{"id":7614,"date":"2019-04-25T12:39:40","date_gmt":"2019-04-25T12:39:40","guid":{"rendered":"https:\/\/kenyahomes.co.ke\/blog\/?p=7614"},"modified":"2019-04-25T13:14:41","modified_gmt":"2019-04-25T13:14:41","slug":"buying-your-first-home-an-amateurs-guide","status":"publish","type":"post","link":"https:\/\/kenyahomes.co.ke\/blog\/buying-your-first-home-an-amateurs-guide\/","title":{"rendered":"Buying your first home; An amateur’s guide"},"content":{"rendered":"\n

Buying a home is a daunting and scary experience especially\nif it\u2019s your first home. If you are not prepared, chances are that the buying\nprocess will overwhelm and wear you out. \nRealtors will advise you to gather as much knowledge as you can as this\nwill make the process a whole lot easier. In Kenya, the risk of getting conned\nor swindled is also extremely high so with that comes the need to exercise\ngreat caution. <\/p>\n\n\n\n

Kenya Homes gives you a comprehensive to-do list to help you buy your first home.<\/strong><\/p>\n\n\n\n

Save<\/h2>\n\n\n\n
\"\"
saving for first home<\/figcaption><\/figure><\/div>\n\n\n\n

The chances of being a home owner increase very fast if you\nhave mastered the art of saving and living below your means. Successful home\nowners attest to the fact that they are extremely frugal spenders and big\nsavers. Unless you were born into wealth or have recently won sportpesa,<\/em> buying your first home will\nneed money and the easiest way to have it is to save it.<\/p>\n\n\n\n

Buying your first home requires a down payment of a certain amount depending on the seller. You will need to have instant cash to jump-start the process. Additionally, the closing costs sky-rocket really fast and therefore, your savings will come in handy at this point. For the average Kenyan, it is safe to say that you need more than 1 Million shillings in savings, and that is on the lower side.<\/a><\/p>\n\n\n\n

Improve Your Credit Score<\/h2>\n\n\n\n
\"Kenya
credit score for first home<\/figcaption><\/figure><\/div>\n\n\n\n

No bank or mortgage firm will finance the acquisition of\nyour first home without an impressive credit score. This involves your standing\nwith CRB and K.R.A. If you have been blacklisted by the CRB, no financial\ninstitution will spare a single minute on you. Any reported fines by K.R.A and\nother incurred insurance charges of NSSF and NHIF will equally jeopardize your\ncredit score. The best approach if you find yourself cornered is to do your best\nto have them removed from your credit report.<\/p>\n\n\n\n

Another big determinant in your credit score is history of payments. If you have a track record of paying your bills on time, you have no reason to worry. However, if you are frequently late with payments, that should raise a red flag. The good news is that even if you haven\u2019t been consistent with your payments in the past, it\u2019s never too late to start paying off your bills on time to build up some credit equity. If you want to go one step further, pay off your monthly bills earlier than the due date.<\/p>\n\n\n\n

Related; Effective public speaking in Real Estate.<\/a><\/p>\n\n\n\n

Calculate if you can afford your first home<\/h2>\n\n\n\n
\"\"
First Home mortgage<\/figcaption><\/figure><\/div>\n\n\n\n

There are many ways to do this, but a calculator is a good place to start. Buying your first home will need a well calculated budget clearly stipulating the house you can afford to buy. As a buyer,It should never be about the amount the lender will approve. It should be about your monetary strength. As many realtors advise, do not stretch yourself beyond your means. Ask yourself, \u201cAfter I\u2019ve settled my monthly mortgage payment, will I still afford other basic needs like food and clothing?\u201d Buy a house you can afford without straining.<\/p>\n\n\n\n

Decide what features are key in your first home<\/h2>\n\n\n\n

For some people, all they want is a master ensuite, for others, it could be a pantry and for others, it could be the garden or a nice view.Therefore, Before you buy your first home, have a conversation with your spouse or family members and decide what you cannot live without and what you can compromise on. This is definitely a conversation worth having because unless you have a bottomless pit of money, you will never find a house that meets all your preferences and specifications. <\/p>\n","protected":false},"excerpt":{"rendered":"

Buying a home is a daunting and scary experience especially if it\u2019s your first home. If you are not prepared, chances are that the buying process will overwhelm and wear you out.  Realtors will advise you to gather as much knowledge as you can as this will make the process a whole lot easier. In […]<\/p>\n","protected":false},"author":1,"featured_media":6612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-7614","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-improvement"},"yoast_head":"\nBuying your first home; An amateur's guide - Kenya Homes<\/title>\n<meta name=\"description\" content=\"To-Do List for first time home buyers. what you need to know before you buy your first home.save, improve credit score, calculate what you can afford.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kenyahomes.co.ke\/blog\/buying-your-first-home-an-amateurs-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying your first home; 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