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Invest in Property

20 Jul

The property market in Kenya has changed drastically over the last few years; the middleclass has begun to appreciate the benefits of investing in property. So if you are wondering what to invest when sending money to Kenya, maybe you should start looking into the property market.

Property provides a solid and secure investment option, and with the demand for housing steadily rising it only makes sense for anyone who is serious about investing to consider buying property as an investment option.

For the individual, owning a home means you are converting what was previously an expense in the form of rent into equity. In addition to being a good investment, owning a home provides unique income tax benefits.

Housing Finance has eased the process of owning that first home through the introduction of a savings account known as 1st HOP. The account benefits Kenyans who are over 18 years and who hope to buy their first home by depositing a maximum of Sh4000 per month (or Sh48, 000 per annum) up to a maximum of Sh3 million for a period not exceeding ten years – all of which is exempt from tax if used for the purpose of buying a home.

For those going into retirement it is important to retire debt-free. One of the best things that you can do is to enter retirement owning your property since for many people; mortgage or rent payment is the largest expense they have.

Finally Mortgage offers greater peace of mind as rent payments can be unpredictable and typically rise each year, but most mortgage payments do not change abruptly. A stable housing cost is especially important in times of inflation, when renters lose money and property owners make money.

 
 

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