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How can i make my Dream House.???
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Sonu
#1 Posted : Tuesday, August 31, 2010 9:22:02 AM
Rank: Member

Joined: 9/15/2008
Posts: 23
Hi Guys,

i am 28 yr guy.my salo is p.m net is 70K and i am paying rent 39K P.M, i wanted to make my own dream house, how can i make it in westland or parkaland area or near by.
please advice me with good finance plan, i wanted you guys advice on that.
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vinii
#2 Posted : Tuesday, August 31, 2010 10:06:21 AM
Rank: Elder

Joined: 10/14/2009
Posts: 2,057
Sonu wrote:
Hi Guys,

i am 28 yr guy.my salo is p.m net is 70K and i am paying rent 39K P.M, i wanted to make my own dream house, how can i make it in westland or parkaland area or near by.
please advice me with good finance plan, i wanted you guys advice on that.



- Shame on you why on earth are you paying 55% of you net salary as rent?? this is being reckless.

- with a net of 70k forget about acquiring a house in Westlands or parkland ( we dont have a place called 'Parkaland' in Nairobi). Get a better job first.

- Rent a cheaper house immediately and start saving through Housing Finance.
If you are an eagle don't hang around with chickens; chickens don't fly....
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My 2 cents
#3 Posted : Tuesday, August 31, 2010 10:24:37 AM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,090
You are paying WAY TOO MUCH RENT for your level of salary. You should be paying half or less of what you currently do. Move to a house that costs less than 20K a month. Save the 19K for several years to enable you have a downpayment for a place of your own someday.
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nostoppingthis
#4 Posted : Tuesday, August 31, 2010 10:31:55 AM
Rank: Chief

Joined: 8/24/2009
Posts: 5,909
Location: Nairobi
My 2 cents wrote:
You are paying WAY TOO MUCH RENT for your level of salary. You should be paying half or less of what you currently do. Move to a house that costs less than 20K a month. Save the 19K for several years to enable you have a downpayment for a place of your own someday.



39K per month!!

Take a mortgage if possible instead of enriching your landlord/lady
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radio
#5 Posted : Tuesday, August 31, 2010 11:03:47 AM
Rank: Veteran

Joined: 11/9/2009
Posts: 2,003
Sonu wrote:
Hi Guys,

i am 28 yr guy.my salo is p.m net is 70K and i am paying rent 39K P.M, i wanted to make my own dream house, how can i make it in westland or parkaland area or near by.
please advice me with good finance plan, i wanted you guys advice on that.


Your rent is way too high Shame on you Shame on you . I assume you also have a car. Assuming you other expenses are equally high, how do you manage with 41k?

If you must life in a house in westie/parkland paying 39k rent and are single, get a friend who you can share the house and split the rent.
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Sonu
#6 Posted : Tuesday, August 31, 2010 11:35:37 AM
Rank: Member

Joined: 9/15/2008
Posts: 23
in parkland and westland u can't get less rent i tried so much. can anyone help me to get 2 bad room house in that area.coz its near to my work place as well. and i'm married person with one kid.

advice on that
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Abunuasi
#7 Posted : Tuesday, August 31, 2010 11:36:09 AM
Rank: New-farer

Joined: 8/25/2010
Posts: 97
Location: Kenya
I share same feelings. You are paying much on rent.

Financial analysts.
On average and under ideal circumnstances:
What is the percentage of income that is supposed to cater for rent?
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bird_man
#8 Posted : Tuesday, August 31, 2010 11:46:04 AM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
I know for a fact that 39k for a 70k net is waaay to much.You should be paying something like 19k at the very most.
All the same, I would like to hear solutions offered by Wazua members on helping Sonu own his own home/house.
Formally employed people often live their employers' dream & forget about their own.
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jamplu
#9 Posted : Tuesday, August 31, 2010 11:47:07 AM
Rank: Veteran

Joined: 3/25/2010
Posts: 939
Location: Nai
most kenyans live above their means. you need not pay more than 20K rent. This will let you save for a plot somewhere.
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My 2 cents
#10 Posted : Tuesday, August 31, 2010 12:05:24 PM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,090
Abunuasi wrote:
I share same feelings. You are paying much on rent.

Financial analysts.
On average and under ideal circumnstances:
What is the percentage of income that is supposed to cater for rent?

Rent + Electricity + Water should be 25% of net salary or less. But this is a very general rule.
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