Why pay rent when you can own your home at the same monthly pay?

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  • Опубліковано 12 січ 2025

КОМЕНТАРІ • 72

  • @nyamburant
    @nyamburant 2 роки тому +4

    This is AMAZING!! I am moving out of home in a month and I was looking into rent to own options bc I think renting is pouring money down the drain. I am definitely going to look into it ASAP!! I have even shared this video with my friends who are also moving out

  • @geoffreyogaro5727
    @geoffreyogaro5727 2 роки тому +52

    Ksh 8500 per month = ksh 102 000 annually.
    Assume the upfront cost is 1million
    At conservative interest of 10%= 100k per year as interest.
    Your rent(8500) cant even cover the interest costs
    The GOK should address the interest rates. Untill they are below 5%, mortgage in kenya is an illusion for majority.

    • @rosemumbua8817
      @rosemumbua8817 2 роки тому +7

      True. That's why it's possible for Kenyans to buy a house in USA. The interest rates are manageable. All my friends in USA own homes.

  • @GospelOutside
    @GospelOutside 2 роки тому +11

    I agree, but sadly you will never truly own any home when property tax is tied to it. If a day comes where you aren’t able to pay, a tax or sheriff sale will be imminent.

  • @kimikikiliki2923
    @kimikikiliki2923 2 роки тому +11

    This is a good idea
    What about us living in diaspora?

  • @AbieBarbie
    @AbieBarbie 2 роки тому +5

    Loved every bit of the conversation 🙌🏾🙌🏾🙌🏾

  • @kibetdan5577
    @kibetdan5577 2 роки тому +2

    Terryanne is a real woman. tHIS IS A SPOT ON. I would like to have an interview with you to market my start-up. Thank you my Siz.

  • @waceera1513
    @waceera1513 2 роки тому +5

    😊pls tell us how we can join from diaspora

  • @christimlenson3870
    @christimlenson3870 2 роки тому +2

    Ooo my Goodness mortgages is like insurance ukishidwa kulipa unapoteza everything 🙆🙆

    • @georgeodhiambo598
      @georgeodhiambo598 2 роки тому +1

      No. You don't lose everything. You have your equity in a house on mortgage. In case you fail to pay the mortgage, your equity is your right.

    • @TwinkleToes_2001
      @TwinkleToes_2001 2 роки тому +2

      @@georgeodhiambo598 What do you mean by equity?

    • @georgeodhiambo598
      @georgeodhiambo598 Рік тому

      ​@@TwinkleToes_2001Your equity in an asset is the value of the asset less loans on the same asset. Suppose you buy a house valued at Shs 5 million and you pay shs 1 million with balance of Shs 4 million, then at that point in time of sale, your equity in that house is only Shs 1 million and the debt is Shs 4 million.
      3 years later you may wish to review the financial position of that asset. Suppose that at that point in time the value of the house has risen to Shs 7 million and you have reduced the loan balance from 4million to 3million, then your equity in that house will have risen to 7-3 = 4million.

  • @jaynekim6274
    @jaynekim6274 2 роки тому +2

    Which are some of the Sacco's that one can access the mogage

  • @bracketvilletexas
    @bracketvilletexas 2 роки тому +32

    I'm sorry but you don't own your home until it is fully paid for. what you are doing LEASING from the bank. and pray you to stay 30 years or 15 if you double your mortgage payments. so keep that in mind the same principles you miss your payment just as the rent you will be set out. either way rent leases are the same you do not get any of the money back.... and guess what? your credit is screwed REALITY TALK

    • @Claireayoo
      @Claireayoo 2 роки тому +3

      Exactly

    • @jelagatkoimur1038
      @jelagatkoimur1038 2 роки тому +8

      This is the bit they don't want to bring to the fore,nkt!

    • @ben2252
      @ben2252 2 роки тому +6

      You are right and remember in mortgage you end up owning a property unlike paying rent.

    • @georgeodhiambo598
      @georgeodhiambo598 2 роки тому +3

      Is there anything you can own until you fully pay for it? What you own in the house (your equity) is the value of the house less outstanding mortgage. The same applies to a car you purchase on loan, or some expensive electronic gadget you acquire on credit, etc.
      Most "upright" financial institutions require that you take and pay for an life insurance policy for the period of the mortgage, just in case you happen to be "not there" before you complete repaying the loan. Indeed they take the policy on your behalf and lump monthly life insurance policy instalments (in addition to another policy for the house) during the life of the mortgage. Banks are primarily in the business of selling loans. Selling houses on mortgage default is just not their kind of thing.

    • @mbeticate
      @mbeticate 2 роки тому +1

      Thanks for clarification,the side they don't tell us

  • @mayeganfriends6678
    @mayeganfriends6678 2 роки тому +7

    wow!!! Knowledge and information is power

  • @ruthiethuku.3166
    @ruthiethuku.3166 2 роки тому +6

    The is Soo informative... Thank you Terry!!!

  • @julie4977
    @julie4977 2 роки тому +7

    Good topic Terryanne 👏, what about diaspora people?

  • @gogetta723
    @gogetta723 2 роки тому +4

    These homes that have no title deeds, the certificate is owned by the company, and this issue of its for 100 years!
    What happens after 100 years?
    Also service charges. Where will you get service charge after retirement?.

    • @georgeodhiambo598
      @georgeodhiambo598 2 роки тому +2

      That's the old arrangement and even the old ones which were sold under sub-leases will be issued with titles as the head titles which were retained by the developers are revoked. The law has been amended and registration of sectional apartments can now only be under the new Sectional Properties Act under which apartments will have title deeds and the head titles that used to be retained by the developers are revoked. 100 year lease is not unique to flats. Virtually all properties in towns are on 100 year leaseholds. Some are even as short as 50 years. And it applies to apartments as well as bungalows, mansions and maisonettes! Freeholds are found in rural settings.

    • @karenmuthoki9611
      @karenmuthoki9611 2 роки тому

      Title is mandatory.

  • @waceera1513
    @waceera1513 Рік тому

    Terryan are you able to revisit this issue

  • @mayanniesaru4325
    @mayanniesaru4325 10 місяців тому

    Good morning do you hv any project at the moment

  • @prettynyakano6638
    @prettynyakano6638 2 роки тому +6

    What about someone who earns 30k per mth

  • @rosemumbua8817
    @rosemumbua8817 2 роки тому +7

    Lemme build my little maskan pole pole on freehold land with no unnecessary debts.
    As the wise say, the devil is in the details. Kenya has many new financial laws which uhuru signed. So be very careful. Don't fall for public relations on UA-cam.

    • @olivegitau9900
      @olivegitau9900 2 роки тому +1

      This is not public relations…..very real. This KMRC home loan through the participating Banks and Saccos is for both buying or constructing a home.

  • @elizabethwanjiru728
    @elizabethwanjiru728 2 роки тому +2

    Very informative..

  • @trendinghots1571
    @trendinghots1571 2 роки тому +2

    Superb content

  • @justajustah9809
    @justajustah9809 Рік тому

    Where can we get this please

  • @waceera1513
    @waceera1513 2 роки тому

    Thanks Terryann❤

  • @johna.4869
    @johna.4869 9 місяців тому

    Location ?

  • @MaryOdhiambo-qx6pw
    @MaryOdhiambo-qx6pw Рік тому

    47 counties where is it in busia?

  • @denisaunga254
    @denisaunga254 2 роки тому +2

    Thank's so much for this information.

  • @mayanniesaru4325
    @mayanniesaru4325 8 місяців тому

    Kindly where are KRC

  • @hukuyukei
    @hukuyukei 2 роки тому +21

    This guy thinks people dont know MATH, Fixed interest rate pf 9% annually that is 270,000/= extra every year, amd he is downplaying it ati 8,500 per year, this is questionable

    • @SamuelMwangi-i7d
      @SamuelMwangi-i7d 2 роки тому

      What about getting a loan from the bank

    • @hukuyukei
      @hukuyukei 2 роки тому +11

      @@SamuelMwangi-i7d Banks might be cheaper because currently all Kenyan banks charge a maximum of 13.5% reducing balance interest. These guys are charging 9% flat rate which is equivalent to 17% interest on reducing balance, which is much higher than banks. Save your money and build a house bits by bits.

    • @SamuelMwangi-i7d
      @SamuelMwangi-i7d 2 роки тому

      @@hukuyukei how did you get to 17%

    • @SamuelMwangi-i7d
      @SamuelMwangi-i7d 2 роки тому

      @@hukuyukei let's say it 8500 per month * 12 month *15 years= 1.55 million
      Per month you pay 8500+ ksh 1200 interest till the end of 15 years but not considered reducing balance?Am I missing something?

    • @trizerachieng4881
      @trizerachieng4881 2 роки тому +3

      @@hukuyukei very true

  • @aliasgartopiwala2586
    @aliasgartopiwala2586 2 роки тому +1

    So basically for 1 m loan I pay 2.55 m over 25 years, it gives affordability at the cost of a lifetime of labor

    • @TerryanneChebetOfficial
      @TerryanneChebetOfficial  2 роки тому +3

      What would you have paid as rent for the same period?

    • @MsHeavensent
      @MsHeavensent Рік тому

      Obviously the property value will have gone up by the end of the 25years. Sounds like a deal.

  • @brendamazibuko8456
    @brendamazibuko8456 2 роки тому +2

    Is it only Kenyas?

    • @karenmuthoki9611
      @karenmuthoki9611 2 роки тому +3

      If you work outside Kenya and have your HR seated in Kenya,you can own.If you are carrying out business as a Kenyan in the diaspora,you can own

  • @kahugumuiruri9057
    @kahugumuiruri9057 Рік тому

    KMRC will lend to my Sacco which has in turn advanced me at 12% plus. So the single digit mortgage here is non existent. Also, he says its on approved houses if i gopt him right. KMRC has no resources to onlend to shift the market.

  • @JohnMwangi-jv3pp
    @JohnMwangi-jv3pp 2 роки тому +1

    No photos of th houses pls ,

  • @patopato1754
    @patopato1754 2 роки тому +3

    Help me get one of 30000

  • @epiclearntime8185
    @epiclearntime8185 2 роки тому

    Say no to bigger debts, you'll be carried away for no reason

  • @j9_njoroge
    @j9_njoroge Рік тому

    Cool 😎

  • @florahsoila
    @florahsoila Рік тому

    awesome

  • @REALJANET1Vlogs
    @REALJANET1Vlogs 2 роки тому +4

    1st here because why not.

  • @waruindegwa7270
    @waruindegwa7270 2 роки тому +1

    Sometimes you people bring good debates but in the real sense is somehow not practical due to the ailing high taxes

  • @peterkariuki9073
    @peterkariuki9073 2 роки тому +1

    All that glitters is gold? I think No!

  • @epiclearntime8185
    @epiclearntime8185 2 роки тому +1

    Embarrassments are always available in debt

  • @Drjarso
    @Drjarso 2 роки тому +1

    Any bussiness with interest is just useless venture.Its way of making many people poor at long time

  • @loycekerubo4952
    @loycekerubo4952 2 роки тому

    Me.. noooo

  • @velmaagronomist538
    @velmaagronomist538 2 роки тому +2

    Am the first today

  • @esthermuthoni896
    @esthermuthoni896 2 роки тому +1

    ♥️♥️♥️

  • @fredTek
    @fredTek Рік тому

    Bhangi

  • @jeremyclark3843
    @jeremyclark3843 2 роки тому

    pr໐๓໐Ş๓