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With Shs 500,000 monthly earning/salary you can own land and a home!!

Posted by admin on February 24, 2023
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There is no peace of mind especially in urban areas other than owning your own home, no worries of being evicted but also a home is an asset that can help you undertake other investments like farming through mortgaging for a loan.

To most companies, the starting salary goes averagely for Shs 500,000 but too many young people especially will never think with this salary you can own a home and thus they keep this out of their mind may be waiting for a promotion, salary increase or another better paying job only to find it’s too late as numerous demands set in. 

It’s this mindset that at times that people live and retire renting because as time goes on while renting as social demands will come in a girlfriend, you marry, children now come in, school fees and you find even if your salary had been increased you cannot afford to own a home. 

At Amity Realtors ltd, one of the services we offer is offering free advisories and now we take you through how you can own land and later a home with just a Shs 500,000 monthly income/salary. 

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Renting a modest double room house in Mbarara city goes between Shs 200,000-250,000 a month but on average a single room goes for Shs 100,000 and remember you are still single. This means you will be able to save at least Shs 150,000 on rent alone every month. In three years you would have saved at least Shs 5.4 million. With Amity you will automatically be able to purchase a plot of land. But remember this is only on rent, but you can also cut on other expenses like transport which means you can be able to save up to Shs 200,000 a month.

After purchasing land, keep in yourself the promise of owning your own home by continuing to live within your means and the saving plan. For example, a two-bedroom house, kitchen and toilet you may need between 5000 to 7000 bricks. A brick in Mbarara costs between Shs 200-250 which means you need between Shs 1 million to Shs 1.7 million which can be saved in one year with just Shs 150,000 savings.

But also even after acquiring that plot of land with your initial savings in three years, you can use it to generate income you by using it as a parking yard, washing bay, nursery bed, growing vegetables and fruits there all these especially in urban settings earn you money and are cheap to manage.    

The next thing will be to save on iron sheets, cement, sand, and labor but all this plus the initial money land acquisition cannot exceed at least eight years but you most people started renting from the time they got a job and the rest of their lives. But the bottom line to this is to adjust your lifestyle and live within your means.

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Some of the tips to saving for a home

•         First of all, any savings requires you to have a budget. So start by building a budget on what it takes and costs to have or build your own house/home. After making a budget then draft a saving plan and how you are going to keep the savings.

•         Get a cheaper place to live in. It might sound awkward to some people but owning and saving for a home requires sacrifice so take this as a sacrifice. If you are living in a bigger house you can consider moving into a smaller –less expensive house or get a trusted roommate to share the costs of renting.

•         Trim or minimize your routine expenses. For example, why not get a cheaper phone that can do similar functions. You can choose to go for a good phone of Shs 200,000 rather than having that of Shs 700,000 shillings. You can choose to buy a sports bicycle for a workout rather than going to a Gym. Here this saved money can be deposited as an additional to your home project.

•         Consider leaving or cutting on some habits like drinking alcohol, gambling or smoking.  You can also reduce spending on luxury. Instead of staying the whole nigh…

You can start your journey of owning land in western Uganda by simply contacting us on +256777564588/+256 755282898

Find us at Kyosiga House, Mackansignh street, level 2 Room 305.

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