6 Advantages of Investing in Land In Kenya While Still Young
It’s smart to evaluate where you are in life as you decide whether or not to buy. A land purchase is the most significant investment in many people’s lives, and your status as a homeowner can help you or hurt you financially. Perhaps most importantly, it affects your quality of life.Buying land when you are young gives you quite a lot of opportunities and room to grow yourself, thus guaranteeing yourself a future.
If you want to buy when you’re young and you have the means to do so, there could be several potential benefits to getting an early start.
Helps You Build Wealth
Getting a house is one way to raise your net worth, assuming all goes according to plan.
Your monthly payments act as “forced savings” to help you accumulate equity in the house, which you can then utilize for future needs or to buy another home.
You “save” a portion of each monthly housing payment rather than paying your landlord the whole amount due.
Price appreciation
There is no guarantee that your home will gain value, but that is what happens in many cases—over the long term. Real estate can help hedge against inflation, assuming your property keeps pace with rising prices.
Especially in strong markets with plenty of potential, price appreciation might contribute to your wealth accumulation.
But it’s safest to buy a home as a “home” that you want to live in, not as an investment.A place of your own
When you own a home, you’re in charge. You can customize the appearance or the layout to suit your style, make improvements that add value, and grow deeper roots in the community you live in. You don’t need permission from a landlord, and you don’t need to undo all of the great things you did to get a security deposit back.Reasons for Waiting
It’s acceptable if you don’t feel pressed for time.
Delaying purchases might yield multiple benefits.
Moving and personalizing a house can be difficult, and there are fees associated with each sale.
Reduce as much as possible the frequency of your purchases and sales.
Every transaction requires money, time, and emotional energy.
More certainty
As you get older, you develop a clearer picture of your ideal home. The future is always uncertain, but you gain more insight into several factors as you age:Your work location, or your ability to work remotely
Your income is available for housing payments.
The size of your family, if any.
What you really need and what you’re willing to do without
Financial strength
Not everyone makes more money as they age, but many do. It becomes simpler to get exactly what you want without having to make significant compromises as you approach your peak earning years.
Your 20s and 30s are a great time to save for a large down payment, travel, or do anything else you want to do, rather than being “house poor” and taking care of your property.
Additionally, during those years, you can establish credit, increasing your chances of being approved for the finest loan available.
READ: 6 Facts that Tell You Why You Should Invest in Land
