Tips on How Young Professionals Can own Homes

Low income and high mortgage payment rates are often the factors that lock young professionals out from acquiring their own houses.

Dec 3, 2020 - 23:35

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Tips on How Young Professionals Can own Homes

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Young professionals often have a lot of things going on in their lives. They want to grow in their careers, most are investing in their education, others are looking to start families of their own and there are those who are aspiring to become entrepreneurs or are already in business.

Most of them are paying rent, and they are somewhat bothered by it. But then again owning a house seems to be an expensive and tedious affair.

Before you own a home, you first have the desire to, the desire will then make you want to learn more. As the saying goes; haba na haba hujaza kibaba. At this stage, you probably don’t have the finances but the tips highlighted below may help you come up with a plan.

Be Financially Disciplined

Financial discipline involves saying no to things you would rather say yes to. Being young, the pressure of achieving may push you to compete with other people in your group. But, you have to stick to your budget and avoid spending money on unnecessary things. Account for every cent you spend and try to cut on some expenses.

Save and Invest

If you become financially disciplined, you will be able to save some money. Make a point of saving a certain amount of money every month. After saving, you can invest the money in a business or you can find ways to generate passive income.

Improve your Credit Score

Nowadays, we have so many money-lending apps at our disposal. It is now quite easy for young people to get entrapped in debt. Getting into debts now may affect you later when you want to get finances and own a home. Banks offer loans to home buyers, and this can help you buy a house more quickly.

To improve your credit score, you can borrow the amount of money you know you can pay and pay on time. This will reduce your chances of being listed in the CRB. You should also not apply for many loans at once, this may raise red flags.

Co-live with someone you trust

If possible, you can stay with your parents as you work and save money for your own home. You can also co-live with a trusted friend and both of you can share in paying for the rent and other expenses. This can be a great way to save money quickly but boundaries must be respected. When you have saved enough for your home, leave, don’t wait to save for a car again for you to leave.

Eye a Starter Home before Going for your dream home

When buying a home for the first time, you don’t really have to stretch your finances and buy your dream home, but if you have the finances, you are free to do so. Going for a simple home will be nice for a start. With the affordable housing project by the government, one can buy a home with just 1.5 million Kenyan shillings. Once you own a home, you can save the cash that you used to pay for rent and buy or build your dream home.

Get a Mentor

Mentors are really important people. Getting a mentor when thinking of buying a home, will not only lead you to own a home, but it will also spare you a lot of mistakes. The mentor will advise you accordingly, and he will keep you grounded and make sure you follow up on your promises.

It will be hard for you if you start thinking about how you are going to own a home, you will begin seeing all the weak points first, and you will be discouraged. The best way to buying your own home is by taking action. Read, research, go for site visits, ask questions, and eventually, you will be encouraged and you will work towards it. Even if it may take time, your efforts will finally bear fruits.