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Is Taking a Mortgage the WORST Decision Ever??
Rank: New-farer Joined: 3/13/2012 Posts: 15
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icecube wrote:xtina wrote:I want to hear from those who keep saying they have/will 'accelerate' payments. How did/have you do(ne) it? Especially considering you have everyday manenos such as food/clothing, school fees, funerals/wedding mchangos, hospital bills, rent, etc? Considering that paying mortgage strains most incomes, I believe accelerating payments can be achieved mainly from a windfall or a big bonus from wherever...rarely from regular income, unless there is a noticeable increment in monthly earnings. But the way some state it is as if the windfall is regular. How do they manage it?
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Rank: User Joined: 1/20/2014 Posts: 3,528
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keved wrote:icecube wrote:xtina wrote:I want to hear from those who keep saying they have/will 'accelerate' payments. How did/have you do(ne) it? Especially considering you have everyday manenos such as food/clothing, school fees, funerals/wedding mchangos, hospital bills, rent, etc? Considering that paying mortgage strains most incomes, I believe accelerating payments can be achieved mainly from a windfall or a big bonus from wherever...rarely from regular income, unless there is a noticeable increment in monthly earnings. But the way some state it is as if the windfall is regular. How do they manage it? Procurement world and brokers. Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 5/31/2009 Posts: 226
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@ Mungaits welcome am already here what do u think can they hit 6m by 2017
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Rank: New-farer Joined: 4/12/2014 Posts: 36
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MaichBlack wrote:[quotewell=icecube] xtina wrote:I want to hear from those who keep saying they have/will 'accelerate' payments. How did/have you do(ne) it? Especially considering you have everyday manenos such as food/clothing, school fees, funerals/wedding mchangos, hospital bills, rent, etc? Considering that paying mortgage strains most incomes, I believe accelerating payments can be achieved mainly from a windfall or a big bonus from wherever...rarely from regular income, unless there is a noticeable increment in monthly earnings. A mortgage is like a high maintenance wife. It forces you to be creative and work extra hard to get ahead of the scheduled payments. This is a good thing cause the net effect is that you are wealthier. The main source of the accelerated funds are of course windfalls, salary hikes, added allowances etc, which you are now forced to channel toward the principle amount. Another good thing cause you may otherwise have misused it. A key threshold level is the point at which interest payments equal the rental value. At this point you are not 'losing' anything to the bank, which is the first milestone, usually about half the amount, and should be the main goal, because beyond this you are gaining. This jump is possible by a little more sacrifice or liquidation of an existing asset. The peculiar thing with well selected houses in Kenya, is that they appreciate very fast especially if bought off plan or early in the development -a very good thing. As a buyer I would suggest you get your mind out of the 20 year mentality, and be very open to selling it in the event the value rises to a juicy level. You can pocket the untaxed capital gains and explore your options of even 2 off plan units... and the cycle continues. Your payslip, like any other asset needs to be bled to its maximum value (with caution and wisdom of course), and getting a mortgage allows you to do this. The 20 years + is the maximum repayment, and sort of insurance incase the windfalls do not come. It’s what you learn after you think you know it all that counts.
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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In countries like the US,it's fairly easy to spot a bubble coz lots of houses are bought under mortgages. The graph of the income of the guys taking mortgages n the prices of the houses they were buying simply didn't match. The prices were increasing drastically hence the eventual crisis of 2008. Back here most houses are bought in cash or financed by alternative means so how can you foretell a housing bubble in Kenya? Just when you think there's a bubble, more cash buyers emerge from the shadows,snap up the available houses n the prices keep going up.
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Rank: Elder Joined: 5/1/2010 Posts: 3,024 Location: Hapa
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ION, you can now 'test-drive' the house you'd like to buy for a fee.. C&P: “We realise that buying a house is an important decision so we urge prospective buyers to take this golden opportunity to check out the traffic, visit local schools or simply get to know your future neighbours,” says Ms Wambui. Buyers can choose between a weekend or a weekday package. The cost of a 3-day, 4-night package from Monday afternoon to Friday morning is Sh20,000. Those who opt for a weekend stay also pay Sh20,000 for 2 days and 3 nights from Friday afternoon to Monday morning. Half-days are not counted as full days. In the event that the client buys the house, which are selling for between Sh9 million to Sh31 million, they are refunded the Sh20,000.
RINKFloat like a butterfly, sting like a bee. - Muhammad Ali🐝
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Rank: Elder Joined: 12/7/2012 Posts: 11,937
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butterflyke wrote:ION, you can now 'test-drive' the house you'd like to buy for a fee.. C&P: “We realise that buying a house is an important decision so we urge prospective buyers to take this golden opportunity to check out the traffic, visit local schools or simply get to know your future neighbours,” says Ms Wambui. Buyers can choose between a weekend or a weekday package. The cost of a 3-day, 4-night package from Monday afternoon to Friday morning is Sh20,000. Those who opt for a weekend stay also pay Sh20,000 for 2 days and 3 nights from Friday afternoon to Monday morning. Half-days are not counted as full days. In the event that the client buys the house, which are selling for between Sh9 million to Sh31 million, they are refunded the Sh20,000.
RINK Naona watu wakienda na maclande huku! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: New-farer Joined: 3/13/2012 Posts: 15
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Angelica _ann wrote:butterflyke wrote:ION, you can now 'test-drive' the house you'd like to buy for a fee.. C&P: “We realise that buying a house is an important decision so we urge prospective buyers to take this golden opportunity to check out the traffic, visit local schools or simply get to know your future neighbours,” says Ms Wambui. Buyers can choose between a weekend or a weekday package. The cost of a 3-day, 4-night package from Monday afternoon to Friday morning is Sh20,000. Those who opt for a weekend stay also pay Sh20,000 for 2 days and 3 nights from Friday afternoon to Monday morning. Half-days are not counted as full days. In the event that the client buys the house, which are selling for between Sh9 million to Sh31 million, they are refunded the Sh20,000.
RINK Naona watu wakienda na maclande huku! That is being innovative and I second Angelica_ann thought
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Rank: Member Joined: 5/31/2011 Posts: 262
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Angelica _ann wrote:butterflyke wrote:ION, you can now 'test-drive' the house you'd like to buy for a fee.. C&P: “We realise that buying a house is an important decision so we urge prospective buyers to take this golden opportunity to check out the traffic, visit local schools or simply get to know your future neighbours,” says Ms Wambui. Buyers can choose between a weekend or a weekday package. The cost of a 3-day, 4-night package from Monday afternoon to Friday morning is Sh20,000. Those who opt for a weekend stay also pay Sh20,000 for 2 days and 3 nights from Friday afternoon to Monday morning. Half-days are not counted as full days. In the event that the client buys the house, which are selling for between Sh9 million to Sh31 million, they are refunded the Sh20,000.
RINK Naona watu wakienda na maclande huku! Watu wataenda huku instead of being seen checking into a hotel  You lose money chasing women, but you never lose women chasing money - NAS
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Kenyan Oracle wrote:Angelica _ann wrote:butterflyke wrote:ION, you can now 'test-drive' the house you'd like to buy for a fee.. C&P: “We realise that buying a house is an important decision so we urge prospective buyers to take this golden opportunity to check out the traffic, visit local schools or simply get to know your future neighbours,” says Ms Wambui. Buyers can choose between a weekend or a weekday package. The cost of a 3-day, 4-night package from Monday afternoon to Friday morning is Sh20,000. Those who opt for a weekend stay also pay Sh20,000 for 2 days and 3 nights from Friday afternoon to Monday morning. Half-days are not counted as full days. In the event that the client buys the house, which are selling for between Sh9 million to Sh31 million, they are refunded the Sh20,000.
RINK Naona watu wakienda na maclande huku! Watu wataenda huku instead of being seen checking into a hotel This can be a good source of revenue before the houses are eventually sold.Biashara ya maclande ni poa sana.
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Is Taking a Mortgage the WORST Decision Ever??
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