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Is Taking a Mortgage the WORST Decision Ever??
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Lolest!
#291 Posted : Saturday, June 21, 2014 2:12:18 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Pablo wrote:

Been looking thro this from the sidelines.

Motrguages work for some people and will not work for others (kama mimi). Building on the other hand ni kazi but as someone has said in 2 - 3 years sometimes 4 years na umemalizana na madeny.

The only good thing i see from mortguages is that you can get a house where you (and your pocket) wants. I have never seen the logic of living in a place where you wake up at 4am every day and arrive home at 9pm sababu umejenga sijui Isinya. That reduces your quality of life.

I know families who have moved out of their Karen & Kiambu Rd Mansions to live in Apartments on Ngong Rd.


why did they relocate?
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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sanity
#292 Posted : Saturday, June 21, 2014 2:50:12 PM
Rank: Member

Joined: 1/24/2011
Posts: 407
Location: Nairobi,Kenya
I built my own home in the outskirts of Nbi...After all the 3 yrs hustle,The challenges reamins especially in things beyond my control.
1.Whenever it rains,getting to my home is a challenge yaani the road gets washed away because the council has not any roads.
2.Lack of a proper sewer system brings serious challenges.
3.My neighbour has put up temporary structures next to his unfished house..damn1
4.My other neighbour has put up containers and is planning to rent them out as shops
5.No schools nearby
6.No shopping centre nearby
7.I have to leave my home before 530am everyday to beat the morning traffic.
8.Security...no problem though..not with my 4 rottweillers which shit all over my 1/4 plot.
Well,despite these challenges,Sometimes I think that I made the good decision.Maybe in future this issue esp on the gavas side will get resolved.The bottom line is when you decide to build your own home be ready to face all these challenges amongst others..
Hope is not a strategy
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Chaka
#293 Posted : Saturday, June 21, 2014 5:33:18 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
@sanity,
Thanks for saying it as it is.Another thing I don't like is those narrow access roads as is the case huko Rongai.Do you have a spouse?I believe the decision whether to go and live at the outskirts is much easier when one is alone..
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  | | Edit by user: Saturday, June 21, 2014 5:52 PM | Reason: Not specified
MaichBlack
#294 Posted : Monday, June 23, 2014 6:54:19 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
Why are people equating not taking a mortgage to building a house in a poorly serviced distant place?

You can buy or build in an 'acceptable' neighbourhood whether you do it in cash or mortgage! You can buy or build in some poorly serviced distant neighbourhood - in cash or mortgage!

Let's not get issues mixed up to raise more heat than light! No one was ever stopped from building (or buying) a house in Runda, Karen, Milimani, Muthaiga, Muthangari etc. using (his/her) cash! And some of those houses in Kiserian, Isinya and such like places are on mortgage!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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  | | Edit by user: Monday, June 23, 2014 6:55 AM | Reason: Not specified
KenyanEconomist
#295 Posted : Monday, June 23, 2014 10:27:12 AM
Rank: New-farer

Joined: 5/7/2014
Posts: 40
MaichBlack wrote:
Why are people equating not taking a mortgage to building a house in a poorly serviced distant place?

You can buy or build in an 'acceptable' neighbourhood whether you do it in cash or mortgage! You can buy or build in some poorly serviced distant neighbourhood - in cash or mortgage!

Let's not get issues mixed up to raise more heat than light! No one was ever stopped from building (or buying) a house in Runda, Karen, Milimani, Muthaiga, Muthangari etc. using (his/her) cash! And some of those houses in Kiserian, Isinya and such like places are on mortgage!


With 1m, you can either buy a 10m apt in a serviced area of NBO eg MSA road or Langata, or you can buy a plot in an un-serviced area, and later build a house. That is why the comparison is appropriate.
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Pablo
#296 Posted : Monday, June 23, 2014 12:03:30 PM
Rank: Member

Joined: 3/17/2008
Posts: 567
Location: Nairobi
@ Lolest..,
These guys moved for a number of reasons the main ones being security and commuting time. They still rent out their houses tho.

With cash am sure as Maichblack says you have options but when the cash is a blocking point like it is for 95% of us the options are fewer and the open ones are in far off places. I mean somebody with 30M to buy a half acre in runda cash is not the same as someone who has over the years saved up 1M. So MaichBlack, morguage or cash are related to location.
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  | | Edit by user: Monday, June 23, 2014 12:05 PM | Reason: Not specified
kamundu
#297 Posted : Tuesday, June 24, 2014 3:53:25 PM
Rank: Member

Joined: 5/9/2011
Posts: 786
Location: Mashinani
omhangla wrote:
There are these arpatments; Milimani excutive arpatments (Hazina close) build by NSSF. 34 million for 3 bedroom. is it a fair deal


No its not a good deal.
34million can buy you a 4 bedrrom house with an SQ on kiambu road for 32M
Peace in our Homeland.
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Othelo
#298 Posted : Tuesday, June 24, 2014 4:24:30 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
Mortgage interest rates in Kenya are too high. But if you can get <10%, then you are good to go though law interest rate benefit will get you though albert in a small way!
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Obi 1 Kanobi
#299 Posted : Tuesday, June 24, 2014 4:43:25 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
sanity wrote:
I built my own home in the outskirts of Nbi...After all the 3 yrs hustle,The challenges reamins especially in things beyond my control.
1.Whenever it rains,getting to my home is a challenge yaani the road gets washed away because the council has not any roads.
2.Lack of a proper sewer system brings serious challenges.
3.My neighbour has put up temporary structures next to his unfished house..damn1
4.My other neighbour has put up containers and is planning to rent them out as shops
5.No schools nearby
6.No shopping centre nearby
7.I have to leave my home before 530am everyday to beat the morning traffic.
8.Security...no problem though..not with my 4 rottweillers which shit all over my 1/4 plot.
Well,despite these challenges,Sometimes I think that I made the good decision.Maybe in future this issue esp on the gavas side will get resolved.The bottom line is when you decide to build your own home be ready to face all these challenges amongst others..


Finally an honest opinion, yes this is the decision one has to make between a mortgage and kujenga. One has to be very careful especially if you have school going children.
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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butterflyke
#300 Posted : Tuesday, June 24, 2014 5:52:01 PM
Rank: Elder

Joined: 5/1/2010
Posts: 3,024
Location: Hapa
Pablo wrote:
@ Lolest..,
These guys moved for a number of reasons the main ones being security and commuting time. They still rent out their houses tho.

With cash am sure as Maichblack says you have options but when the cash is a blocking point like it is for 95% of us the options are fewer and the open ones are in far off places. I mean somebody with 30M to buy a half acre in runda cash is not the same as someone who has over the years saved up 1M. So MaichBlack, morguage or cash are related to location.



Welcome back @Pablo. There were two threads on wazualets looking for you smile
Float like a butterfly, sting like a bee. - Muhammad Ali🐝
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