The Folly of Buying an Apartment in a Highrise Building

If I valued that, I still wouldn’t buy. I would rent.

Pursue your beliefs.

Were discussing value for money here, not beliefs.

Trump lives in a “high-rise apartment”! Many billionaires do, in NY. There must be rules in place so that all enjoy their ownership or tenancy. It is about discipline, credibility, integrity…

It seems people who can’t afford apartments in Kilimani are smarter than those who can afford them, is this a joke?

Hmmm .Good thread Azor Ahai.I like the threads that you start.

I love freedom and hate exploitation , buying an apartment in a highrise building to keep a family is not wise, buy for commercial purposes.
I would rather live in the out-skirts in my 80by100, nikishindwa kulipa gate man, najifungulia nikinyeshewa…
maji ikileta shida naweka lotto tank nangojea mvua…

nikileta kuku kutoka ushago nikisahau kuchinja inazaana inakuwa biashara…

The other joy of renting, ukiboeke na kitu kidogo kama network, unahama…

Ukikula neighbor mkosane, unahama

An apartment in Kili costs less than 10 million. If you think people like me can’t afford it, you are in the wrong forum.

Yes this makes a lot of sense to buy for commercial purposes but I learnt from here ktalk buying an apt to rent out may not make much money sense…another issue of buying a plot to build what about security? I am always wary of living alone in a compound house…advantages of a apartment is the sense of security but yes the disadvantages of an apartment are much more

Hii kitu mpaka leo nashindwa kuelewa. I cannot understand how you buy a house but continue paying some other fee.

From my experience, the only time you should buy an apartment in Kilimani or Kileleshwa is if you get a very good deal or umeiba pesa NYS kama Kabura.
Spending 20 million on 3 bed 200 sqft apartment just doesn’t make sense when a 100x100 plot in Membley or Sukari is 8-10 million.
Ongeza the ridiculous service charges and you are getting a very raw deal.
Very few developers are serious and getting value for money is super difficult. Utajua umegongwa saa ile shared facilities breakdown. Lift takes three months to fix, pool pump ikiharibika 2 months etc.
The only advantage is social capital which kama wewe mi mtu wa deals, you can exploit thoroughly and use it to get ahead in life. All factors constant, you are more likely to be drawn to a Kilimani person than some guy who lives in Juja or Mlolongo hata kama amejenga.
Like @Azor Ahai has said, kama lazima uishi Lavington or Kilimani rent. Once in a while, utapata some wannabe who is going broke and you can snap a 2 bed for 6m. Hio nunua.

I was actually born and raised in Kilimani. Went to NPC then Riara, then Makini. Spent my childhood playing with those lobster looking things in ‘Three Pipes’ on Ole Odume Road before they built the bridges. Left people I grew up with there in their parents homes to find out the world around me. And where did I land? Outskirts. It was paradise! I would never raise my kids in Kilimani as it is now. I own the ground I wake up on. I am tight with the community here, something I never experienced in Kilimani. The point is I could buy an apartment or townhouse there, but would I be happy there, definitely not. Wacha tu nikae nje kidogo I enjoy my freedom

3 bed in Kilimani and Lavington goes for 15-16M. I visit friends who’ve built in ‘suburbia’ or diaspora as you may call it. Good compounds, big houses but without the power to enjoy coz of commute times and a feeling of insecurity. How are you doing to afford good security with police back up? My boss has been accosted twice at gunpoint in one of these leafy suburbs. Usiku there’s always a latent gnawing fear. swimming pools and gyms are gimmicks and highlight poor design choices. Parking spots and moving space are the priorities.

1/4 acre plots in a decent area cost around 10M, add building, amenities costs and its obviously more expensive as flats. Old estates available in areas like ngumo, South B, buru cost the same if not higher than flats and the area environ has fallen to decay. How long are the kids going to be with you? most of their time is in school.

The general trend is to move closer to working places. Most good jobs are concentrated along ngong Road, Westlands. Upper Hill and to live near these places offers very good advantages. I chose a flat with lifts coz uzee ukiingia you can’t climb up the stairs.
Also these areas are Airbnb hot cakes and you can make better returns than an SQ.

I cannot be convinced to commute in Nairobi traffic for more than 30 minutes, hapo ndio blood pressure and general depression starts. So if you love waking up at 4am and working till 8pm then suburbs are the place to be.

Ni kitambo sana watu waamke Rongai 4am, the roads have spread out traffic. I use the missing link road and I am in Westlands in an hour. And nikipanda bajaj 20 minutes

Buying an apartment for 16M when you can rent it for 70-80k tops demonstrates lack of financial prudence.

Exactly, niliishi huko mombasa road…it was all okay as a single man but after kupata family niliona izo mchezo za places mbali si za family man. I was reaching home when the kids were asleep and leaving before they woke up to beat traffic. Hizi apartments karibu na town are convenient and will always have demand. If you are still young na unataka kuweka bash kila saa kupiga kelele then bado huna responsibilities so unaeza ishi izo place mbali mbali. Also, I value security and living in a community. Napendanga kujua watoi wangu wanacheza na neighbours ndani ya estate. Ukiishii kwa 1/8 uko solo…

Hahaha…build first and then we will share notes 10 years later.

So I buy an apartment for 15M then I pay an extortion fee of 15000 every month?hapo ndio middle class wengi hupotea,

Exactly.Now imagine as a mum unafika kama housegirl amelalisha watoto inatoka before wakuone.surely? Guilt would kill me

Before you buy a car people will tell you it is a stupid thing to buy a car, it is better to buy a plot or something… and they are right because for them a car is an expensive thing and if they had such an amount of money, they would rather own land… but kwa mtu akona na networth a 20M, owning a car is not a significant opportunity cost.

So all of you are right… it all depends on where you are in life… the market is never wrong it always reaches an equilbrium…

Adam smith called it the “Invisible Hand”

“Adam Smith, in late eighteenth century, proposed a theory that stated that in a free and unregulated market, where anybody can become a producer or a consumer, people’s demand of different goods and their production of the same good will be equal, and the allocation of their resources for production and consumption of different goods will be optimal for the welfare of the society”