We’ll keep this one short and sweet. Here’s everything you need to know about saving up for a home. Our slogan as CHERD Africa Limited too insists on saving. These are the tips:
It’s never too late to start planning for your dream home. You can start as early as 18. Yes 18 to plan your home. This is the best part, the planning stage. You can dream as big as you want to. Look at the area you’d like to live in, how much do houses cost around that area- that gives you a good figure to keep in mind while saving and working.
Join a Sacco
Again, never too early to join a Sacco. You can join one the minute you turn 18 (as long as you have a valid ID). Saccos offer great interest on your savings plus very affordable loans that you might need up ahead when you’re ready to make the investment
Open a separate account specifically for this dream home. Treat this as an investment. The investment money should not interfere with your other expenses such as life savings, rent, food etc. Keep it separate and put in a certain amount of money each month towards this goal.
Limit your Expenditure
The hardest thing to do. Depending on how much you may want to spend on your home or things you may need to pay for or how far along you are in your home owning journey, you’ll need to save a lot. This might mean limiting your expenses or removing some “luxury” items from your list.
Build your credit history
If you’re going for a mortgage or any type of loan for your home, you will need to build up your credit history with whatever lending institution you want to use.