Tips For Investing in Real Estate as a Millennial in Kenya
We start by defining the term millennial, which basically means people who were born between the early 1980s and the late 1990s.
These people can be called youths at the moment and there’s nothing better a youth can do than invest in real estate, depending on their job situation, financial history and credit score, among other aspects.
Starting to invest in real estate gives you ample time to find and learn about the right assets to invest in.
Below are several ways that, as a young investor, you can consider working on before investing in real estate development.
1. Work on Your Credit Score
Ensure that you’ve cleared all your debts so that you don’t have something that’s hanging around wanting more from you. Having a good credit score will help you find a lender also.
This is because lenders will tend to look at your borrowing rate and how you’ve been responding to it, thus paying back, so that they can determine if you’re eligible to be lent money.
And personally, I feel like it would be a bad start to venturing into real estate.
With debts left right and center, it’s more likely that you might not thrive because of the many loans you’ll be having.
2. Start saving every penny you can spare
In anything you do, you have to remember to save for the future because why are you earning?
If you have no ambitions, being consistent and having self-discipline will help you get a good money lender who won’t hesitate to work with you.
That’s why it is important to remember to build yourself.
Successful investors start saving a certain amount until their first purchase; this not only shows that you are capable but also that you can be independent because you won’t need as much debt.
3. Don’t limit yourself
You are going to be a real estate investor.
Challenge yourself and always rise to the challenge, seeing that you’ve conquered it. Failure is a part of life, and it is a big part of investments. There are always risks, but if you do your research well, you might as well be able to generate income because it is all usually about capabilities.
As far as risking is really not a good thing and at times it might backfire, always consider taking it because all the successful people didn’t just become who they are out of luck; it was out of sacrifices and taking risks, and some of these things you’ll get to see why they are necessarily as you age.
4. Build connections
Being a real estate investor doesn’t mean you just sit in your comfort zone and be an introvert; it means you start knowing people have conversations with already, and those who’ve made it get to learn how they went about it.
See that you have a solid team of people that you can work with, and you can only start building that team before you start investing.
Remember, you can’t afford to make mistakes, so be careful when selecting the individuals you want to walk with.
5. Follow Your Head
As far as the heart always gets in the way of decision-making, it is always better to do things out of having strategically thought about the matter rather than doing them all the time out of your feelings because, who knows?
In real estate investments, you can’t afford to make mistakes, as this might cost you a great deal.
So first, you start by making strategic decisions.
Professionalism comes first in this case.
A real estate agent will help you determine if the property is worth the money and effort.
6. Study the market
In anything you’d like to venture into at an early age, as long as it is something you haven’t tried before, don’t hesitate to do your research on it, get to see how it operates, and compile a report with your mind if you really want to proceed with the idea.
You can start by finding your price range and seeing what homes in that range sell, how long they take to sell, and how many times the price has been reduced.
There’s the option of buying land and building it.
Should you want to win a plot for either commercial or residential purposes in Nairobi, Kenya, and more especially on the sides of Kikuyu, then you can consider entrusting Amcco Properties to make your dream come true, for they have quite a number of projects that are doing well and going at affordable prices.
Ensure you do proper planning and research to minimize risk in the long run.
