fbpx
CategoriesMint Villa Housing

Why You Should Invest in Kangundo Road

 

Kangundo road is located 59km from Nairobi which is a one-hour drive from CBD. Towns along the road include Ruai, kamulu, Joska and Malaa. Many people working in Nairobi have either built a home in one of those places or have rented a house there.

Here are 4 fascinating reasons why you should consider investing along kangundo road:

Kangundo road expansion

The expansion of Kangundo Road was started by the Kenya National Highway Authority at the beginning of the year. The road is anticipated to extend to Kangundo Town in Machakos County from Caltex Umoja, off the outer ring-ring road.

Both the commercial and residential sectors will benefit from the expansion. The number of real estate developments on kangundo road has greatly increased since the extension was announced. The cost of land has also increased.

Affordability

When compared to comparable locations like Rongai and Kitengela, the prices of land and homes are currently significantly lower.

One location is Twin falls City in Malaa, where bungalows sell for as little as 6.5 million while 4-bedroom mansions cost 8.85 million

The earlier you invest the better for you.

Safety and privacy

The majority of estates are gated communities. The extensive fencing and restricted entry convey a level of exclusivity unmatched in other areas, implying security. Residents can enjoy their pastimes pleasantly and privately without interruption thanks to the estate’s amenities. Some states have increased CCTV surveillance to keep an eye on questionable activity.

I would advise investing in such gated communities for the safety of both your family and your visitors.

Accessibility

From the CBD, Kangundo Road may be reached quickly via Mombasa Road or Thika Road.

It’s only 100ksh via bus.

The Bottom Line

A rise in commercial and residential gated properties has been caused by the continuing building of the  dual-carriage . Every day, the demand is increasing. Prices rise as demand rises. The better time to invest is now.

 

CategoriesMint Villa Housing

List of schools along kangundo road

Are you new to kangundo road? Are you planning to live there? Below is a list of notable primary and secondary schools along Kangundo Road.

  1. Mission of hope schools Joska 
  2. Brookshine Schools
  3. Mukalwa Junior Academy Primary School 
  4. Magodo Complex Primary School 
  5. Tala Academy Primary School 
  6. Kwaken Primary School 
  7. Uthini Academy Primary School
  8. Mt Sinai Primary School
  9. Nguluni Countryside Education Centre Primary School
  10. Niceview Academy Primary School
  11. Lusam Glorious Primary School
  12. PCEA St. Pauls Education Centre 
  13. Newday Valley Academy 
  14. VickMery Schools 
  15. Twin Birds Academy Ruai 
  16. St. Mary’s Preparatory 
  17. Jubilant Junior School 
  18. Jasipa Primary School
  19. Elimu House Ruai
  20. Alimus Learnfield Academy 
  21. Josnah Schools 
CategoriesFinancing

How to Improve your credit score

A credit score is a number accredited to you based on your financial habits. Lenders look at it before loaning you to gauge your probability of paying back.

A good credit score

A Credit score ranges from 850 to 300.700 is considered a good credit score while 800, is an excellent credit score. A higher credit score increases your chances of not only getting a loan but also a better interest rate.

When calculating a credit score the following factors are considered:

  • Payment history for past loans and credit cards
  • number of new credit accounts recently opened
  • Amounts owed
  • Type and age of credit accounts
  • Number of inquiries for your credit report

How to boost your credit score

if your credit score isn’t precisely where you want it to be– don’t worry. Your credit score can be improved in a variety of ways.

Request a credit report

Knowing where you are first is necessary before you can increase your score. Requesting your credit score will show you the factors that led to your current score. You can use this to pinpoint your areas for improvement. If you see a mistake on your credit report, be sure to dispute it immediately so the data can be rectified.

Settle or limit debts

By settling your debts, you can raise your credit score quickly. Aim to pay off all of your debts on time.   Your lenders will regard you more if you pay more than the required minimum each month.

Pay all bills on time

Paying your bills on the day they are due will give you a boost. A good tip will be to automate your bill payments and to confirm whether they went through.

Reduce credit inquiries

keep your new credit applications to a minimum. When a creditor makes hard inquiry on your account their inquiries remain in your account for nearly two years. Creditors don’t like too many players in the game, when they are too many, they may negatively impact your score.

Grow your credit history

The more Long-standing credit accounts that are consistently settled in full reflect positively on your repayment reliability the better for you. They show creditors that you have been managing your finances well for a while.

The bottom line

You might think about checking your credit score if you’re considering obtaining a house, a new automobile, or establishing a business. Use the approaches we covered above, and you should be set to go. For any assistance kindly contact us on 0708888222/0711082929 or email us at info@mintvillas.co.ke

 

 

 

CategoriesFinancing Mint Villa Housing

How does inflation affect real estate?

 

Inflation is the increase in prices or the increase in the cost of living in a country. The inflation rate in Kenya has been alarming, From 5.1% in February to 7.9% in June 2022. For 2022, projections indicated annual average inflation at five percent in Kenya, above the rate projected in other African countries. This is partly affected by the war in Ukraine and the ongoing COVID 19 pandemic.

The real estate sector will be affected in the following ways;

 Higher mortgage rates

The mortgage rates rise in tandem with the rate of inflation. When loan rates are low, more people borrow, which increases their disposable income. As a result, inflation increases. Consumers will often save more money than they spend as central banks raise interest rates to combat inflation because the gains from higher interest rates are more alluring. It is anticipated that by reducing consumer spending, inflation will drop. In Kenya, the monetary policy committee increased the rate by 50 basis points to 7.5% in May 2022, the first increase since July 2015 to curb inflation expectations.

Increase property value

Following ongoing Russia’s onslaught on Ukraine, there have been fears about supply. The price of key construction materials, including steel, paint, and cement has shot up due to local shortages. According to business daily, the prices of steel in the international market have moved up by around Sh15,390 per tonne since February 2022. Locally, a kilo of steel has risen to Sh180 from 100 while a bag of cement has moved from 600 to 1000. If this continues the property value will also increase.

Increasing Rents

While some people view inflation as a negative, investors view it as a positive. For those looking forward to investing in rental property now is a good time. For landlords, inflation is a positive thing because it will enable them to push rents up. There is also an opportunity for mortgage lenders If they increase the monthly rent while maintaining the same mortgage payment, you will have extra cash on hand. Having said that, investing in real estate now may present landlords with more chances down the road.

The Bottom-line.

It can be difficult for investors and property owners to navigate the effects of inflation on real estate. Depending on your viewpoint, inflation can be both harmful and positive. Fortunately, Mintvilla Housing is capable and willing to assist you. Contact us on 0711082929 or 0708888222 or email us at info@mintvillas.co.ke.

CategoriesMint Villa Housing

How to do an online title search

How to do an online title search

According to Huduma Kenya, a title deed is the only proof of land ownership. Before customers buy a real estate property, they ask for a title deed search to establish the actual owner before making an offer. There are two types of title deeds: 

Freehold -where the landowner has the maximum rights to the land without any time period or any other restrictions. 

Leasehold– This is a type of title deed where the ownership and use of the land are capped at a maximum of 99 years. At the end of the lease period, owners pay to extend the lease. 

Therefore, when purchasing a property always inquire what type of title deed the property has. 

How to do an online land search in Kenya 

To determine the legitimacy of your property you have to conduct a title search. It only costs  Ksh 500. You can do this through the E-Citizen platform. 

  1. Sign in or sign up to the E-citizen platform
  2. Click on the Ministry of Land, Housing & Urban Development link and choose the land search option
  3. Enter the title number and fill out the online land search form Kenya and submit.
  4. Confirm details and pay.
  5. Print the results.

Importance of a title search

A title search will help you determine; 

  • The owner of the property  
  • The land use -whether it’s agricultural, commercial, or residential 
  • Any encumbrances on the land such as court orders  
  • The exact location of the property 
  • The nature of title-freehold or leasehold 
  • Size in hectares 

 Bottom line 

A title deed is the most important document of a property. Don’t be conned in this era. Ask sellers for the title copy at the comfort of your house. At Mintvilla Housing we have ready freehold title deeds. Contact us on 0711082929 or email us at homes@mintvillas.coke  to book a unit.

 

 

 

 

 

 

 

CategoriesFinancing Mint Villa Housing

List Of All Best Mortgage Lenders in Kenya

 

The following is a list of top institutions in the country that offers mortgages;

 KCB Bank

You can borrow from KES 100 million with up to 90% for owner-occupier,80% for income-generating properties, and 70% for plot purchase. The interest rate is 13.3%.

ABSA Bank of Kenya

Financing up to 90% financing with a repayment period of up to 25years

Stanbic Bank

Up to 105% finance of properties below Kes. 20M and up to 100% finance for construction of single residential houses below Kes. 20M.The payment period of up to 20 years

Standard chartered bank

You can borrow up to KES 100 million, with up to 100% financing and a long tenor of up to 25 years. The interest rate is 12.2%.

NCBA

It offers Up to 105% Financing of property value or market price. The maximum term of up to 25 years. NCBA mortgage loans are offered in Kenya in Shillings, Dollars, Pounds, and Euros.

EQUITY 

The loan amount is based on the customer’s ability to pay. The loan period is up to 180 months (15 years) and the  financing Margin – up to 100% financing.

HF Group

It offers up to 90% financing of the property value with an interest rate of 13%. The maximum repayment period is 20 years.

Citibank Kenya

Citibank offers fixed and adjustable-rate mortgages. The annual interest is 12.5%.

Gulf bank 

Gulf bank provides home financing solutions for property in any major city or town with flexible financing and repayment plans. It’s based on the Diminishing Musharaka Sharia’h Agreement. The repayment tenure is up to 20 years.

Bottom line

Consider your budget and long-term financial goals when determining the best terms for you. A longer payment period may appear appealing, but keep in mind that the interest rate will be higher than on short-term loans. It is important to note that the amount offered by banks does not include stamp duty, legal fees, negotiation fees, valuation fees, or insurance fees.

CategoriesFinancing

Extra Costs You Need to Know When Purchasing a House

With all of the excitement surrounding the purchase of a home, it’s easy to become preoccupied with the purchase price and overlook potential additional costs. These extra charges are popularly referred to as closing costs. Stamp duty, legal fees, registration fees, consent of transfer, valuation costs, and deed search are among them.

Stamp duty

This is the tax applied on legal property documents involved in the transfer of property. In urban areas such as Nairobi, Mombasa, and Eldoret it is 4% of the value of the property while in rural areas it’s 2%.

Legal fees

A Lawyer is required during a property transaction process to conduct due diligence on the property documents before and during the transaction and ensure you as a client buy the right property. The legal fees also known as the lawyer’s fees are the money paid to a lawyer who witnesses the transaction of any property. According to the law of Kenya, it amounts to Ksh.35,000 only.

Registration fees

To cater for entry into the registry and title printing costs a client has to pay around Ksh500 to Ksh1,000.

consent of transfer

This is usually written permission of the relevant authority, the property owner, or any other interested party that okays the transaction of property. A fee of Ksh1000 is charged for Consent to Transfer from the commissioner of Lands.

Valuation Fee

Valuation is the process of analyzing the value of a property in relation to the market value. Plots within the municipal council administrative unit charge Ksh1,000 while those in urban centers, in this case, Nairobi, charge Ksh500.

Deed Search

To determine the legitimacy of your title deed you have to conduct a title search. You can do this by using the E-Citizen platform. It will cost you Ksh 500 only. Afterward, you will have to schedule a meeting with the Land Control Board which will cost you Ksh 1000.

Utility Fees

A client has to cater for some bills such as electricity, water, security fee, and garbage collection. Some real estate companies will require you to make a deposit. This depends on the real estate company.

The bottom line

When buying a home ensure you calculate all the  estimated costs that we have discussed above. I hope this article was helpful. We would like to hear from you contact us at +(254) 711 08 29 29, or email us at homes@mintvillas.co.ke.

 

 

 

CategoriesMint Villa Housing tips & tricks

4 Ways to Make Your Living Room Pop

The living room is where most interactions happen. It acts as a reception for guests. It’s where we relax after a long day at work and watch TV. It is therefore undoubtedly the most important room to consider when decorating a house. Decorating your living room should display who you are as a person or as a family. Here are 5 simple ways to make your living room stand out.

choose a color scheme

A color scheme cannot be chosen using a formula. What emotions do you want to elicit? Warm colors like orange and yellow trigger feelings of happiness, optimism, and energy. Cool colors (green, blue, and purple) evoke feelings of calmness, security, and trust.  Black symbolizes power, luxury, and mystery, whereas white denotes minimalism and simplicity. Consider colors that reflect your personality. Make certain that the colors you choose complement one another. You can find free color wheels on the internet. Do your research, use apps like Pinterest, and come up with the best color scheme.

Choosing furniture

Furniture is also an important aspect of the living room. It takes up the most room. The furniture should not only fit your home but also allow for movement. Before buying, make sure you have the correct measurements. When it comes to quality, don’t compromise. Set a budget and make sure to shop around for the best deal. Choose a color that complements your color scheme. I would suggest using neutral colors and choosing a material that is also easy to maintain. Above all, choose furniture that is warm and welcoming.

Lighting

We have natural and artificial lighting. They are both significant. In a living room, lighting not only improves mood but also increases safety. Lighting also brightens up dark rooms. Always measure to ensure that lighting fixtures fit properly. Consider the weight as well. Designer Billy Ceglia suggests that if it’s light and airy, it’s best to size up, whereas if it’s dark and massive, sizing down is a better option.  Lighting can be a focal point in your living room too. Chandeliers, for example, can serve this purpose. Experiment with what works best in your living room.

decorative items

These are esthetically pleasing items you can add to your house to make it look exquisite. The items you choose should fit and blend in with the space in terms of color and texture. Choose unique and quality items to bring that elegant aura. Décor items include:

  • Mirrors
  • Rugs
  • Plants
  • Wall art
  • Clock
  • Books

The bottom line

When it comes to the living room, collect items that are unique to you, and your home will become a story. A house’s items should communicate with one another, as well as respond to and balance one another. Above all, let your living space mirror your style and taste. For more information contact us on 0711082929 or email us on homes@mintvillas.co.ke.Let us know what you think on the comment box below.

 

 

 

 

 

 

 

 

 

 

 

CategoriesFinancing

Tips for first-time mortgage applicants

Do you intend to apply for mortgage loan? Have you ever wondered what financiers look for when determining illegibility? You are about to learn four key areas financiers evaluate for your illegibility. 
They are listed below.

The debt-to-income ratio

DTI, according to CRB Kenya, is the amount of debt you pay each month in relation to your monthly income. Lenders use it to determine how much of a loan you can afford. The debt-to-income ratio is calculated by dividing your total monthly debt load (credit cards, car loans, and student loans) by your monthly gross income (Before tax and deductions). A lower DTI will result in lower interest rates and terms. You can lower your DTI by making payments. You can reduce your DTI by paying off debts, asking for a pay rise, and accounting for your income.

Credit profile

Financiers check your credit score by looking at your payment history, overall debt level, length of credit history, categories of credit, and new credit applications. The higher your score, the more likely it is you’ll be approved for a mortgage, and the better your interest rate will be. Therefore, before applying for a mortgage, ensure that you review your credit report. Investigate the standards you’ll need to satisfy your preferred lender.

Down payment requirement

Making a down payment will profit you in the following ways:

  • A down payment of at least 20 percent increases your chances of getting a better interest rate
  • Some minor charges such as administrative charges and login charges may be reduced.
  • A higher down payment means that you have higher equity in your home

Remember, down payments do not include closing costs (extra costs such as stamp duty, legal fees, and valuation fees).

Your work history

It is important to prove how much you earn when you apply for a mortgage. If you are employed and need evidence of employment of at least two years or if you are self-employed, you’ll need to provide proof of income from another source through bank statements.

Conclusion

Remember before you apply for a mortgage request a copy of your credit profile to repair your credit history, pay outstanding debts, regulate your spending habits, nature a saving habit and save for a down payment. If you require any help or have a mortgage-related question, kindly contact us on 0711082929/0708888222 or email us at homes@mintvillas.co.ke.

CategoriesFinancing Mint Villa Housing

4 Financial Habits you Should Cultivate.

Do you know that it will only take you 10 years to attain financial freedom if you start now? Fascinating as it may sound here is how you get started;

Budgeting and tracking your finances.

You should be aware of where all of your money goes. Tracking is as simple as writing down your daily expenses and analyzing them at the end of the month. Budget once you’ve defined where your money goes. You can apply the 50/30/20 rule, which states that 50% of your money should go toward needs and essentials, 30% toward wants, and 20% toward savings. Another option is to pay yourself first, take care of the necessities first, including savings, and then spend the rest of the money on wants. You could also use budgeting apps. Whatever method works best for you in the long run.

Saving

If you are considering early retirement, you should save at least 20% of your income. Saving money usually necessitates setting a goal. What are your objectives? Is it a down payment on a house, a vacation, or even education? The next step is to prioritize your goals and assign a time limit to them. Automating your savings is a good way to save. This will keep you from being tempted to ‘steal’ from yourself. Is there any unnecessary spending you should eliminate? Eating out and shopping without planning are two examples. The only difficult aspect of saving is getting started. Begin right away!

Get a side hustle

Is there a business idea you’ve been putting off for a while? Is there anything you can do in your spare time to earn money? Determine what you enjoy doing and what you are good at. Start a side hustle.  It will not only increase your income but will also allow you to meet your financial goals faster.   Consider the time you want to take on that side hustle and ensure you balance it with your full-time job and personal life; if all appears to be going well, add another side hustle.

Living below your means

living below your means spending less money than you earn. For example, if you earn Ksh 35,000 but only spend Ksh 30,000, you are living Ksh 5000 below your means. Living below your means teaches you financial discipline. Every expenditure will be deliberate, and You will have the capital to invest. You’ll be amazed at how confident you’ll become in managing your personal finances once you start reaping the benefits of living below your means.

The bottom line

Financial freedom calls for discipline and sacrifice. It may seem like a struggle when you start but you will enjoy the fruits of your labor in no time. The earlier you start the better for you. If you need any financial advice kindly contact us on  0711082929 or email us at homes@mintvillas.co.ke