Better to buy house than rent, official says

IT is better to buy a house when you have the chance than to rent, says a real estate company in Port Moresby.
YFIG Real Estate sales and marketing manager Ishmael Long said his company was offering a Queens Birthday special – a Wantok three-bedroom house worth K298,100.
Long said buyers needed to put up an initial payment of 10 per cent (K29,810) and the promotion would end on June 30.
“I think it is a very good value for Papua New Guineans,” he said.
Long said potential buyers could get an independent valuation and would be surprised to see the value of the apartment at K400,000.
“We are giving homes to families for under K300,000 fully furnished,” he said.
“Especially when you are dealing with majority of Papua new Guineans who cannot afford houses more than K400,000 to K500,000. I think this is the best deal that we can offer.”
Long said the special included a free K30,000 worth of white goods and furniture.
Long said the white goods and furniture included brown goods like beds, sofa, coffee table, dining table and wardrobes while the white goods included a fridge, washing machine, stove but not including air condition.
“You’ve got 24-hour security there located at the Kennedy Estate, 7-Mile in NCD.”
Long said his company was trying to meet the needs of the bulk of the working population particularly the middle class.
“We just want Papua New Guineans to take advantage. I know a lot of people want standalone houses because that is the dream that a lot of people have, but they cannot afford the standalone houses so, what are you going to do?”