How to save up on rent when you wish to buy or build your own home
I know most of us wish to purchase a home or build one in the future. However, the challenge is how you do it amidst all the challenges facing Kenyans? I will share some ideas on how you can save up on the rent as you continue to save up for your dream home!
Get a roommate
Well, rent can sometimes be very high especially in prime locations. It could be your workplace is located near those prime location. Therefore you are forced to move into such locations with your regular salary. Or it could be you are a student and you wish to save up for your rent. In similar cases you can move into an apartment with a roommate. For instance, if it’s a one bedroom apartment going for 20K, it means you save up 10K each month from the rent.
This money can be used to save up for your dream home in the near future!
Opt for fewer amenities.
If you’re looking to move to a new place with hopes of finding cheaper rent, rethink your expectations for amenities. An older walk-up unit with no pool, fitness center or concierge is likely going to be cheaper than the new luxury apartments with rooftop dog parks and in-house sommeliers being built now.
Move to a cheaper location
It makes a lot of saving sense if you move to a cheaper location. When you move to cheaper location you save a lot of money you could’ve use up on rent. Some prime locations rent tend to increase annually while rent in other areas remain stagnant. In such a case you should choose a location within your means.