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Is Taking a Mortgage the WORST Decision Ever??
Rank: Elder Joined: 7/22/2009 Posts: 7,455
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enyands wrote:sitaki.kujulikana wrote:what happens when one fails to pay the service charge, I am sure the company can not auction your house or apartment for that. Unaweza tafutiwa mikora Kwa gate.anyway on serious note can someone help True. I have heard such cases. You get you car with no side mirrors yet you live in a gated environment full of guards!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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tnai9 wrote:Recently I moved to an employer whose mortgage rate is 3% p.a reducing balance. I cant wait to get confirmed and immediately take the maximum mortgage possible with my salary. The only concern is how I will fast track the payments. I see many pros with this interest rate. Any cons? Getting fired/quitting before clearing the loan which will make you start paying interest at market rates.
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Rank: Elder Joined: 7/22/2009 Posts: 7,455
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sitaki.kujulikana wrote:hardwood wrote:dunkang wrote:sitaki.kujulikana wrote:what happens when one fails to pay the service charge, I am sure the company can not auction your house or apartment for that. 1. Normally, they display your name in a big notice board at the main entrance as "LIST OF DEFAULTERS". 2. At Nyayo Embakasi, though the service charge is an acceptable 2,500/- p.m, they are known to PUT A HUGE PADLOCK and lock you out of your "own house". This happens if you default for a very long time (I.e. over 50,000/-). YES, they can auction your house. Its all in the fine prints. Wololo, that is crossing the red line. Interesting, but the padlock thing, do they forcibly evict whoever is in the house first before locking it, and on the auctioning part that would require one to have signed the house as collateral or something, otherwise I would assume a court case would be necessary to attach ones assets for a debt. Unless Kenyans attach a lot of ego to their places of residence, but judging by our corrupt ways, and just looking at our road driving culture, I would expect lots of defaulters on the service charge. In some estates, they have organized madharau that will force you to pay. Like the estate who's entrance is next to the Safari Park gate (gate along Thika Road), residents get car stickers every month on paying the service charge. Watchmen will not open the gate for residents with no sticker. You open it yourself. The same madharau will be extended to your visitors! "Unaenda nyumba gani?".... "Huyo hajalipa. Itabidi ujifungulie gate!". Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 7/22/2009 Posts: 7,455
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tnai9 wrote:Recently I moved to an employer whose mortgage rate is 3% p.a reducing balance. I cant wait to get confirmed and immediately take the maximum mortgage possible with my salary. The only concern is how I will fast track the payments. I see many pros with this interest rate. Any cons? That is basically free money. Lower than inflation!!! Take the loan as soon as you qualify. Don't even bother to fast track the payments. You can invest that extra money elsewhere and make far much more than the 3% interest you will be paying. BUT, if you ever decide to change jobs, make sure you have money to clear the balance. Otherwise you will be thrown to the sharks! Actually that is exactly what those loans are designed to do. Make sure you will not be going anywhere soon. Of course if you are a rare talent, the company you are moving to will definitely offer to buy the loan and you continue paying (them) at the same rate. Kama wewe ni raia ya kawaida, ni ujipange!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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MaichBlack wrote:sitaki.kujulikana wrote:hardwood wrote:dunkang wrote:sitaki.kujulikana wrote:what happens when one fails to pay the service charge, I am sure the company can not auction your house or apartment for that. 1. Normally, they display your name in a big notice board at the main entrance as "LIST OF DEFAULTERS". 2. At Nyayo Embakasi, though the service charge is an acceptable 2,500/- p.m, they are known to PUT A HUGE PADLOCK and lock you out of your "own house". This happens if you default for a very long time (I.e. over 50,000/-). YES, they can auction your house. Its all in the fine prints. Wololo, that is crossing the red line. Interesting, but the padlock thing, do they forcibly evict whoever is in the house first before locking it, and on the auctioning part that would require one to have signed the house as collateral or something, otherwise I would assume a court case would be necessary to attach ones assets for a debt. Unless Kenyans attach a lot of ego to their places of residence, but judging by our corrupt ways, and just looking at our road driving culture, I would expect lots of defaulters on the service charge. In some estates, they have organized madharau that will force you to pay. Like the estate who's entrance is next to the Safari Park gate (gate along Thika Road), residents get car stickers every month on paying the service charge. Watchmen will not open the gate for residents with no sticker. You open it yourself. The same madharau will be extended to your visitors! "Unaenda nyumba gani?".... "Huyo hajalipa. Itabidi ujifungulie gate!".  hii kaa si noma, ni noma sana. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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So if taking a mortgage is the worst decision ever, what happens when you only have the 10% or 20% deposit and you want to own that apartment or townhouse in that nice neighborhood you have always wished to live in? How else will you be able to live there?
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Rank: User Joined: 1/20/2014 Posts: 3,528
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hardwood wrote:So if taking a mortgage is the worst decision ever, what happens when you only have the 10% or 20% deposit and you want to own that apartment or townhouse in that nice neighborhood you have always wished to live in? How else will you be able to live there? Tenders  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 6/21/2010 Posts: 345 Location: easto
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MaichBlack wrote:tnai9 wrote:Recently I moved to an employer whose mortgage rate is 3% p.a reducing balance. I cant wait to get confirmed and immediately take the maximum mortgage possible with my salary. The only concern is how I will fast track the payments. I see many pros with this interest rate. Any cons? That is basically free money. Lower than inflation!!! Take the loan as soon as you qualify. Don't even bother to fast track the payments. You can invest that extra money elsewhere and make far much more than the 3% interest you will be paying. BUT, if you ever decide to change jobs, make sure you have money to clear the balance. Otherwise you will be thrown to the sharks! Actually that is exactly what those loans are designed to do. Make sure you will not be going anywhere soon. Of course if you are a rare talent, the company you are moving to will definitely offer to buy the loan and you continue paying (them) at the same rate. Kama wewe ni raia ya kawaida, ni ujipange!!! This is very true..they give one year after you exit, to clear the loan..I understand they can also allow you to sell the house(through their lawyers) repay the balance then keep the rest. So Ill just ensure am not fired. "The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence." ― Charles Bukowski
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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hardwood wrote:So if taking a mortgage is the worst decision ever, what happens when you only have the 10% or 20% deposit and you want to own that apartment or townhouse in that nice neighborhood you have always wished to live in? How else will you be able to live there? By renting! If Obiero did it, Who Am I?
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Rank: New-farer Joined: 11/9/2015 Posts: 18
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MaichBlack wrote:sitaki.kujulikana wrote:hardwood wrote:dunkang wrote:sitaki.kujulikana wrote:what happens when one fails to pay the service charge, I am sure the company can not auction your house or apartment for that. 1. Normally, they display your name in a big notice board at the main entrance as "LIST OF DEFAULTERS". 2. At Nyayo Embakasi, though the service charge is an acceptable 2,500/- p.m, they are known to PUT A HUGE PADLOCK and lock you out of your "own house". This happens if you default for a very long time (I.e. over 50,000/-). YES, they can auction your house. Its all in the fine prints. Wololo, that is crossing the red line. Interesting, but the padlock thing, do they forcibly evict whoever is in the house first before locking it, and on the auctioning part that would require one to have signed the house as collateral or something, otherwise I would assume a court case would be necessary to attach ones assets for a debt. Unless Kenyans attach a lot of ego to their places of residence, but judging by our corrupt ways, and just looking at our road driving culture, I would expect lots of defaulters on the service charge. In some estates, they have organized madharau that will force you to pay. Like the estate who's entrance is next to the Safari Park gate (gate along Thika Road), residents get car stickers every month on paying the service charge. Watchmen will not open the gate for residents with no sticker. You open it yourself. The same madharau will be extended to your visitors! "Unaenda nyumba gani?".... "Huyo hajalipa. Itabidi ujifungulie gate!". Brutal if not embarrassing! Sometimes its the landlord who takes the 'service charge' as part of the rent and delays to make the payment.
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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How much is service charge at Edenville villas Kiambu road?? Asking for a friend Dumb money becomes dumb only when it listens to smart money
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Rank: Member Joined: 1/20/2015 Posts: 489 Location: Nairobi
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Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend The houses are fantastic but i did not like the set up of the bedrooms....just imagine, the master bedroom is directly opposite two bedrooms on the first storey......so your kids have a high chance of hearing what goes on in the master bedroom. Enjoy every moment of your life, you never know when your time will come.
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Rank: Veteran Joined: 11/9/2009 Posts: 2,003
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Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago.
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Rank: Member Joined: 2/7/2014 Posts: 155
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radio wrote:Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago. 20k...that is already rent for someone.Anyway...let everyone keep to their lane
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Rank: Member Joined: 8/15/2015 Posts: 817
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kasibitta wrote:radio wrote:Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago. 20k...that is already rent for someone.Anyway...let everyone keep to their lane 20k kwani the grass are watered na mkoja ya HUDDAH MONROE ? lol
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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radio wrote:Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago. per month or per annum?? Dumb money becomes dumb only when it listens to smart money
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Cornelius Vanderbilt wrote:kasibitta wrote:radio wrote:Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago. 20k...that is already rent for someone.Anyway...let everyone keep to their lane 20k kwani the grass are watered na mkoja ya HUDDAH MONROE ? lol Where do wazuans stay?!!!!!!! If Obiero did it, Who Am I?
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Swenani wrote:Cornelius Vanderbilt wrote:kasibitta wrote:radio wrote:Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago. 20k...that is already rent for someone.Anyway...let everyone keep to their lane 20k kwani the grass are watered na mkoja ya HUDDAH MONROE ? lol Where do wazuans stay?!!!!!!! I live in Kihara.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Waiting for Mawinder to type.... possunt quia posse videntur
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Rank: User Joined: 1/20/2014 Posts: 3,528
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mawinder wrote:Swenani wrote:Cornelius Vanderbilt wrote:kasibitta wrote:radio wrote:Fyatu wrote:How much is service charge at Edenville villas Kiambu road?? Asking for a friend 20k. A year and half ago. 20k...that is already rent for someone.Anyway...let everyone keep to their lane 20k kwani the grass are watered na mkoja ya HUDDAH MONROE ? lol Where do wazuans stay?!!!!!!! I live in Kihara. Guys must learn to live while still alive Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Is Taking a Mortgage the WORST Decision Ever??
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