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Build home or start a business........
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kamundu
#1 Posted : Wednesday, July 04, 2012 2:15:54 AM
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Joined: 5/9/2011
Posts: 786
Location: Mashinani
What would you rather do first?
Peace in our Homeland.
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Jamani
#2 Posted : Wednesday, July 04, 2012 8:08:37 AM
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Joined: 9/12/2006
Posts: 1,554
I would rather list down all my needs, have a plan and strategy on how to achieve them with priorities set.
From this I would set targets based on the plan knowing what to go for first and why each comes before the other, with specific timelines for each target.
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chiaroscuro
#3 Posted : Wednesday, July 04, 2012 8:32:17 AM
Rank: Veteran


Joined: 2/2/2012
Posts: 1,134
Location: Nairobi
Own home will:
[1] immediately save you rent
[2] give you sense of security for your family

Business has attendant risks [it could fail and you lose all your savings]; on the other hand, it could succeed and you earn back back the initial investment in a short time [less than five years].

BTW: I am assuming that you have all the money to buy a plot and build the home without taking out any loans.

If not; then add: Own home will [3] cost you repayments HIGHER than your current rent - most probably double!
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kamundu
#4 Posted : Wednesday, July 04, 2012 8:47:34 AM
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Joined: 5/9/2011
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Location: Mashinani
More info, the business is in the medical field, will have a few clients in the beginning but has potential to make good money after 3 to 4 years
As for the home. Plot iko ready to build.
Peace in our Homeland.
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King G
#5 Posted : Wednesday, July 04, 2012 9:52:03 AM
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Joined: 6/20/2012
Posts: 3,855
Location: Othumo
Provided you are a professional in the field, go the business way provided it is not capital intensive. in 3 years after incubation period, you will have enough cashflow to accomplish your own a home dream. Practicall i went business in 2006 (Consultancy - HR/OD) now i own both and still growing.
Thieves
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QW25091985
#6 Posted : Wednesday, July 04, 2012 9:54:44 AM
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Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
kamundu wrote:
What would you rather do first?



LOL> .
Put Priorities first. do you sufficient income to build a home ?if no use the income you have to start a business and save untill you can build a home !
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kryptonite
#7 Posted : Wednesday, July 04, 2012 11:06:44 AM
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Joined: 2/1/2010
Posts: 272
Location: Nairobi
Start a business. You can always build your house later.
The harder you work, the luckier you get
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kivairu
#8 Posted : Wednesday, July 04, 2012 11:33:52 AM
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Joined: 3/5/2008
Posts: 532
Location: Nairobi
King G wrote:
Provided you are a professional in the field, go the business way provided it is not capital intensive. in 3 years after incubation period, you will have enough cashflow to accomplish your own a home dream. Practicall i went business in 2006 (Consultancy - HR/OD) now i own both and still growing.



Nice!

Strive not to be a success, but rather to be of value. –Albert Einstein.
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young
#9 Posted : Wednesday, July 04, 2012 12:09:27 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria

It is cheaper to build your home first if you have sufficient cash flow, make provision for rental income by having tenants.

If you have phobia for tenants misbehavior(s)
there are some selection criteria you can use. I have had 3 tenants over 7 years without problem. They left all on similar reasons ie tranfer to another city.
My tenants are drawn from young stable income professionals in Telecommunication, banking, brewery etc.

Start your biz in a small scale , you can equally create a back office in your house.
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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washiku
#10 Posted : Wednesday, July 04, 2012 12:14:43 PM
Rank: Chief


Joined: 5/9/2007
Posts: 13,095
You mean "Build a house" right? There is a difference between a house and a home. That aside, do a business plan, start it out, get the returns, use them to build a house and that way u will have both a house and a business. Its a risk but worth taking too...my 2 centsd'oh!
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kamundu
#11 Posted : Wednesday, July 04, 2012 12:45:52 PM
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Joined: 5/9/2011
Posts: 786
Location: Mashinani
Ahsanteni sana. You guys are good!
Its quite a dounting task to decide between the two. Business would provide good income in the long term while a home would offer some ""security" for the family. No loans involved
Peace in our Homeland.
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nakujua
#12 Posted : Wednesday, July 04, 2012 1:52:17 PM
Rank: Elder


Joined: 12/17/2009
Posts: 3,583
Location: Kenya
just go for the house - you will feel more secure.
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Silk
#13 Posted : Wednesday, July 04, 2012 2:43:12 PM
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Joined: 8/25/2008
Posts: 144
It depends on which stage of life you are in. If below 35years, start the business. If over 45years, go for the house. When successful, a business takes over 3 years to stabilize.
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kamundu
#14 Posted : Wednesday, July 04, 2012 4:31:40 PM
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Location: Mashinani
Decided kujenga. Ahsanteni.
Peace in our Homeland.
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QW25091985
#15 Posted : Wednesday, July 04, 2012 5:30:30 PM
Rank: User


Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
King G wrote:
Provided you are a professional in the field, go the business way provided it is not capital intensive. in 3 years after incubation period, you will have enough cashflow to accomplish your own a home dream. Practicall i went business in 2006 (Consultancy - HR/OD) now i own both and still growing.


Applause Applause Applause Applause
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african coloner
#16 Posted : Thursday, July 05, 2012 1:30:59 PM
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Joined: 10/8/2010
Posts: 446
Location: london
kamundu wrote:
More info, the business is in the medical field, will have a few clients in the beginning but has potential to make good money after 3 to 4 years
As for the home. Plot iko ready to build.


business kwanza if not expensise capital required, since you already own a plot, as soon as you start making money you can construct your dream home
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kenmac
#17 Posted : Thursday, July 05, 2012 3:26:53 PM
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Joined: 5/26/2009
Posts: 1,793
I'd start with a home. This would stop rent liability and then proceed to start the business after settling. One in hand is better than two in the tree....birds.
......Ecclesiastes
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tom_boy
#18 Posted : Thursday, July 05, 2012 6:00:37 PM
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Joined: 2/20/2007
Posts: 767
Proverbs 20:18 and Proverbs 24:27 will give you the answer.
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
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limanika
#19 Posted : Thursday, July 05, 2012 10:29:15 PM
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Joined: 9/21/2011
Posts: 2,032
If you are not the one going to run the biz on day to day basis, better start with hse...the possibility of burning fingers and watching the drain is real
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kamundu
#20 Posted : Friday, July 06, 2012 10:16:24 AM
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Joined: 5/9/2011
Posts: 786
Location: Mashinani
The business is very capital intensive. Almost the same cost as building a home. I would be the one running the business fulltime.
Peace in our Homeland.
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