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As chamas help investors acquire homes at great bargains, builders are doing initial shopping for you
2 March, 2015 by KUDS
Owning a house through the mortgage system is...
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As chamas help investors acquire homes at great bargains, builders are doing initial shopping for you
Posted on 2 March, 2015 by KUDS
Owning a house through the mortgage system is a cumbersome, bureaucratic, and tedious process. Even when you qualify for a loan, you still have to fill so many forms, which then go through so many hands, requiring so many signatures, that you end up feeling as if you are begging for the service.
As a result, some prospective O home owners are going the investment club way, better known locally as chamas, to construct or buy their dream homes. And the results are staggering, to say the least. For instance, imagine owning a three-bedroom master en suite apartment in Kileleshwa, Nairobi for Sh11 million or even a four-bedroom penthouse in Lavington for Sh23 million.
The figures may sound a bit too high, but since location is the most important aspect in determining the pricing of property, Sh11 million for a three-bedroom apartment in Kileleshwa — where such houses go for an average Sh18 million is a big, big deal.