• Wed. Dec 6th, 2023

When is the Right Time to Buy or Build Your First Home?

UGANDA, Kampala | Real Muloodi News | Some individuals choose not to marry until after they have purchased a home. Others wait until they have married. In either case, let your financial status determine when it is the right time to buy or build your home. 

According to Livingstone Mukasa, CEO of Four One Financial Services, there is no set time for building or buying a home.

“If you have an income that allows you to save some money, and you look at your monthly house rent and it is equivalent to owning a home in 10 years, it means you are ready to build [or buy] a house,” Mr. Mukasa says.

Mr. Mukasa went on to say that if you are married, the best time to build or purchase a home is before your children enter secondary school. That way, you are not juggling the expense of costly education. Better yet, build or buy before giving birth to children.

According to Mr. Mukasa, the cost of education for a modest Ugandan family, without considering other bills, is approximately USh60 million per child. It is often more for upper-class families who take their children to expensive schools. 

When you have [older] children, it becomes more difficult for you to have disposable income to build or buy a home. Cash flow can be a challenge at this stage. Further, you may face the need to put up a bigger house to accommodate your dependants. The more dependants you have, the more difficult it can be, Mr. Mukasa explains.  

Mr. Mukasa says, “Build a house that your children can live in and enjoy when they are younger, and they know it is their permanent home. If they grow and become independent and leave home, you can always update your taste.”

At this later stage of life, you may start thinking of downsizing to a smaller house. As you near retirement, a smaller home can make sense; it is easier to maintain and more secure from break-ins when alone with no children living with you, Mr. Mukasa explains. 

Mr. Charles Mugarura says one mistake unmarried people make is building a big house because they intend to have many children. They may have fewer children than planned, then realise they should have bought or built something smaller.  

Regardless of the size of the house, Mr. Mugarura, like Mr. Mukasa, maintains that the optimal time to own a home is between ages 30 and 35 when you have ample time to live in it and can enjoy value for your money.

“Do not go for the classic case of showing off with an enormous home. If you do, it will cost you a lot of money. Put up something you can call home and is liveable,” Mr. Mugarura argues.

Mukasa advises that your first house should be like your first car, which gets you from point A to point B, not a flashy Ferrari or Mercedes Benz. It is the same with homes; buy what you can afford, which will get you to the next point. 


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