highrise apartments in Karen...... which karen? On Sun, Mar 13, 2011 at 4:09 PM, [Brainiac] <arebacollins@gmail.com> wrote:
Which makes a buillding Sacco an appealing alternative. Get a bunch of guys put in money and buy an acre in Karen then. Build Highrise apartments and each gets a piece.
On Mar 13, 2011 3:11 PM, "Eunice Wa" <tewafula@gmail.com> wrote:
Nd'wex,
Let me give you a quick review of the property Market,the figures below could have worked in 2008;
Today, a 1/4 even in Athiriver, Kitengela, Rongai or Ruiru will not go for less than 1.5m maybe much further inside like Kinaine or Thika-Garisa road you can get at 800k. let leave the building out....
Now, buying a house, the cheapest there is today (about 3.5m) apartment will be a small 2Br in Mlolongo. To the very Max you can only make 20k in monthly returns, a 2M loan for 10 years will cost you a monthly repayment of 31,000, dont forget there are legal fees and stamp duty to be paid besided deposits on Purchase.
Notes/lessons Real Estate is great investment, but not for quick returns, average RoI for a house is 120-200 months depending on area and initial costs At times as Gichingiri mentions, rent may be cheaper but for those who can wait purchase is rewarding as you will own it eventually and it will definately appreciate
My take,
Eunice
Message: 2 Date: Wed, 2 Mar 2011 08:11:05 +0300 From: "Nd'wex Common" <flexycat@gmail.com> To: Skunkworks Mailing List <skunkworks@lists.my.co.ke> Subject: Re: [Skunkworks] Shocking The housing market in Kenya Message-ID: <AANLkTikVj0QgVo+GsmL3CDODC1M+8gENrPdo2SaBB=aA@mail.gmail.com> Content-Type: text/plain; charset="iso-8859-1"
Yesterday did some very basic research with regard to housing and found that armed with 2M you can do either of the following
option 1: Buy land appox 1/4 -> 800K Building appox 900K [depends on the design, and bushman of an engineer you find] Proximity: Nairobi -> outskirts
option2: Mortgage an apartment worth 4M [your 2M being the down payment] rent it out @30-40K for the duration of the loan repayment period [you living in your current abode assuming its 15-20K pm] this should take min. of 5years to have it repaid but no more than 7yrs interest included.{Where do you get 2M just like that??}
In reality option2 will most likely materialize if you are either married without kids or having a multitude of revenue streams if not a good income, however its the best.
I stand to be corrected.