In Kenya’s housing market, all eyes are on millennials. Not only are they the largest generation, but they are also currently between 25 and 40 years old. These are often considered prime home-buying years when many people begin to form their own households and invest. The best way to prevent issues from arising during the home buying process is to follow these tips.
Manage Your Debt
One way to prepare for homeownership is by managing your current debt. You can do this by paying off your HELB loans and other debt you might have. One easy way to manage your debt is to have a monthly bill payment calendar. Keep track of what you already owe, and strategically add other debt payments onto your calendar so that everything can get paid off in an efficient way.
Work On Building Your Credit
It is important that your credit score is as high as possible. Build your credit by opening a credit card account, making your credit card and other debt payments on time, and only charging items to your credit card that you know you have the funds to pay back.
Explore Your Payment Plan And Lender Options
Because there are numerous Payment Plan and lender options, it’s crucial that millennial homebuyers conduct thorough research before making any final decisions. Millennials should research their various loan options or other sources they have to facilitate them in their home buying journey and settle on one that best suits their individual needs. Deltar Properties Limited offers an Eight-year payment plan at zero per cent interest which can be the best option for millennials to explore.
Prepare For Your Down Payment
In order to combat affordability and make that first deposit, millennials must save their money. Saving money is vital when making the deposit and when making a stand-out offer on a property. Nonetheless, it’s important that millennials stay within their budget when house hunting and familiarize themselves with their down payment options before buying a home.
Research The Market
Millennial homebuyers can also research the real estate market in the area where they would like to buy a home. Learning more about land market trends in a specific county or region can help homebuyers better understand the house buying process and therefore the reasoning behind some aspects of it.
As you move forward with the home buying process, don’t let these roadblocks discourage you from purchasing the house or apartment of your dreams. Stay true to yourself and remember these tips to help guide you. You can also reach out to our Regional Sales Experts to shed light on the best places to invest and answer any home buying questions!