Finance

Why you should buy a house in Nakuru

By Myspace Properties,July 8, 2019July 9, 2019

Nakuru is fast becoming one of the ideal places to live in away from the busy Nairobi and Mombasa.

Nakuru presents a lot of great things from the growing job opportunities, better roads and wonderful places, you can choose to live in Nakuru town, Rongai, Mawanga, Lanet, Ngata, Naka, Elementatita, Kiamunyi and Barnabas.

Therefore you should look into buying land or a house in Nakuru as soon as possible.

Here are some of the key benefits of purchasing a house or plot in Nakuru:

Lots of great places to live in: As stated earlier in the post, there isn’t much distance between the Town and some of the smaller villages on the outskirts. So you can choose to live centrally, perhaps in a flat. Or you can decide to live a little out of the way, in a more rural neighborhood like the quiet Rongai.

Boosted Economy: There have been a lot of investments in Nakuru lately in the last 5 years. Residents have noticed new, modern buildings go up month after month. And this is a good sign of a strong economy. With more office buildings and other outlets, there are lots of opportunities created. Which makes it an appealing place to live.
In 6 words “It’s a Great Place to Live”: From the Menengai Crater, the views of Mt Longonot, Lake Naivasha a few KM away and Nakuru National Park also a few KM away from home I truly believe this is one of the finest places to live in the country. Which is the main reason you should buy a property here, so you can experience this for yourself? There’s more to this place than this blog post actually.
Affordable housing market: The property market in Nakuru is not yet exaggerated like Nairobi and Mombasa From flats and terraces, to detached and semi-detached houses and also Land.

Interested in buying a property in Nakuru? Talk to our able team today.

Top 10 questions to ask when buying land in Rural Areas

By Myspace Properties,March 18, 2019March 18, 2019

We have been receiving several questions from our online community about what they should do on a site a visit since we have always been insisting on site visits before buying land anywhere in Kenya, lets go dip on some of the things you should inquire about when looking for land to buy in rural areas.

If I had to sell this property again in a year, is it desirable to other potential buyers?
How does the land lay? (slopes, bottom land, elevation change, etc…)
How is the property accessed? (Road frontage, deeded easement, etc..)
What are the annual property taxes?
Can I get a clear title to the property with title insurance?
Are there any water features on the property? (rivers, creek, lake, springs)
Has the property been surveyed? (Are boundaries marked?)
Are there any known environmental concerns or latent defects with the property?
Who are the neighbors surrounding the tract?
Have the owners received notice from any governmental agency about possible assessments or actions in the near future that would affect this property? Do you know the laws of Kenya on Land?

This list can even be larger but these are some of the basic things you need to know before committing any deposit or involving any money. Objectives of the buyer are based on whether you are an investor, hunter, farmer or a developer, that is why it is very important to engage competent real estate agents like Myspace Properties when purchasing rural areas property. Having someone to hold your hand through out the entire process can save you thousands of shillings.

Remember this list can also apply to buying land in the City like Nairobi, Mombasa and other cities, but caution must be taken when engaging agents in these areas.

Building Finance Home Design Home Tips Properties Real Estate Industry in Kenya

How to build your home on a tight budget

By Myspace Properties,March 11, 2019March 11, 2019

Many Kenyans believe that building a home is extremely expensive, well we can argue about that here but still you can be able to construct your house from scratch with 30% off what you would have spent. Here are the secrets to building your home on a tight budget in Kenya, hold your breath and take a notebook:

Write down your budget: It would only be wise if you estimate the amount you will need to construct your home. Consult various industry retailers on rates of e.g Cement, Sand, Iron sheets, stones for you to know how much you will spend. Stick to buying these raw materials on whole sale.
Choose simple designs: We all want to live in good bungalows, mansions and townhouses but that comes at a cost, choose a simple design that will not cost you much, e.g avoid cathedral ceilings and complicated roof-lines.
Recycle materials: Recycling will not only be environmental friendly but also economical to your home project. Recycle things like Nails, Cement composites etc.
Invest in quality: Yes there are other things you can leave out of your budget but don’t be fooled by the hype around, invest in quality materials that will make your home survive all the tests, this will make it affordable for you to maintain it at the long run.
Consult a realtor: Building on a tight budget can be tempting for you, which makes you think of skipping working with a pro in the industry – a huge mistake which you should avoid. Industry experts have money-saving ideas to help fit your budget appropriately. Therefore do not skip that consultant unless they give you exaggerated figures.
Find an ideal location: Find a location close to the facilities you will need but also consider pricing. Buying a plot in Nairobi for example is at Ksh 4m to Ksh 7m currently before you add construction costs. Find an ideal location where land is affordable and don’t fall for city crooks.
Provide your own materials: Utilize the little you have from using your own water sources, get timber from your land (If you had planted), some old stones lying idle there and so forth. It will save you a lot of money.

As you can see, building your own home on a budget isn’t as hard as you might think – what it really comes down to is having patience, creativity, and a willingness to explore your options.

If you have more questions kindly get in touch with us today. Cheers!

Finance Real Estate Industry in Kenya RENT

SOLVED: How much can I afford for rent?

By Myspace Properties,January 21, 2019

Everyone wants to live in a good suburb with security, ample parking and all your other favorite amenities inclusive. This comes at a cost though, are you buying a lifestyle or living your normal life in that apartment? Well today we are breaking it down one by the other on finance discipline verse living your best life.

RENT Vs INCOME

We have all heard the narrative that RENT should not be more than 30% or 25% of your monthly INCOME. This is a true and right calculation, if you earn Ksh 30,000 after tax then your rent should be between Ksh 7,000 to Ksh 8,000. Your utilities should be 3% to 4% hence your total expenses will be 33% up to 35% of your income.

OTHER EXPENSES

You can tweak your expenses to fit your desires whether it’s 30% or 35% so that you don”t mess up other expenses like transport, buying groceries and maybe your lunch at work. When all of this are added together, that is housing, food and transportation they should not be more than 50% of your income. If you are living in a city like Nairobi then you will need to give up other things in order to keep your expenses based on the 50/30/20 rule, where 50% goes to necessities, 30% to your fun things and 20% savings.

VERDICT

Don’t live beyond your budget & try to generate more avenues for income.

Finance

Why you should buy a house in Nakuru

Top 10 questions to ask when buying land in Rural Areas

How to build your home on a tight budget

SOLVED: How much can I afford for rent?

QUESTION: How do you manage financial discipline?

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