Call Us: +254 721255578

How much money do you need to buy house in Kenya?

  • 10 months ago
  • Blog
  • 1
How much money do you need to buy house in Kenya?

The amount of money you need to buy a house in Kenya depends on a number of factors, including the location, size, and type of property you are looking for. However, as a general rule of thumb, you will need to have at least a 10% deposit saved up. This means that if you are looking to buy a house for KSh 20,000,000, you will need to have at least KSh 2,000,000 saved up.

How much money do you need to buy house in Kenya?
Modern House in Kenya

In addition to the deposit, you will also need to factor in the cost of legal fees, stamp duty, and other associated costs. These costs can range from 5% to 10% of the purchase price, so it is important to budget accordingly.

Here is a breakdown of the estimated costs associated with buying a house in Kenya:

  • Deposit: 10% of the purchase price
  • Legal fees: 2% of the purchase price
  • Stamp duty: 4% of the purchase price
  • Other costs (e.g. valuation survey, title search): 2% of the purchase price

This means that if you are buying a house for KSh 20,000,000, you will need to have approximately KSh 4,000,000 saved up in total.

Of course, the actual cost of buying a house in Kenya can vary depending on your individual circumstances. It is important to consult with a qualified financial advisor to get a better understanding of your financial situation and how much money you need to save up.

Here are some tips for saving up for a house in Kenya:

  • Set a realistic savings goal. How much money do you need to save up for a deposit and other associated costs? Once you know your goal, you can start to make a plan to achieve it.
  • Create a budget and track your spending. This will help you to see where your money is going and identify areas where you can cut back.
  • Set up a regular savings plan. This could involve transferring a set amount of money from your current account to a savings account each month.
  • Consider investing your savings. This could help you to grow your savings faster, but it is important to note that there is always an element of risk involved.

Buying a house is a major financial commitment, but it is also a very rewarding one. By planning ahead and saving up carefully, you can make your dream of home ownership a reality.

Join The Discussion

Compare listings

Compare