As your family grows and evolves, so do your housing needs. That once-perfect starter home might start to feel a bit cramped, and you may find yourself dreaming of more space, better amenities, and a location that suits your family's lifestyle. But, upgrading your home in Kenya can seem like a daunting task, especially when it comes to financing. Fear not, because KCB is here to help you navigate the process of finding and financing the perfect home for your growing family. But, where to start?
Assessing Your Family's Needs:
Before you start your search for a new home, it's crucial to evaluate your family's current and future needs. Consider factors such as:
- Space: Do you need more bedrooms, bathrooms, or living areas to accommodate your growing family comfortably?
- Location: Is your current neighbourhood still suitable for your family's needs, or would you prefer to be closer to schools, parks, or other amenities?
- Amenities: Are there specific features or amenities that would enhance your family's quality of life, such as a larger kitchen, a backyard, or a home office?
- Future Plans: Think about your family's long-term goals and how your new home can support them. Are you planning to have more children, or do you anticipate caring for elderly parents in the future?
By clearly understanding your family's unique needs, you can focus your search on homes that will provide the perfect space for your family to grow and thrive.
Now that you’ve evaluated your family’s needs, what next?
Financing Your Home Upgrade with a KCB Mortgage:
Once you've identified your dream home, KCB is here to help you make it a reality. Our diverse range of mortgage products caters to the needs of growing families, ensuring that you can access the financing you need to upgrade your living space.
- KCB Residential Mortgage: If you're looking to purchase or construct a single unit for your family's residence, our Residential Mortgage is the perfect solution. With up to 90% financing and a loan tenure of up to 25 years, you can secure the funds needed to make your dream home a reality.
- KCB Mortgage Plus: If you have an existing mortgage with KCB and have identified a new property that better suits your growing family's needs, our Mortgage Plus product allows you to borrow against your current property's equity. You can access up to 90% of your current property's value, providing you with the funds needed to upgrade your living space.
- KCB Affordable Housing Mortgage: For families looking to purchase or construct a single unit in Nairobi or other main counties, our Affordable Housing Mortgage offers up to 105% financing and a loan tenure of up to 25 years (for employed individuals). This product is designed to make homeownership more accessible for growing families.
- KCB Diaspora Mortgage: If you're a Kenyan living abroad and want to upgrade your family's living space back home, our Diaspora Mortgage is tailored to your needs. With up to 70% financing and a loan tenure of up to 20 years, you can invest in a larger, more suitable property for your family.
Now that you’ve identified the type of mortgage that is suitable for you, what next?
Steps to Upgrading Your Home with a KCB Mortgage:
- Determine Your Budget: Do your math and estimate how much you can afford to borrow based on your income, expenses and desired loan tenure.
- Get Pre-Approved: Before you start house-hunting, get pre-approved for a KCB mortgage. This will give you a clear idea of your budget and make you a more attractive buyer to sellers.
- Find Your Dream Home: Work with a trusted real estate agent to find a home that meets your family's needs and falls within your budget. Don't forget to consider factors like location, amenities, and future potential. You can also browse through the list of available properties at KCB Prroperty Center
- Make an Offer and Apply for Your Mortgage: Once you've found the perfect home, make an offer and apply for your KCB mortgage. Our mortgage experts will guide you through the application process and help you secure the financing you need.
- Close the Deal and Start Making Memories: After the legal process is complete and the mortgage funds are disbursed, you can move into your new home and start making memories with your family.
Here are our top tips for a smooth home upgrade:
- Plan Ahead: Start planning your home upgrade well in advance to give yourself enough time to assess your needs, search for properties and secure financing.
- Work with Professionals: Surround yourself with a team of trusted professionals, including a real estate agent, mortgage advisor and property lawyer. Their expertise can help you navigate the process smoothly and avoid costly mistakes.
- Be Flexible: While it's essential to have a clear idea of your family's needs, be open to properties that may not check every box but have the potential to be transformed into your dream home.
- Prioritize Your Family's Needs: When evaluating potential properties, always keep your family's needs and lifestyle at the forefront. Don't get swayed by superficial details or trends that won't contribute to your family's happiness and well-being.
- Think Long-Term: Choose a home that not only meets your current needs but also has the potential to accommodate your family's growth and evolving requirements in the future.
Upgrading your home to accommodate your growing family is an exciting and transformative journey, and KCB is here to support you every step of the way. With our diverse range of mortgage products and expert guidance, you can find and finance the perfect home that will provide the space, comfort, and amenities your family needs to thrive.
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.
