The best time to plant a tree was 20 years ago. The second best time is now. – Chinese Proverb
There’s no perfect time or age to purchase a home. Before deciding to invest in a new home, it is smart to evaluate your present position in life and whether you are ready to make such a significant investment.
Whether you buy a home when you are young or older, the benefits of owning a property abound. And while a home purchase can elevate your status, it can also prove tricky if not approached wisely. At the barest minimum, you are ready to make a home investment when you can easily afford the accompanying payments, are responsible enough to own and maintain a home, have attained the legal age to close financial transactions (18 years in most cases).
Pros of Buying a House While Young
If you would like to buy homes in Kenya while young and have the capacity to fund your ambition, we encourage you to take the next step. Here are some potential benefits of getting an early start.
1. Owning a home is a great way to increase your net worth. Investing in landed properties is an intelligent decision because such properties tend to appreciate over time. If you get an early start, you can reap rich rewards down the line.
2. As long as you can maintain your home to keep up with rising market prices, its value is bound to keep increasing. The longer you wait, the more money you will have to shell out to buy a home.
3. Owning a home at a young age elevates and improves your status. You can customize your home to suit your eclectic taste without requiring the permission of a landlord. You can also form deep roots and meaningful, long-term relationships in the community you live in.
Why Waiting Till You’re Older Isn’t A Bad Idea
If you don’t feel pumped to get a home right away, waiting till you are more confident to buy is another brilliant option for the reasons below.
1. Waiting till you are older offers you a chance to gain more clarity about what your ideal home should look like. Buying when you are older means you have to bear certain crucial factors in mind like your work, family size, immediate needs and wants
2. More time to build your financial capacity. As you get older, your income potential increases, making it easier for you to purchase your dream home without making huge sacrifices.
What You Must Consider Before Buying
1. The state of the local property market
The decision to buy now or later can also rest on the present market condition, which you must also understand that you have no control over. For instance, the location you prefer may not have suitable homes in your price range at the moment.
2. Your ability to maintain the house
Sometimes, money or home availability isn’t the deciding factor in whether you purchase a house or not, but your ability to be responsible for the home. For example, can you find time to mow the lawn, if there’s one, or pay someone to do it? Can you address minor leaks and cracks before they get serious? They may appear little, but when it comes to buying a home, the little things matter.
3. Your risk appetite
Buying a home comes with an element of risk especially if you are not buying from leading property developers.
The decision to buy a house while young or wait till you are older is entirely at your discretion. However, you need to properly assess your present situation while weighing the pros and cons of both scenarios before deciding.
We have local property agents in Nairobi who can help you evaluate your options and provide guidance on what’s best for you. So please send us a message right away to get started.