In today’s world, many young people are immigrating abroad, in search of greener pastures. Most of them however do not have the right information on how to invest their money astutely.
George Wachiuri, the founder and CEO of Optiven Group, Kenya’s leading real estate firm offers some top-drawer tips on how a young person in Diaspora can start the journey of investing in real estate.
- Invest as a Team: As a wise man once said, ‘alone we can do so little, together we can do so much.’ Get a like-minded social group and start saving together, own together. Register a company or a Chama (Deed of Trustee). Collectively, stick to your objectives and you will realize great achievements, including that elusive dream of owning property.
- Invest as a Family: Start a joint ownership as a couple, family or friends. The beauty about a joint ownership is that there is more responsibility and an urge to achieve the set goals from the partners. With the right persons, this is an expedient way to move into property investments.
- Make a down payment and negotiate installments: There are some good real estate firms that offer investors a chance to start owning their property through friendly installments schemes. Find out if you can get one with reasonable down payments and workable installments plan.
- Cultivate your Creditworthiness: Your creditworthiness, in terms of your credit score and repayment history, is extremely key. Almost all working and forward-looking economies, have in place, credit reference bureaus that track down your creditworthiness. Take note of this.
- Build up Equity: The importance of saving cannot be overstated. Cultivate a habit of saving with a purpose, you will sooner rather than later, start owning valuable assets, like property.
- Start Small: Being realistic is key, and you can only start climbing a tree from the bottom of the trunk, not from up the branches. First seek to acquire a small plot here, then a small plot there, and with time, you will be taking it to a higher level.