Any homeowner will be on the market for furniture at some point. Investing in quality furniture not only aims at enhancing the overall worth of your home but increases functionality as well. You will never lack options when buying home furniture. One needs to focus on a variety of aspects to ensure that they get the best option for their home.
While we usually focus on other aspects such as durability, material, features, and comfort, cost and payment options available still remain part of the basic considerations. One might not have all the cash to buy furniture pieces they need for their home. This means that they would be keen to learn financing options they can utilize.
Main financing options when buying home furniture
In Kenya, you will always have options when looking for financing to buy home furniture. Here are some options you can look into.
It is possible to turn to lending institutions to find the cash to buy furniture. Apart from banks, mobile loans are also very popular. One might even turn to a Chamaa and obtain a loan. However, the high interest charged on loans can deter you from buying your dream furniture.
While leasing is not popular in Kenya, it is still one of the options when looking for high-end furniture. You will need to pay installments as spelled out in the agreement. However, at the end of the lease, you will need to return the furniture pieces to the dealer.
3. Hire purchase
Hire purchase is arguably the best option if you need to acquire home furniture to furnish your home. In this financing option, you are only required to pay an initial deposit for the furniture pieces that you need. The dealer then ships them near you or even to your home. You will then need to pay monthly installments to clear the remaining amount.
Here are some reasons to settle for hire purchase
- Hire purchase allows you to spread the cost of furniture instead of paying one big lump sum. This leaves you with some cash to handle other essential bills.
- After paying the last installment, you become the owner of the items. You do not have to return the items as is the case with leasing. Whether it is a coffee set, sofas, or dining tables you purchase on hire purchase terms, you become the owner after the last payment.
- The interest rates charged on high purchase is fixed for the period specified in the agreement. This is better than in the case of loans which are controlled by the central bank rates and can change with time.