Ready to Own Land? Here’s How to Start Saving and Make Your Dream Come True!

Investing in land is like planting a tree: the sooner you start, the sooner it grows.
Whether for speculation, building your dream home, farming or just for the future, land is one of the best investments one can make.
Understanding your budget and preferences will help you narrow down your search and focus on areas that match your financial capacity.

Let’s be real: owning land is a big deal! Whether for speculation, building your dream home, farming or just for the future, land is one of the best investments one can make. So how do you get there? How do you purchase your dream land? Well, it starts with a good savings plan and smart strategy.

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Why Land is A Top Investment

When it comes to a worthy investment, buying land, to say the least, is one of the best ventures. This is because unlike cars or gadgets, land appreciates. With time, its value increases . If you compare the price of land in the past year, you will realise the difference. According to a report by Hass Consult, land prices in Kiambu for example, experienced a 9% increase between October and December 2023, the sharpest rise among Nairobi’s satellite towns.

Step 1: Know What You Want (And What You Can Afford)

To make a smart land purchase, you need to figure out your needs, wants, non-negotiables, and, most importantly, your budget. In Kenya right now, different pieces of land have different prices, and this is largely influenced by their location. For instance:

Prime City Plots: Land in Nairobi or Mombasa and their outskirts are typically on the higher end of the spectrum. This is because of their high demand which is influenced by their proximity to amenities and job opportunities.

Rural Retreats: If you’re looking for a peaceful countryside escape, you’ll find much lower prices. These areas are great for farming or a quiet vacation home but may take longer to appreciate in value.

Understanding your budget and preferences will help you narrow down your search and focus on areas that match your financial capacity.

Step 2: Do Your Research—Location is Everything!

The old saying goes: “Location, location, location!” The price and future value of land depend heavily on where it’s located. Here’s what you need to look out for:

Emerging Areas: Keep an eye on developing towns and suburbs. These areas often have lower prices but are set to increase in value as new infrastructure (like roads, schools, and shopping centres) comes in.

Proximity to Infrastructure: Land near highways, railways, or newly planned airports often appreciates faster. It’s worth paying attention to government development plans and upcoming projects.

Step 3: Create a Savings Plan (And Stick to It!)

Now that you’ve set your sights on a specific type of land, it’s time to build up your savings. Here’s how to do it effectively:

Open a Dedicated Savings Account: Keeping your land fund separate helps you track your progress and reduces the temptation to dip into it.

Set a Monthly Target: Decide on a fixed amount you’ll save every month. Treat it like a bill you must pay, not an optional extra.

Explore High-Yield Options: Consider putting your savings in a high-interest account or a money market fund. This way, your money grows faster without you lifting a finger.

Step 4: Trim the Fat—Cut Unnecessary Spending

Let’s face it, we all have small expenses that add up over time. The good news? Cutting back doesn’t have to feel like a punishment. Here are some easy ways to save more:

Skip the Takeout: Cooking at home is healthier and cheaper and will definitely allow you to save up more. It might seem like a minor adjustment, however, keep in mind that small changes add up over time, helping you build better habits and making a big impact on your overall budget.
Cancel Unused Subscriptions: Haven’t opened that streaming app in months? Time to cancel it and save those extra coins!
Shop with a List and Stick to It. Avoid Impulse Buys: Make a shopping list before heading to the store and stick to it. This helps you buy only what you need and reduces waste.

These changes might seem minor, but over a year, the savings can be substantial!

Step 5: Boost Your Income (Even If Just a Little)

Boosting your income is one of the best ways to add to your savings pool. Find ways to increase your income. You could:

Take on a side gig, like freelance writing or offering online services.
Sell items you no longer use. You’d be surprised how much you can make from decluttering!
Invest in short-term ventures or savings schemes that offer a good return without locking away your money for too long.

Step 6: Consider Flexible Payment Options

Did you know many land sellers offer payment plans? Instead of paying the full amount upfront, you can opt for monthly instalments. This approach allows you to secure the land while continuing to save, making the process much more manageable.

Conclusion

Investing in land is like planting a tree: the sooner you start, the sooner it grows. And once it’s there, it becomes a legacy asset, something you can pass down to future generations. The land market in Kenya is growing, and waiting too long could mean paying a lot more later.

So why wait? Start saving now, cut those extra expenses, boost your income, and make a plan. Before you know it, you’ll be standing on your own piece of land, thinking about all the possibilities. Remember, the journey to land ownership begins with a single shilling saved—make today the day you take that first step!