Most Kenyans dream of being rich but can you really be rich without investing? In this current economy? It’s No. The Kenyan economy always shifts; the fuel prices go up and down, house rent bounces around and even your local kiosk doesn’t spare you. We’re not assured the value of the Kenyan Shilling will remain the same. Hence, the idea of accumulating as much wealth as you can before everything blows up.
For example:
An average Kenyan earns about 50,000 ksh which is a decent pay allowing you to live in a decent apartment, afford basic needs and with constant saving maybe a car. Nevertheless, can that amount enable you to reach the riches you so desire? It’s still a No.
Let’s imagine you save almost 100% of whatever gets into your hands. Now after saving all your salary for about a year, which is of course impossible, your savings account will be reflecting an average of 600,000 ksh. By doing this further for 5 years, it will amount to roughly 3,000,000 ksh.
However, will that amount be enough to get you rich or get you a decent home? The answer is also a No. Simply, if you do dream of being rich someday then you should consider thinking of investing and what better than real estate.
Real Estate is a fountain of wealth
In 2017, when President Uhuru Kenyatta announced the “Big Four” pillars of his second and last term in office, among them affordable housing, thus setting the stage for what is to become the country’s largest mass housing project since independence. The real estate industry in Kenya was shook, pivoting it high turning into a source of investment.
Kenyans are known to love luxury and these erupting housing projects are bringing the luxury packaged with affordability. Therefore, making it a tap of finances which surely cannot run out because people will always need affordable housing.
Just think of a steady source of income which will influx in the years to come since the Kenyan real estate is growing. Investing in a sure deal is smart business as no one wants to be employed forever, basically think about your legacy. Plan for your retirement early by investing now.
Related: How Real Estate can boost your Retirement Plan
Mortgages is a helping hand
Dear Kenyan, the fear of mortgages shouldn’t keep you away from a great deal; with the right planning you can get the best suited mortgage plan for you. Visit a real estate agency like Kenya Homes, consult about investing and more. Moreover, just think about how land in Kenya is quickly disappearing so why not invest in properties where returns are much better.
Additionally, you can do your own research on the real estate in Kenya. Gain the knowledge, draw up a financial strategy to suit and walk up to a property developer and invest; then sit back and wait for the riches to flood in. However, don’t expect immediate results, the rewards come later on.