wazua Wed, Mar 25, 2026
Welcome Guest Search | Active Topics | Log In

6 Pages«<456
So we have 8700 dollar millionaires in Kenya!
Options
Previous Topic · Next Topic
Wakanyugi
#51 Posted : Tuesday, April 05, 2016 9:56:07 AM
Rank: Veteran

Joined: 7/3/2007
Posts: 1,635
@Lolest! - "Wonder then why nations all over the world take pride in home ownership numbers"

1. Besides being a powerful motivator of savings behavior (good for all sorts of reason), home ownership is a major boost on the economy.

2. It is also a response to one of the abiding basic human needs, shelter, right there on the Maslow scale.

3. Home ownership is one of the most predictable determinants of 'stickiness' to a place (the others are family, job etc. Such stickiness is important for nation building

When you consider these benefits, the risk of regular booms and busts as happened in 2008 is a small price to pay.

"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
Back to top
  |
innairobi
#52 Posted : Tuesday, April 05, 2016 12:40:59 PM
Rank: Member

Joined: 9/2/2010
Posts: 845
mulla wrote:
innairobi wrote:
Cornelius Vanderbilt wrote:
innairobi wrote:
owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much.



so you would rather rent your whole life because your salo can comfortably support it ? thats a very bad poor mentality.remember that rented house doesnot belong to you you are just enriching somebody.Own a home and leave something for your kids


i'm not saying dont own your home. was responding to criticism about seemingly 'foolish' rich guys renting. to give an extreme example, if you are chris kirubi and have $500m worth of diverse businesses and income-generating assets, leaving a bungalow in ongata rongai for your kids to share between themselves is an immaterial achievement in the grand scheme of things. you might even have better and more productive use for the money in the same way many retailers lease and dont buy every single property they operate in. i wouldnt be too dogmatic about paths taken to financial success.


It is interesting to note the first three countries also experienced the worst crisis in Europe in the 2008/9 recession.
@innairobi I agree with you paying rent can be cheaper than servicing a mortgage, even in the long term, considering the interest paid over the 10/15 years servicing the mortgage. You can multiply the cash spent on servicing a mortgage which can be used to one day buy outright your home, less stress and worries per month on how you are going to service the mortgage which is dependent on the macroeconomic conditions, plus more disposable income to pay school fees, treat your family etc and keep them happy.
It makes a lot of sense however if you have idle cash in the bank and can buy the house outright rather than paying rent.


true. its possible to be overly fanatical about home ownership even when it doesnt make financial sense or lead to a better quality of life.
All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
Back to top
  |
innairobi
#53 Posted : Tuesday, April 05, 2016 12:42:43 PM
Rank: Member

Joined: 9/2/2010
Posts: 845
Lolest! wrote:
innairobi wrote:
owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much.


Wonder then why nations all over the world take pride in home ownership numbers


it is okay to own your home but its possible to disproportionately ascribe way more value to that than is deserved. come to think of it, going by the latest kenya demographics survey released early this year, kenya actually has a far higher rate of home ownership than germany. yet the average german is tens of thousands of times richer than the average kenyan and has a far far better quality of life.

occasionally, kenyans are even forced to beg for food and other humanitarian aid from german taxpayers.
All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
Back to top
  |
UpcomingPaperChaser
#54 Posted : Tuesday, April 05, 2016 3:04:41 PM
Rank: Member

Joined: 1/20/2015
Posts: 489
Location: Nairobi
Assuming you own lots of mansions in Runda, but you would like to live in Lavington but there is no land to build and develop in Lavington, you will only be left with the option of renting in Lavington regardless of how rich you could be
Enjoy every moment of your life, you never know when your time will come.
Back to top
WWW
  |
tony stark
#55 Posted : Tuesday, April 05, 2016 5:56:47 PM
Rank: Veteran

Joined: 7/8/2008
Posts: 947
innairobi wrote:
Lolest! wrote:
innairobi wrote:
owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much.


Wonder then why nations all over the world take pride in home ownership numbers


it is okay to own your home but its possible to disproportionately ascribe way more value to that than is deserved. come to think of it, going by the latest kenya demographics survey released early this year, kenya actually has a far higher rate of home ownership than germany. yet the average german is tens of thousands of times richer than the average kenyan and has a far far better quality of life.

occasionally, kenyans are even forced to beg for food and other humanitarian aid from german taxpayers.

@innairobi ... spot on.
The fascination with living in your house is very strange. I think owning a home is an important investment but I am not enamoured to living in my house because it is mine.
I bought a house in 2011 and finished paying mortgage on the house Nov 2015. I tried living in the house for a short while but the commute was a big hustle in terms of traffic and transport cost. I moved out of the house and rented it out but the rent contributed only 15% of the mortgage.

Anyway moving out was the best thing to happen to me. I stopped being emotional about the house and started looking at it as an investment. I worked to clear the mortgage as quickly as possible and now want to remortgage the house at a higher value to fund a new project.

I am happy renting a place close to the office with more peace of mind. A house can be a great investment but home ownership for it's own sake is neither here or there. My 2 cents!
Back to top
  |
Swenani
#56 Posted : Wednesday, June 15, 2016 11:12:37 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Kenya will have the highest dollar millionaires in Africa by 2025-PD

Is it due to biz,entrepreneurship or corruption?
If Obiero did it, Who Am I?
Back to top
WWW
  |
Othelo
#57 Posted : Wednesday, June 15, 2016 12:22:54 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
Swenani wrote:
Kenya will have the highest dollar millionaires in Africa by 2025-PD

Is it due to biz,entrepreneurship or corruption?

Tenderpreneurship!!!
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
Back to top
  |
6 Pages«<456
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Wazua Investor Theme
Powered by YAF | YAF © 2003-2009, Yet Another Forum.NET
Copyright © 2026 Wazua.co.ke. All Rights Reserved.