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Down Payment Dilemma? Smart Savings Tips for Your Dream Home

Saving for a down payment can feel like trying to climb Mount Kenya with a backpack full of rocks – daunting and exhausting. But fear not, dear homebuyers! With a little discipline and creativity, you can accumulate that down payment and take one giant leap towards homeownership.

Why Save for a Down Payment?

A down payment is like a security deposit for your dream home. Not only does it demonstrate your commitment to the property developer, but it also helps you secure better interest rates. The typical down payment ranges from 10% to 20% of the property's value, but the more you can save, the better!

Smart Saving Strategies

  1. Set a Realistic Goal: Determine how much you need to save and break it down into manageable monthly targets. Visualizing your progress can be a powerful motivator.
  2. Automate Your Savings: Set up automatic transfers from your pay check or bank account into a dedicated savings account. Out of sight, out of mind – and out of temptation's reach! You can explore our saving account options and open a Simba Savings Account or a Goal Savings Account that will earn you interest rates of up to 8.5% on your savings!
  3. Cut Unnecessary Expenses: Evaluate your spending habits and identify areas where you can trim the fat. Do you really need that daily fancy coffee or that expensive Gucci bag?
  4. Boost Your Income: Consider taking on a side hustle or freelance work to supplement your regular income. Every extra shilling counts!

Once you've built up your down payment, it's time to start house hunting! The KCB Property Center is an excellent resource for exploring various property listings and finding your dream home.

Saving for a down payment requires patience, discipline, and sacrifice, but the rewards of homeownership make it all worthwhile. Start setting aside those hard-earned shillings today, and soon, you'll be hosting a housewarming party in your very own home!

And there you have it folks. That is all we have for you in this episode, but we will be back with more mortgage gems that you do not want to miss.

Ready to take the next step? Contact KCB Mortgage through email at KCBKenyamortgages@kcbgroup.com or call us through 0711 087 000/0732 187 000.

Until next time…

Over and Out,

Witty Banker.

 

Jun 26, 2024 Trending

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