Building with Bonds: A Save & Build Success Story – From a NEST Uganda Diaspora Client
Featured Article
How to achieve the home ownership dream while at the same time invested in Treasury bonds.
Starting My Home Construction plan Journey in 2022
In 2022, I embarked on my home construction journey with savings of about UGX 30 million, ready to start building. The ideal house I envisioned had a buying price of around UGX 350 million, which was far beyond my budget, so I opted to build instead. Currently working in Denmark, I had heard numerous horror stories of relatives mismanaging building funds. A friend, a fellow Ugandan working in Denmark, recommended that I reach out to NEST Uganda for their Save & Build program.
Saving (Invested in Treasury Bonds)
NEST Uganda was able to create a Save & Build plan for me. The cost was broken down into manageable amounts that my wife and I could jointly contribute (UGX 3.5 million) per month with the starting amount of UGX 30 million. The prepayments were then invested in bonds to earn interest. (Breakdown below)
Supervising Construction Works
Since I chose to wait and let my money earn some interest, I will be supervising part of the process this December as I will be in Uganda for Christmas. However, working directly with a construction firm like NEST Uganda makes supervision much more convenient. A contract was signed to ensure that all agreed-upon plans were adhered to, eliminating any potential misunderstandings from either side.
Building Loan to Complete
I appreciate that NEST Uganda offers building loans for completion, as finishing can often be more expensive than anticipated. These loans are non-cash (materials and labor), interest-free, and exclusive to those in the Save & Build program. I qualify for credit of about UGX 60 million, which I hope will help me complete the house without incurring additional costs.
NEST Diaspora Community
This week, through the NEST Diaspora community, I will be engaged in a training session on the Save & Build model and how to join if you are considering home construction in 2025. The training is free for community members, as I have received numerous queries from many of you looking to build away from home.
Join the Community
To join the community, click the link below: Join the NEST Diaspora Community