Homeowners at a low-cost State housing project in Nairobi have been left puzzled by plans to sell parking spaces in a move that would leave some of them with nowhere to park their vehicles. State-owned parastatal National Housing Corporation (NHC), which is managing the Affordable Housing Programme project on Park Road, announced on Tuesday that it was selling parking spaces at the project. But the residents said the government did not disclose parking was excluded from their home purchase deals. “I am one of the beneficiaries and they now want us to pay for parking yet we were not told of this when we were buying the houses,” one of the residents said. The project consists of 1,370 units, including one-, two- and three-bedroom houses that were sold for Sh1 million, Sh2 million and Sh3 million respectively. The NHC is selling 100 square metres-sized parking lots starting from the ground floor up the sixth floor for a reserve price of Sh850,000 per slot at the establishment where 60 percent of the houses were reserved for civil servants with the remaining 40 percent for ordinary Kenyans. It is also leasing 226 square-metre-sized open parking slots on the ground floor for Sh3,000…

A Nakuru man has lost ownership of a three-acre parcel of land he failed to utilize for 42 years. Environment and Lands Court Judge Mwangi Njoroge in a judgment delivered on January 17, ordered the land registrar to cancel the registration of the title deed in the name of Wilson Kimalel and issue title in the name of Peter Wachira. Wachira had in October 2020 sued Kimalel. He sought orders that he be declared the owner of the parcel of land through adverse possession having cultivated it continuously anduninterrupted for over 41 years. He urged the court to lift a restriction on the land registered on August 22, 2001, since the Land Disputes Tribunals were abolished. Wachira testified that the land he had possessed was registered under Kimalel’s name, but Kimalel has never disturbed him for over 42 years. He produced photographs as evidence of developments on the land and an extract of title proving the land was registered under Kimalel’s name. Wachira, however, claimed that his brother had purchased the land before. He stated that after subdivision, the title was issued in the name Kimalel instead of his brother’s. He added that a dispute had been registered with Bahati…

A report released this week indicates that Kenya has added 180 people to the class of dollar millionaires. According to data provided by the Wealth-X for the Knight Frank Wealth Report 2018, the number of people with US$5 million (approx. Ksh 500 million) in net assets rose to 1,290 in 2017, a 16.2% increase from 1,110 in 2016. Out of the 1,290 individuals, 90 are worth US$50 million ( Ksh 5 billion) or more. However, the number of those worth US$500 million (Ksh 50 billion) or more is less than 10. The report adds that Kenya’s dollar millionaires worth at least US$5 million is expected to grow by 60.5% over the next five years to 2,070 in 2022. It is every individual’s dream to become rich. Popular musician 50 Cent debuted in 2003 with an album titledGet rich or diè tryin. He was right. Though one does not necessary need to have US$50 million to be considered rich, it is still worth trying. But without the correct mindset and mentality, such a dream can only remain that – a dream. It is important for one to be focused and to strive to reach those goals not by just sitting down….

If you’re still looking for last-minute ideas for holiday presents, don’t forget about the gift of financial health. As the festive season kicks into full gear, it’s important to keep in mind how family and friends can support one another during the coming year. While money can be a tricky topic to discuss with your loved ones, you can show them you care with a gift that encourages their financial health and puts them on the path to managing money successfully. And you can’t start too soon: Parents can start talking to their kids about money early with the help of a good children’s book or educational toy. They can also start saving for their child’s future now by choosing the right savings account or investment vehicle. Depending on the child’s age, these types of gifts can open up conversations about money and create a fun and engaging way to learn about money. 1. Books and toys about money There are many books and toys that encourage a positiverelationship with money from an early age. These include toy cash registers, pretend money, kid-friendly check books, activity books or workbooks about money, board game involving money and piggy banks. Because children…

Buying a home can be stressful and exciting all at the same time. It’s quite the adventure! It’s rare to find something that meets ALL of your requirements and fits in with your budget, whether that’s if you’re buying or renting.Often you need to look at the bigger picture and what potential the property could have within your budget. However it can be possible to find something that’salmostperfect for you and that with a few tweaks here and there, you can make it ideal for you. Keep an open mind From the outset, lower your expectations and keep an open mind. Perfection is often a pipe dream, so unless you want to be house hunting for many years to come or you have an endless budget, don’t assume you are going to find THE perfect house straight away with everything exactly as you want it. There may well be flaws with a lot of places you look at, for example, the bathroom could be too small or the wallpapering could be terrible but know that it’s what you do after moving in that counts. So while a house may not be perfect at the beginning, if the majority of it…

Whether you’re a first-time buyer, or have owned a few different properties in your lifetime, most of us have heard the terms ‘freehold’ and ‘leasehold’. Certainly, anyone who keeps up with the news has probably seen the run of horror stories about leasehold properties, and the often-complex set of obligations that they can place on owners. But these news stories rarely give a full picture of leasehold property ownership, and often make little mention of how it compares to owning a freehold property. So what exactly are freeholds and leaseholds? Essentially, the terms ‘freehold’ and ‘leasehold’ refer to the legal relationship that the owner of a property has to the land that their property resides on. With freehold properties (usually houses), the property and the land it sits on are bought and sold together, and are owned in perpetuity – the property owner owns both the property and the land. With leasehold properties however (often flats/apartments), only the property is bought and sold, and ownership of the land beneath the property – or the building it’s in – remains the separate property of a freeholder (sometimes referred to as the landlord). Because leaseholders don’t own the land beneath their property/building,…

Investing in real estate is a viable alternative to other risky investments and a great way to achieve financial freedom. With that said, there are some smart strategies you must consider to put yourself on the right path and ensure your real estate investment proves worthwhile and pays off. Let’s dive into some strategies that you can use to your advantage that will give you the best chances to build wealth from your properties over some time. Buy and Hold Investing in property and holding it for an extended period is a low-risk investment strategy that can garner favourable returns in the long run. Instead of selling the property based on market fluctuations, you will hold the property and collect income from rent to fulfill short-term cash-flow requirements as the property’s market value appreciates over time. You must conduct thorough research and choose an area primed for property value appreciation in the future. Consider factors like excellent infrastructure development, its transport network, top-class health and education facilities, and other similar amenities which potential buyers may find highly attractive. However, keep in mind the initial costs when choosing this long-term strategy. These would include agent commissions, property taxes and insurance, and…