What you Need to Know if You Want to Own a Home in Kenya
Property is a huge investment and one of the smartest moves one can make is owning a home. Homeownership has long-term financial ramifications, reason why the potential home-owner needs to make an informed decision before plunging in.
The entire process of ownership can be daunting; it requires time and patience especially for a first-time homebuyer. So many things come into play, a reason many homeowners lookout for tips to ease the home-buying process. Before you venture in, here are tips that can help in your decision-making process of home-ownership.
Do your Research
Performing thorough research is the core of home-ownership. Finding a perfect home that meets your needs, desires, and preferences is like finding a diamond in the rough. Look at different homes, compare the prices and usability, talk to experts, read materials, your dream home is a hidden gem, find it!
Pro Tip: Do not settle! Neither should you rush. Take time and look for a house that is truly functional for you, whether it is a fully furnished apartment or a home that you are building from scratch.
Acquire Premium Residential Unit
If your home-ownership goal is to build the home from scratch, then the first step is to acquire a premium residential unit in a quaint location. This requires long-term planning and funds before commencement. Once you identify the property, involve the services of a lawyer to take care of the legal documents. Many Kenyans have been duped of their hard-earned money in the name of property buying. Be vigilant.
Pro Tip: For quality assurance, professional developers are recommended. Find one with a proven track record of quality work and testimonials that back up their work.
Make a Plan
One of the desires for people living in big cities is to eliminate rent payment from their list of expenses or bills. If building your own home is a long shot for you, then buying an apartment is a viable option. You may not need all the funds at once, you only need a working payment plan and you are good to go.
Tip: Work closely with your developer, lawyer, and financier, if any, from the onset until the property is legally in your name.
Hire the Services of a Viable Agent
A lot goes into home-ownership and several parties are involved before the deal is sealed and the property legally in your name. From insurance assessors to lawyers, agents, inspectors, and others. All these parties have a role to play in the decision-making process and a viable agent can coordinate all these processes for you. An agent acts as your advocate.
Sign a Contract
Before any transactions occur, make sure you sign a contract with the relevant parties. A contract is a protective measure, a shield against legal battles. The contract also gives room for the payment plan and negotiations for any problems you may encounter along the way.
List Down your Top Amenities
Before shopping for a home, write down all the features and amenities you would like to have in your area of choice. List then from the most important to the least. Establishing your desires saves you time and protects you from buying a home on a whim, which you may regret later on.
Tip: The main reason for buying a home should be value for your money.
The strongest and probably one of the most stable pillars of Kenya’s economy is real estate. Developers work overtime to meet the rising demand for quality and affordable housing. Real estate is an attractive investment and with the above tips, a potential home-owner can acquire premium property without a hustle.