house than rent due to the many advantages of house ownership.
Purchasing a house as opposed to renting is an investment as the house is a lifetime asset to the owner. A house purchase can be made fully at once by a lump sum or using a mortgage. Mortgaged house is paid per month until the mortgage amount is over implying that each monthly payment for the house increases the value of the house owned. House value rises over time and all the improvements made to the house will only appreciate its value which increases owner’s net assets. If