Owning a home is a dream for many Kenyans, but that dream has seemed distant for most millennials.
With skyrocketing rent prices, high land acquisition costs, and the financial burden of building a home, millennials often feel trapped in an endless cycle of paying rent with no clear path to homeownership.
Fortunately, there is a game-changing opportunity created by the government of Kenya through the Affordable Housing Program, which targets the younger generation.
It is the way out of the rent cycle into homeownership, with very competitive prices, flexible payment terms, and ease of process making it even more accessible for people otherwise excluded from the property market.
For many millennials, it's easy to assume that homeownership can be delayed until later. The reality, however, is that delaying homeownership could cost you in the long run. Today, you may afford to pay your rent, but as you age, you have more responsibilities which could make it challenging to save large amounts of money.
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Imagine someone almost retiring from active employment with no savings for a house and no dependable income to pay rent. This is the sorry state in which most elderly Kenyans depend on their relatives or struggle to pay for accommodation. It is a situation that could have been avoided if they had acted earlier.
Waiting too long to purchase a home could mean missing out on valuable opportunities like the Affordable Housing Program. As housing prices continue to rise, what seems affordable now could become unaffordable.
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As you watch older generations struggle with rent and housing insecurity, ask yourself: Do you want to wait until it's too late to secure your own home? The earlier you act, the easier it will be to lock in a property at an affordable price.
For instance, a 2-bedroom house costs approximately Ksh 4.32 million in the program, while a 3-bedroom unit goes for Ksh 5.76 million. In the open market, buying land, constructing a home, or even purchasing a pre-existing house is much costlier.
Depending on the location, a 50x100 plot of land in Nairobi can cost between Ksh 1 million and Ksh10 million, and constructing a 3-bedroom house can cost anywhere between Ksh 2.5 million and Ksh 10 million. Buying a complete 3-bedroom house in Nairobi that is not within the Affordable Housing Program will cost anything from Ksh 7 million to Ksh 15 million, depending on the location.
What these figures mean is that there is incredible value in the Affordable Housing Program. Instead of spending tens of millions of shillings to acquire land and construct a house, you can secure property at a fraction of that amount.
This makes homeownership easier for millennials, especially compared to the high costs of alternative housing. Besides, the streamlined process by the government removes much of the complexity of traditional home buying, allowing you to focus on owning a home rather than get bogged down by administrative hurdles.
Other benefits of the Affordable Housing Program include the payment arrangement, which will make homeownership affordable for young Kenyans. The payment starts at a low of KES 3,200 monthly through the Tenant Purchase Scheme.
This, therefore, means you can start making small, manageable payments toward owning your home without saving for a sizeable down payment or securing a mortgage. With this flexibility, millennials can be sure of a future free of the burden usually associated with home ownership.
Further, this product removes most of the problems associated with traditional ownership. You do not have to consider getting bank financing or running around with land transaction papers. You don't have to deal with rising construction costs, lengthy delays, or the uncertainty of the real estate market.
The Affordable Housing Program by the government isn't just an opportunity for you to have your own house, but it's an investment in your family's future. By securing your home, you ensure your children will not have to endure the same struggles of renting.
Owning a home means that you'll have a stable place to live as you age, and your children won't be burdened with the cost of housing.
Ultimately, the Affordable Housing Program is a once-in-a-lifetime ticket out of the rent cycle into a stable and financially independent future. Therefore, this is the best time to act. If you are a millennial, you will regret not seizing this opportunity when you grow old.
I bet you have stories from our elders about how land in Nairobi was Ksh 50,000. Still, they did not buy it because they felt areas like Kahawa, Githurai, Ruaka, Kiambu, and Ruiru, among others, were far from the city. But, these areas are now prime locations, with land going for millions.
To be on the winning side, take an immediate step today by registering, searching for available houses, and embarking on the journey towards owning a home. The process of getting started is relatively simple. Go to www.bomayangu.go.ke and register your account using your ID number, KRA PIN, and basic personal information.
Once your registration is verified, you can select a home in the county of your choice and pick one that suits your budget and family.
You will then start making monthly payments through the Tenant Purchase Scheme. This will enable you to work towards home ownership through manageable payments as an employer contributor or self-contributor.
By investing in the Affordable Housing Program, you're not just investing in property; you're investing in your future, your family's future, and the stability of homeownership. Secure your future now and ensure you're not caught in the rent trap later.
Here is a simplified process on how to own an affordable Housing house;
