Owning real estate in Kenya is a dream for many living abroad. Saving and buying apartments in Kenya from abroad can provide financial security and emotional satisfaction. However, achieving this goal requires careful planning and a well-thought-out saving strategy. In this blog, we’ll explore practical steps on how to save and buy an apartment in Kenya while living overseas.
1. Set Clear Goals and Budget
Start by defining your objectives. Are you buying for rental income, vacation stays, or future relocation? Decide on the type of apartment you want—a studio, one-bedroom, or larger unit—and research the cost in your preferred location, such as Nairobi, Mombasa, or Kisumu. Having a clear budget will help you focus your savings efforts.
2. Open a Dedicated Savings Account
Consider opening a savings account in Kenya specifically for your apartment purchase. A dedicated account ensures your funds are secure and helps you avoid the temptation of spending the money elsewhere. Many Kenyan banks offer diaspora banking services tailored to individuals living abroad.
3. Leverage Automated Savings Plans
If your income is steady, set up an automated transfer to your Kenyan savings account. This way, a portion of your salary or income is saved consistently every month without requiring manual intervention. Over time, this disciplined approach can build a significant amount.
4. Explore Diaspora Investment Plans
Kenyan financial institutions and real estate developers often provide tailored investment plans for the diaspora. These plans allow you to contribute towards property purchases in installments while ensuring transparency and accountability. Check out schemes from reputable developers and banks offering diaspora-friendly services. For more information, visit Kenya Diaspora Investment Guide.
5. Invest in Reliable Financial Tools
To maximize your savings, explore high-yield financial instruments such as fixed deposit accounts or money market funds in Kenya. These options provide better returns on your savings, helping you reach your target faster.
6. Cut Unnecessary Expenses Abroad
Analyze your monthly expenses and identify areas where you can cut back. Simple adjustments, such as dining out less frequently or reducing subscription services, can free up funds for your apartment savings.
7. Partner with Trusted Real Estate Agencies
Once your savings reach a substantial amount, start scouting for apartments through reputable real estate agencies in Kenya. Agencies like Crest Realty Agency provide transparent listings, detailed information, and assistance tailored to diaspora clients. Ensure the agency offers virtual tours or detailed photos for you to evaluate properties remotely.
8. Verify Property Legitimacy
Many Kenyans living abroad worry about scams. To protect yourself, verify the property’s legitimacy before making any payments. Request the property’s title deed and confirm ownership through the Ministry of Lands. You can also engage a trusted lawyer in Kenya to oversee the transaction.
9. Consider Financing Options
If saving the full amount is challenging, consider mortgage options designed for the diaspora. Many Kenyan banks offer flexible loan packages for individuals abroad, allowing you to buy your apartment while spreading the payments over several years.
10. Stay Connected Through Technology
Technology has made it easier than ever to manage investments from abroad. Use online banking, video calls, and property listing websites to stay updated. Some developers and real estate agents provide 360-degree virtual tours, making it easy to inspect properties remotely.
11. Plan for Future Maintenance
Owning an apartment comes with recurring costs such as maintenance and service charges. Include these costs in your budget to ensure you’re financially prepared after purchasing the property.
Final Thoughts
Saving and buying apartments in Kenya from abroad is a feasible goal with the right strategy. By setting clear objectives, leveraging diaspora-friendly services, and working with trusted real estate agencies, you can achieve your dream of owning property back home. Start planning today, and turn your dream into a reality.
If you’re ready to explore apartment options in Kenya, Crest Realty Agency is here to guide you. Contact us for listings, virtual tours, and personalized assistance in securing your ideal home! For more on real estate investments, visit our Real Estate Blog.