fbpx
CategoriesBuilding Finance Home Design Home Tips Properties Real Estate Industry in Kenya

How to build your home on a tight budget

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!

CategoriesReal Estate Industry in Kenya

Why millennials are making a big mistake by not owning a home

According to World Bank reports, Kenya has house deficit of 200,000 units a year and an overall deficit of 2 million units due to the growing population and also Rural-Urban Migration. It further shows that 61% of urban households live in slums.

However according to American self made millionaire David Bach millennial’s are making a huge mistake by not prioritizing home ownership in their investments adding that buying a home is an escalator to wealth.

Bach who was speaking to CNBC warned young adults that if they don’t buy a home, their chances of actually having any wealth in this generation are little to none. “The average homeowner to this day is 38 times wealthier than a renter”, he reiterated.

The millionaire says the smartest investment he’s ever made is buying 3 homes, “I first bought a home in San Francisco. It skyrocketed in price. I moved to New York and bought another home. It skyrocketed in price. My net worth has gone up millions and millions of dollars, simply because I’ve lived. ” he tells CNBC.

The award winning author adds that you need to invest in a home because at the of the day you have to live somewhere for the rest of your live.

He writes in his The Automatic Millionaire book that As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear.

Never say to yourself “I can not afford this” instead do the math to identify the costs and the small options, this will make your goals clear and more realistic than you even thought.

Bach suggests that your monthly rent should not be over 30% of your take home salary and also do save for your first down payment when buying a home. Have at-least 10% of the total value.

Bach finishes with a punchline “The fact is, you aren’t really in the game of building wealth until you own some real estate”

CategoriesHome Tips Real Estate Industry in Kenya

5 Mistakes you should avoid when moving

Moving from house A to B at the end of that month might be an interesting adventure since maybe you are moving to a better suburb, more space and amenities among other reasons people give but moving on the other hand can give you sleepless nights if not done correctly. Here are 5 mistakes you should avoid when moving out:

  • Not giving yourself enough packing time: You are always in a hurry thinking that you will just throw things under the car in 10 minutes time not considering complicated parts like kitchen and bedroom, insufficient time will stress you instead opt for having enough time to pack like a day or two for a studio/ 1 bedroom and two to three days for 2 bedroom/3 bedroom.
  • Not doing enough research on a moving company: You google some of the best moving companies in Kenya and just clicked on the first result that comes off Google, you are not doing yourself any justice neither your wallet and peace of mind. You should identify verified companies and compare rates before deciding to move.
  • Not getting rid of things you don’t need or use: You have several clothes and shoes you no longer wear either they are torn or old, some old water containers you no longer need and others, it would only be fair if you dispose them at this time. The lesser your stuff the better, resist the urge to carry things you know are no longer helpful to you.
  • Not budgeting correctly: Not budgeting means more money will be taken out of your wallet and can cost you even double the cost of the service. As we said in point two make sure you research these moving companies and compare their rates, choose where your budget falls into and you will not regret the process.
  • Not having essential bags: You throw everything under the truck not minding where essential stuff are, this will frustrate you afterwards looking for items you do not have an idea where they are. It would only be safe to have essential bags for yourself and the family, keep important things like laptops, car keys, chargers, toiletries, change clothes, important documents and items for your pets.

Moving doesn’t need to stressful, plan well and avoid the above mistakes. Although surprises can still happen but at-least all your basics are covered.

 

 

CategoriesReal Estate Industry in Kenya

5 Red flags your Real Estate Agent isn’t a good fit

Buying property in Kenya currently involves a lot of money from savings, mortgages or business and therefore no one want’s to loose their hard earned cash to city agents who promise a quick fix to your property search. There are a lot of agents out there but how do you draw the line between good ones and bad ones?

Here are some red flags to note:

  • They do not stick with the budget you gave them: Agents will show you properties above your agreed budget with all types of excuses telling you how much value you get and other amazing amenities within the property. A real agent would work within your budget and if not they would first ask you if you would be interested with other homes above your price tag.
  • No Networks: If they struggle to get access to homes or give excuses of owner troubles just know the agent you are dealing with has no networks, a good and established agent will have easy access to lenders, developers, home owners and attorneys.
  • Time wasters: You would call them and they start giving excuses of how they are held up or even pass you to a colleague or a security guard of the said property. They would only appear to demand the commission after house inspection.
  • Not keen on paperwork: Many agents aren’t keen on agreements and would rather do the job casually, this calls for concern. If by chance you loose your money by paying for a house with no witness and no paperwork and agreements stamped by authorities in the said area what will happen? This is very common in cities like Nairobi and Mombasa.
  • Afraid to show past clients / reference: Try asking them to give you a list of their past clients for you to check how they did it, what time it took to close the deal and how much the home was priced. If they hesitate then that’s a red flag enough for you to flee.

Majority of Kenyan’s have been duped by real estate agents in Nairobi and other major cities / towns due to lack of background checking and confirming their exact location of operation (offices) or if they are licensed by the government.  Pulling back the curtain and seeing through the hype is essential if you want to accurately assess an agent’s potential success with your property.

 

CategoriesReal Estate Industry in Kenya

Should I build or just buy?

We all encounter this dilemma at some point in our lives especially if you are one of those affected by Rural-Urban migration. After living in Rentals for years especially in cities like Nairobi, Mombasa, Kisumu etc time will come when you will want a thing of you own and here the question comes, will you build one for yourself and your family or rather buy it one time?

Below we lay down everything you need to know about Building and Buying:

  • Buying an existing home offers you 2 pros; Convenience and Cost. Once you have saved your money or your mortgage approved you can start looking for homes that are on sale within your budget and with the help of a real estate partner like Myspace Properties the process can be streamlined and shortened for you. Once you have made your offers and they are accepted you can finalize on the paper work and move in within a month or two. Even though the process involves numerous steps – such as financing, viewing homes, making offers, home inspections and closing – the convenience of being able to move in right away is compelling enough for many people to choose an existing home over a build. This may be especially true for buyers on a tight schedule, such as those relocating for a new job or whose children will be starting at a new school.
  • Another plus on convenience buying a home is that you can get all the amenities already established e.g schools, hospitals, tarmac roads, churches and shopping centers and also if you happen to buy it near a town it will be much convenient to work in there and save time. Very few plots are available in major cities like Nairobi and Mombasa hence building near these cities is difficult.
  • Building a home on the other hand gives you freedom to choose all the types of design, look and material used, something an already designed home will not give you.
  • Building a home also gives you that feel of satisfaction, money and features aside. Something you created out of your sweat and sacrifice over time will give you something special to appreciate every time you look into it.
  • However building a home doesn’t offer same convenience as buying one. First you have to look for land, follow all the due process of buying it and consider all the amenities around you will be of help to you and your family it’s not only time consuming but a tiresome experience especially for the working class who are busy with work. Afterwards you have to look for an architect or builder then choose all the materials needed.
  • Time and Cost, One of the biggest drawbacks of building a home from scratch is the time it will take for it to be complete and also you will spend much more than buying a ready one. Building costs and materials tend to rise over time, however to be able to handle this work with a reputable builder and have a good contract in place.

Bottom Line 

In either case, working with a qualified and experienced professional – whether that’s a real estate agent or a general contractor – can help ensure the process goes as smoothly as possible. Don’t hesitate to reach out!

CategoriesProperties

5 Real estate scams you need to avoid in 2019

Real Estate has grown to be the most lucrative and less risky investment over time generating billions of money daily. However like any other business Real estate scams have gradually become common especially in Urban cities like Nairobi and Mombasa.

This has happened to you, your family or even your friends and therefore to avoid falling victim to such traps here are some of the real estate scams that have been common this 2018.

  • Overrated Investments – Always know what you want from the start plus your budget, it is not unusual for realtors to hype their property for all kind of reasons but consider taking your time and access all the variables of the property keenly.
  • Impersonator – Many reported cons come through this, a person impersonates the owner/agent or a developer to a said property. They even go ahead to get fake contracts, payments options and other papers. Be very careful on engaging any independent realtors or agents and do not carry private documents or share any private information with them.
  • Exaggerated prices – We all love cheap things and some sort of bargaining right? But do we do this right on real estate? Scammers often reduce prices and use fake photos to entice easy targets. To avoid this do your own market research, know the prices of the said area and consult more before making a decision.
  • Early booking deposit – Many at times people are convinced by good pictures of the property  that they are told to book early to avoid it being taken by another client. Say no to this until you see the property and meet the owner or Landlord of the property in person, pay after signing a contract.
  • Door to Door Realtors – Sometimes you can be relaxing at home with your family and suddenly a bell rings, who? Its the Realtor or contractor, they claim they have a huge list of good deals they never want you to miss out. They push this really quick and if not keen you will be already in. Again to avoid this do a thorough research of the property, find the credibility of the realtor or contractor and never make quick decisions.

In conclusion always do proper research, take your time and find a trusted Real Estate Partner.

Just to remind you Myspace Properties can do the talk, looking for a real estate partner? Your search ends here!

 

Get in touch

phone

+254 734 555 556

Mombasa and Nairobi, Kenya

email

info@myspace.co.ke

about us

My Space Properties is a real Estate and Property firm that offers a unique and unprecedented value proposition covering all the core skills and requirements fundamental to the success of a real estate venture.

Newsletter

Get latest news & update

Copyright © 2024 – Myspace Properties. All rights reserved.
Carefully crafted by Starling Technologies
You need help? Chat with us