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Casa Mia
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Dawnwoods
#1 Posted : Friday, November 13, 2015 10:19:34 PM
Rank: New-farer

Joined: 5/22/2014
Posts: 56
Is Casa Mia a good investment?

Located in kangundo Rd, Kamulu area, 3 Bedroomed measuring 1022sq ft. Gated Community with other multiple Houses of the same size and shape.
The cost 5.75 Mil standing in a 1/12 parcel of land.
Sellers/Brokers Hass Consult Westlands.
10% on Reservation
20% upon Sale agreement
20% 3months later
50% on Completion
Construction Est 2014
has the usual charges and more as follows,
4% Stamp duty
Share Capital 22K
Service Charge deposit 22k
Advance Service Charge 22K
1.5% + VAT
Monthly Service Charge 22K
Valuation fee
Lace
Excise Tax
Electric Connect fee
Water Connect fee

Guys Gals.. as a longterm rental property

Is it worth the hussle?
25-35K Monthly rental.
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nakujua
#2 Posted : Friday, November 13, 2015 10:32:53 PM
Rank: Elder

Joined: 12/17/2009
Posts: 3,583
Location: Kenya
The place is past joska, I doubt rentals will work anytime soon, around that area, especially for 25-35 - unless the rumors that do rounds those sides of wilson airport being relocated there become a reality.
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tmatekwa
#3 Posted : Friday, November 13, 2015 11:07:11 PM
Rank: Member

Joined: 10/1/2007
Posts: 232
Two bedrooms are doing some 10k in that area. 25k not far fetched. Go for it. you will not regret.
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VituVingiSana
#4 Posted : Friday, November 13, 2015 11:27:02 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,350
Location: Nairobi
Let's assume you can get 25,000/month after paying land rates, KRA tax, etc. That's 300,000/- per year. The purchase cost will be 6mn after all the expenses. The return is 5%.
If you have to borrow (at current rates of 18-25%) a significant portion of the cost then the return plummets.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Dawnwoods
#5 Posted : Saturday, November 14, 2015 12:29:02 AM
Rank: New-farer

Joined: 5/22/2014
Posts: 56
@tmatekwa...go for it.(optimistic/Confident)
@vituvingi... returns plummet..(mathematical/Prudent)

Guys which is the way forward?
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Impunity
#6 Posted : Saturday, November 14, 2015 10:02:20 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Yaani you pay 22K pm for service fee and only get 25K rental income?
Upuzi...will thos service charge include water and thitima?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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tmatekwa
#7 Posted : Saturday, November 14, 2015 10:12:30 AM
Rank: Member

Joined: 10/1/2007
Posts: 232
Impunity wrote:
Yaani you pay 22K pm for service fee and only get 25K rental income?
Upuzi...will thos service charge include water and thitima?

you are right impunity...what the hell is this monthly service charge? with that kind of money I can be able to put up a decent house of similar dimensions for less than 4m, without the monthly service charges.
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Lolest!
#8 Posted : Saturday, November 14, 2015 10:46:51 AM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
nakujua wrote:
The place is past joska, I doubt rentals will work anytime soon, around that area, especially for 25-35 - unless the rumors that do rounds those sides of wilson airport being relocated there become a reality.


Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly that Wilson story is true? Some brokers were using it in 2009 to sell land huko Ruiru Eastern bypass
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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Sakangu
#9 Posted : Saturday, November 14, 2015 10:58:06 AM
Rank: New-farer

Joined: 12/1/2010
Posts: 37
Location: Nairobi
Impunity wrote:
Yaani you pay 22K pm for service fee and only get 25K rental income?
Upuzi...will thos service charge include water and thitima?


22K pm service Charge, in Joska, Shame on you Shame on you Shame on you Shame on you Shame on you
Unless it includes daily massage.
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dunkang
#10 Posted : Saturday, November 14, 2015 11:14:41 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Exploitative Service Charges, that is my biggest problem with "gated communities".

Passed along a road somewhere and saw a list of "DEFAULTERS". Hizo aibu mimi siwezi penda!
Receive with simplicity everything that happens to you.” ― Rashi

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