Are you dreaming of owning your first home? The journey to home ownership can be thrilling, with a myriad of emotions–excitement, jitters, even a little overwhelming and daunting. Don't worry– we’ve got you covered to ensure the only feeling you’re left with is pure joy!
Between mortgage options, negotiations and legal requirements, it’s easy to miss important steps. Here are a few essential tips to help you as a first-time home buyer to navigate the process with confidence and sail through your first home purchase like a pro:
1. Smart Budgeting- Understand your Finances
Before taking any big steps, it is important to know what you can comfortably afford. Factor in components like mortgage, taxes, insurance, maintenance costs and such on your list.
Pro tip: Use a mortgage calculator like the one in our website KMRC home loan calculator to estimate monthly mortgage payments to prepare yourself better.
2. Save, Save, Save
The more you can save for your down payment —ideally 10% to 20% -– the better! A larger deposit means smaller monthly payments, less interest paid over time and a chance to finish your mortgage sooner! The good news, however, is, KMRC provides up to 105% financing, which enables borrowers to get additional financing for incidental costs including legal, valuation and stamp duty fees.
3. Wants vs Needs: Know the difference
Make a list of your must haves for your dream home: Location, number of rooms, proximity to schools/ your workplace, amenities and infrastructure and so on. Knowing what's essential to you helps you to stay focused and narrows down your search.
4. Explore mortgage options
Finding the right mortgage is the key to securing your future home. Good news: KMRC’s affordable home loans are designed with you in mind!
You can learn more about unlocking your dream home here
5. If you need to, partner with a trusted real estate agent
A good agent is like a best friend in your home buying journey. They’ll guide you through the process, negotiate on your behalf and help you avoid costly obstacles and mistakes.
6. Be Patient
The world we live in moves very fast—but finding the right home takes time. Don’t rush. Breathe. Think. Choose wisely. Choosing the right home, mortgage and agent will make all the difference.
Buying your first home is a major life milestone — one that deserves to be celebrated.
With the right preparation, patience, and the right support team, you’ll turn your dream house into a true home.
Plan smart, dream big. We’ll be right here cheering you on!
Need guidance on where to start? Click here to learn more or get in touch here with our team for personalised support on your homeownership journey.
Sources and Further Reading:
KCB Bank Kenya –Mortgage 101: A beginners guide to buying your first home in Kenya
Cytonn Investments – 7 Mistakes to Avoid as a First-Time Home Buyer
SIC Investment Co-operative- Buying your first home: Here's what you need to know