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Can you educate me?
Rank: Veteran Joined: 11/9/2009 Posts: 2,003
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Hello good people,
Since I came across this forum, I've read very great discussions and advice given to members on practically all areas of life.
According to my observation most of you guys have been where I am and I'm sure you can advise me accordingly...
I graduated from campus almost two years ago and I have been working for about one and half years.
From my job and side hustles, I am able to save 25k in a fixed account, contribute 10k to my sacco (on my third month) and 5k to an investment club made up of my former college mates... this is after I have paid rent and other expenses.
My desire is to own a home as soon as possible. I own a plot in SoyKimau and I have considered building small kahouse and move in but that would be tricky since I don't own a car and the place doesn't have PSVs...
Please educate me on the best strategy that would help me build a house in the next two years...
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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If you put all that money in the SACCO (40K per month),in 12 months time,your savings will be 510K thereby making you eligible for 1.53M.That's just about enough to erect a two/three bedroom house less finishing but habitable.........You can spare 150K for a motorbike!.......but still you can accelerate the process by closing your fixed account and dumping that money in the SACCO.6 months later,you can secure a loan of 3 times you savings (I call it using other people's money strategy)......Alternatively,the 25K per month is enough to start buying building materials (kujengea chini)bit by bit,two years down the line you may borrow to pay for labour....but you have to be very disciplined (interestingly,i made steel casing windows for my first house before i even bought land and Mama watoto thought i was nuts.....lol) Nothing great was ever achieved without enthusiasm.
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Rank: Veteran Joined: 11/9/2009 Posts: 2,003
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Njunge wrote:If you put all that money in the SACCO (40K per month),in 12 months time,your savings will be 510K thereby making you eligible for 1.53M. Thanks guka. I have consider this idea... my concern is whether I will get the guarantors for this amount... Njunge wrote:...Alternatively,the 25K per month is enough to start buying building materials (kujengea chini)bit by bit,two years down the line you may borrow to pay for labour... I like this option, I am thinking maybe I should start with it.
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Rank: Member Joined: 1/26/2010 Posts: 124
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@radio - obviously you are on the right path, with your savings and investments - Congrats! I am just wondering whether it is a good thing for a young man to build a house this soon. (you graduated 2 years ago). I am assuming you don't have a family/wife. Why not buy more plots of land, which at a later date(right time?) you can sell off and use the proceeds to build. I have found that some investments like building a home are better made by a couple so that you can merge your ideas of what you want your ideal home to be. my 2 cents.... Tired of mediocrity. Am going to the very top!
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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The second option has the advantage of flexibility and as said earlier,it requires discipline.you can start with a plan and BQ......Start with the bulky stuff like stones,ballast,sand and murram.Then find a suitable hardware where you can deposit money for items like twisted bars,cement,timber,nails and iron sheets.In between,sneak in a steel window or two as you go along.....and to motivate you,make sure you have copies of the house hanging in your bedroom,sitting room,bathroom and at the work place....trust me,you'll find that you want to spend every penny on your pet.......it works. Nothing great was ever achieved without enthusiasm.
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Rank: Veteran Joined: 11/9/2009 Posts: 2,003
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@RichVee - I appreciate... but am thinking if I take Guka's second option and prepare the materials, maybe the 'right time' would have come by the time I start building... I usually find life is much easier when one owns a home. By then, one can afford to take risks.
@Guka...a visit to Kinungi revealed that I can actually afford to buy the bulky stuff at very good prices and transport charges. But how disciplined should I be? I've been entertaining an idea to go down south and watch those grown up men chasing around an over price piece of cow skin..lol. are these the kind things to avoid. Anyway, thanks.
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Rank: Elder Joined: 4/22/2009 Posts: 2,863
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@Radio...... Why go all the way to kinungi for building stones when you can get the same from around Nairobi? And BTW, sand from Naivasha area is not suitable for construction.The silt content is above the recommended 3 percent. Some food for thought:- If the plot is in syokimau, accumulation of materials in bits will pose a challenge of pilferage, not unless you are prepared to employ a guard. Lastly lets meet in SA and cheer Rooney and co. to victory.. IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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@Radio, Play is good for the heart....By discipline,i meant sticking to the plan.If it's 50K per month dedicated to building,let it be. Nothing great was ever achieved without enthusiasm.
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Rank: Veteran Joined: 11/20/2009 Posts: 1,402
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Guka...sengiu. That's quite motivational. Ever thought of earning from motivational escapades? Could be come your 37th side hustle
But pls tell..where else other than ndarugu can I source building stones
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Rank: Veteran Joined: 11/9/2009 Posts: 2,003
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@guka...point taken. As Muheani says you are very motivating.  @mwenza... i was directed there by an uncle who has used stones from there for a long time... but i have been told about the silt in the sand from those sides... FYI, my neighbors and I have a employed a guard... and please don't mention England and world cup in the same sentence... i doubt they will make it beyond the group stage.. 
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