No. 1 Dream: To own a house… and make it our Home

by vyyvaa

The subject of housing and owning our very own home is my no. 1 ultimate goal; everything I do so far has been to come closer to this dream.

When I go back to my financial goal post ; it looks like I achieved all:

  1. Hajar School tuition (DONE)
  2. pay off Ot’s debt  (DONE)
  3. start saving for an emergency fund (3 month salary) (DONE)
  4. savings for Hajar and Ebrahim separately (DONE)
  5. cash out the credits (DONE)

Now I need to extend on my financial goals, smaller goals to reach the biggest goal of all: to own a house.

Yet we live in Kuwait, where a 250 square meter land, having a view to the neighborhood dumping site is more expensive than a villa overlooking a lake. Here are the pros in my situation:

  1. My family, his family, basically our entire life has been outside Kuwait city and neighboring governance. So the prices in the areas I’m interested in (below Mishrif, down to Fahaheel) are considerably lower than the city.
  2. We live in a comfortable apartment costing us 250 KD a month, not so burdening when compared to 450+ going up in the map.
  3. We are a small family, not thinking of expansion.
  4. We are free of debt, have good salaries and ready to start the ultimate goal.
  5. I have started, with a loan, and now kept the 35,000 loan money safely with mom.
  6. I’m on a saving plan, that allows 1/3 of my salary to pay off loan, and two thirds as savings; and we live on Ot Salary, starting from this September salary. This will ensure us to reach 70,000 KD worth by May (that’s plus bonuses from both sides and the loan money).

The cons:

  1. The least expensive acceptable villa is 250,000 KD, that if I take a loan of 70,000, and my husband takes the same (technically he can’t afford it, the max he can afford is 18,000) and plus the housing loan of 70,000, its 210,000, 40,000 short!
  2. I don’t have a good idea where to invest the money I’m saving.
  3. I’m impatient and want a house now now now!!!
  4. The maid situation, with kids, and work and bus schedule, I can’t trust any maid to be steady, and I find myself repeatedly paying 700+ for a new maid every few months. This is ruining my saving plans.
  5. I’ll be more ready for a house by end of year 2013 or even 2014 than I am now, but by that time, prices will rise 10% yearly, and I’ll have to struggle running after the current price until one of us gets tired and stops.

How do people afford buying a house in Kuwait? …. Dream home, will come to you soon J