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How much do you pay in rent?
Rank: Elder Joined: 4/30/2008 Posts: 6,029
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What the originator of the thread wanted was figures not stories.Give your figures.Mine is 18k per month.
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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simonkabz wrote:2012 wrote:You all sound single. Anyone with a family? I don't know whether you'd fit a family in a 15k house and I'm talking of locations that are not too inconveniencing for work and school for the kids. Asi!! Na si hii ni matusi yaawa?   Aki @simon this had no pun and wasn't intended as matusi just that I need a 3bdrm stone house and I can't honestly see anybody putting up one and charging 15k.
BBI will solve it :)
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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Mukiri wrote:Wendz wrote:King G wrote:Tebes
However, I know of families who stay with nearly the whole clan - [u wrote:w[/u]ife's sisters Hapo sasa umenena  But on a serious note, if you are doing 40k rent per month better watch out. Consider mortgage, expensive in the short run, useful in the long run What do you call "short run"? 15-20 years? Some times, depending on what you are paying on your rent, mortgage may be more expensive and riskier. If i am not building my own house, i am not touching mortgage in this market with a long pole in the near future..... dynamics of the real estate - pricing, interest rates etc have to change first for me to consider 'mortgaged house' as a viable investment... unless i have completely ran out of ideas... which of course will be a very sad situation. @Wanyee If you look hard enough you'll find a place, be it in Thika, Kite or environs with the sign 'Drive safely and welcome back to Nairobi'. @Wendz, Why is mortgage so unthinkable? Start with a small house/flat, upgrade as you grow. Worst case scenario where one has to sell, then dispose, pay off debt and you are left with the rent you'd have paid. @Mukiri, thanks that is what i meant. If you are paying rent of 40k, i can assure you if you review your monthly expenditure especially for men (ulivi/mpangos/weekendoutings) you will get leakages of about 20/30k. Unneccesary home expenses which can be adjusted will be about 10/15k. This brings about 70k minimum. You strat there - hse of about 6 million for 20 years. Mortgage brings committment and therefore whenever you have extra cash you throw it in there. Even wife will agree to adjust and pick some of the family monthly expenses. Started in Buru in the 90's, now in Langata on my way to Karen. heh heh heh Thieves
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Rank: Member Joined: 1/22/2007 Posts: 336
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My feeling is that if you know that you are going to spend the better part of your life working in Nairobi,the wisest thing to do is to find a way of living in your own house however humble it might be.Give yourself some years to do some improvement and within no time you will have a very nice place to call home bila landlord hustles.Just begin humbly alafu maintain tempo ya improvement. Advice is like snow.The softer it lands the harder is sticks.
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Rank: Member Joined: 9/30/2011 Posts: 483
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wanyee wrote:King G wrote:Tebes
However, I know of families who stay with nearly the whole clan - [u wrote:w[/u]ife's sisters Hapo sasa umenena But on a serious note, if you are doing 40k rent per month better watch out. Consider mortgage, expensive in the short run, useful in the long run What kind of mortgage(or for what kind of a house) can you get with monthly repayment of 40k? Paying one for roughly 45K in a 3br standalone in Rongai. House cost roughly 4M, on company backed mortgage scheme so it relatively cheap to finance. Repayment period of less than 10 years with a good number already paid for. Was paying 20K before in rent for a 2br and couldn't see myself going above that.
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Rank: Member Joined: 7/17/2011 Posts: 627 Location: Mbui-Nzau, Kikumbulyu
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Lucid_Iam wrote:wanyee wrote:King G wrote:Tebes
However, I know of families who stay with nearly the whole clan - [u wrote:w[/u]ife's sisters Hapo sasa umenena But on a serious note, if you are doing 40k rent per month better watch out. Consider mortgage, expensive in the short run, useful in the long run What kind of mortgage(or for what kind of a house) can you get with monthly repayment of 40k? Paying one for roughly 45K in a 3br standalone in Rongai. House cost roughly 4M, on company backed mortgage scheme so it relatively cheap to finance. Repayment period of less than 10 years with a good number already paid for. Was paying 20K before in rent for a 2br and couldn't see myself going above that. what about those who dont have "company backed schemes? someone please show me one ..esp done with the mortgage calculators i see on the website ...40k ...no hakuna 70 k ..yeah a 1 bedroom in Athi-river...
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Rank: Elder Joined: 11/15/2011 Posts: 4,518
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Sh 537. "The true measure of a man is how he treats someone who can do him absolutely no good.
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Rank: Member Joined: 7/17/2011 Posts: 627 Location: Mbui-Nzau, Kikumbulyu
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sh 800 Kibera laini saba so that i can scrooge and save to live in Karen Runda 1 day ..niruke midro crass direct to aristocrat PAP!
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Rank: Hello Joined: 10/17/2012 Posts: 4
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I pay 80,000 ksh rent. I used to own a house, but never made sense why I should live in house worth 20million and its not really doing anything for me. Sold the house and went into business, buying and selling land. I have a plot in a prime residential area, everyone tells me I should build a house there, but when I do the maths, it does not add up. It will cost me about 15million to put up a house fit for the area.
Why waste capital building a house while I can invest the same and make much more money. To me, it makes sense to pay rent.
Is my thinking warped??
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Rank: Elder Joined: 10/9/2008 Posts: 5,389
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I used to pay 35k before i moved into my own house about 2 yrs ago and forgot about rent. It's such a big relief when you no longer have to pay rent.
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Rank: Elder Joined: 11/28/2006 Posts: 1,799
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Rank: Member Joined: 3/26/2012 Posts: 830
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Nothing...am dating the landlords wife...what do you expect...cwes lipa...all proceeds to nse...pap! A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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Mukiri wrote:If rent falls anywhere near a mortgage figure, I'd rather take mortgage. Too many factors: do you want a house like the one you are renting? What interest rate? How many years? All said and done, if you want a house like the one you are renting, then you have to put up a very large deposit ( way over 50%) for the mortgage installments to be same as the rent... OR... get a very long term loan (perhaps above 50 years!!)
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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wanyee wrote:anything beyond 50k is a no no no whether it is 20% or not of gross income So I guess for you places like Kileleshwa, Lavington, Runda etc are a no no no...
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Rank: Elder Joined: 10/9/2008 Posts: 5,389
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Highest rent in Kenya is 800,000 per month (9.6m per yr) in Kitisuru. That must be his/her 30% of salary. Interestingly a 15yr mortgage for a 50m house in Karen at 15% would be 630k pm. http://www.nation.co.ke/business/news/Homebuyers+rise+owing+to+interest+cuts+/-/1006/1535750/-/i02c2fz/-/index.html
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Rank: Member Joined: 11/10/2010 Posts: 281 Location: Nairobi
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skforce wrote:I pay 80,000 ksh rent. I used to own a house, but never made sense why I should live in house worth 20million and its not really doing anything for me. Sold the house and went into business, buying and selling land. I have a plot in a prime residential area, everyone tells me I should build a house there, but when I do the maths, it does not add up. It will cost me about 15million to put up a house fit for the area.
Why waste capital building a house while I can invest the same and make much more money. To me, it makes sense to pay rent.
Is my thinking warped?? Yes! Instead of selling the house: assuming capital for business was the motivation, why not mortgage it or use it as collateral to finance your business. Since you are in real estate you already know that the land the house stands on does not depreciate and even in some cases, a well built and maintained house depreciates at 3% annually either. Also to consider is life upon retirement when income is reduced or flat-lined and you work less and probably spend more on medical, traveling, vacationing, etc.... Besides that alot of the things we do it is NOT because of money, but rather it is for the things that money can buy. What are the things you want in life that money can buy ? If a house is one of them, by all means go for it!
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Rank: Member Joined: 11/21/2006 Posts: 608 Location: Ruiru
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Anything above 20k is anathema to me. Used to pay 15k, calculated for 6 yrs... it came to 1m. My landlord insulted me [heshima ndogo] I attacked him in retaliation. A few blows were exchanged. The following day I bought a container and started living in it. "..I am because we are. "― Ubuntu, Umtu,
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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This fancy townhouse in Kitisuru was bought by a man for his fiancee.RINK!Huyu si ni chapo alikaliwa?
BBI will solve it :)
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Rank: Member Joined: 10/4/2007 Posts: 656
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I do not pay rent..though I used to pay The way I am
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Rank: Member Joined: 9/23/2011 Posts: 175 Location: Nairobi
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Why would you go for a ksh.30,000 or ksh.50,000 or whatever amount of rent when you know you are going to strain yourself to the limits and then start complaining that it pains you to enrich the landlord? You either ship out and look for a place you can actually afford(and who said u don't make the slumlord wealthy even with the 'little' amount you pay him?) or build/buy your own house to live in so you don't complain.
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