Monday, 12 October 2015
Land property Kenya: Company Helps Families with Home Ownership
As the stock market remains bearish and portfolios continue to make only minor gains, the demand for homes has never been higher.
It is with this economic trend that more people are opting to invest in one of the most enduring forms of equity: real estate.
Nevertheless, according to the 2009 census, there are more than 35 million families who rent.
Experts say that while many families are interested in home ownership, a major obstacle they face is the down payment.
"The Your Home Program is simple to understand and accessible to all Kenyans," said Mr. Weda, chief operating officer of Translake real estate. "This creative program has no down payment and offers a structured purchase plan that creates home ownership equity for the working family."
In fact, Weda noted that while the demand for housing has spurred the construction of new homes, traditional financing methods have not expanded to accommodate the needs of many ordinary families.
With no down payment required, the ability to accumulate "Good Resident Credits" and build substantial equity over a period of 36 months, Weda says the program taps into a market that to date has received little or no attention: working families from all walks of life and diverse backgrounds who have not been able to overcome the obstacles to home ownership.
"Translake is the first and only home builder to target this unserved market," said Weda, chairman and chief executive officer of Translake Holdings. "It's a simple process - what many families are currently paying in rent can now immediately apply for equity for their own piece of the Kenyan real estate dream."