We all do not like debt, well so how much do you need to save to get that home? That’s a million dollar question but trust me we will get there. By saving up for a down payment, you not only prove yourself, but you also set your own mind at ease.
Here are steps to help you reach that goal:
- How much can you afford every month? First lets start with the simple mathematics how much can you afford to save every month and for how long to achieve your target? Set your target today if stranded check out price of houses for sale in Nairobi and Mombasa to identify the standard market price for your new home.
- Throw extra cash to your down payment fund – Cut your budget expenses and other things you can do without for sometime eg cable tv, gym subscriptions and Netflix.
- Store your down payment the safe way – We are tempted sometimes, trust us we do too but try to get a lock savings account to make sure you are disciplined to achieve your goal
- Start early – There’s no perfect time to start your journey to saying goodbye to landlords in major cities like Nairobi, Mombasa and Kisumu. Once you have an income start planning and execute it.
- Choose the right time to buy– Real Estate in Kenya has it highs and lows, make sure you know the right seasons to buy a home in Nairobi, Mombasa, Kisumu and even anywhere in Kenya. This will not only help you spend less but also gives you ease when saving.
- Lower the rent you are paying currently – This will make a huge difference e.g If you move from a 2 bedroom in Runda to a 2 bedroom apartment in Roysambu you will have saved some cash to help you in your journey of owning your home.
- Encourage your spouse to be part of the saving journey – She can help you save something small which will go a long way in helping you fund your journey.
- Consider a low entry point – We all have dreams to live in beautiful suburbs like Runda, Kileleshwa, Karen, Kitisuru and Kilimani but what if we start off with a cheaper option like Roysambu as we walk our way up? Do not get overstretched, save for what you can afford then work for the rest
You can always reach out to Myspace Properties in Nairobi and Mombasa offices for all your real estate questions and advice. We are always within reach!