Planning To Buy Property In Kenya – 13 Things To Consider
Planning To Buy Property In Kenya – 13 Things To Consider
Kenya has been one of the favorite real estate destinations attracting foreign investors. With its well-preserved natural beauty and good connectivity, it is an excellent investment in the residential or commercial sector.
If you also plan to buy real estate property in Kenya here are some things to know.
1. Choose the land
It is very important to ensure that the land is not in a risk zone (eg: flood zone, clay soil, radon emission zone). Having a soil test done prior to purchase is a good idea.
2. Look for the suitable locality
Most of us want to live in the up market, but that’s not what we can afford and it’s not where we should start. Sometimes we have to lower our expectations and go after what we can afford.
Go shopping as many times as necessary. Understand the terrain and see what is available. Do not just choose the first house you find. The next house could be a little better.
Also Read – How To Find Best Real Estate Agent in Kenya?
3. Make an “Investigation” about the Contractor
Have you ever made a major purchase, like that of a car, lightly? In general, the answer is no and you should proceed with such seriousness before deciding to buy a property in Kenya.
The contractor is another good idea (eg ask neighbors who bought a property from the same builder if they are satisfied, check on the site and license if this builder holds its license and has already been the subject of an arbitration).
4. Check the soundproofing
When buying a condominium, any occupant wants to be sure that the walls and floors are soundproofed. For this, it is generally preferable to opt for a concrete construction, for its soundproofing properties, although some innovative wooden constructions now have excellent performance in this regard.
Also Read – Fees Involved In Buying Property In Kenya
5. Consider insulation
It is obviously in your interest to make sure that the property is built to the highest standards of insulation.
This way, you will not jump to the ceiling when you receive your heating bills. To maintain good air quality in a watertight house, you should also check that the heat recovery ventilator is of good quality and has sufficient power.
6. Inspect doors and windows
Make sure you have good insulating and soundproofing doors and ensure windows are installed properly (eg, from the inside rather than the outside), that the framing is well insulated and caulked and that the inside of the double glazing contains a Low E-film that reduces thermal losses.
7. Check the building code in force
Municipalities are free to apply the building code they wish on their territory, but compliance with the latest code should ensure a better quality of construction.
8. Ensure the quality of materials used
Some contractors use flashy, cheaper materials rather than durable materials. We must be vigilant and ensure that we get a good price-quality ratio.
A quartz kitchen countertop will be more durable than a laminate or melamine countertop, while hardwood floors will also have a longer life than floating floors.
9. Engage an inspector
For the duration of the construction, you can hire an inspector, preferably a member of a professional order (architect, engineer or professional technologist), because he has insurance.
The latter will check the various stages of construction and ask the manufacturer to correct a defect, fine-tune a finish, put a more efficient insulation in the walls, etc. The builder may not like it, but you’re in charge.
Also Read – Buying Home In Kenya For First Time?
10. Acquiring a LEED Certified Property
Purchasing a LEED certified property is a bit more expensive than buying an ordinary property, but it pays off. You will live in a healthy building built with more durable materials and you will save on heating costs. In addition, you can surely sell your property more expensive.
11. Read Legal Fine Print
Before signing on the dotted line, understand the terms of payment and use a lawyer. Get the documentation you need and read it carefully. You need documents from the mortgage company, legal documents, the sales contract, the rental agreement, etc.
Gather all these documents and study them. Understand them and consult your lawyer to understand what you are buying.
You will meet a lot of people who tell you “I buy this house” and when you will ask them how much they cost, they will quickly tell you the cost, but if you ask them what is the payment plan, they have no idea.
12. Do not get caught up in the game.
Home ownership has become popular in Kenya. For this reason, many dishonest people sell ghost houses to gullible buyers.
People do not understand what is needed, so someone can tell a story and many people will believe it. So better play smart and read following tips to Buying Real Estate Property in Nairobi.
The purchase of a property should not be rushed. Sometimes you’re just not ready and sometimes it’s not the right property.
You must visit the site before you commit to purchase the property. Whether you buy it off plan or buy a house under construction or already ready, you have to see it.
If someone asks you to pay an amount to go see a house, it should be the number one red flag.
You can even go to the site without the seller, because if the seller is dishonest, you can just discover lies on the site.
13. Beware of hidden costs
When negotiating for financing, the borrower must be attentive to the actual cost of the loan. In addition to the interest rate, there are also hidden costs such as appraisal fees, legal fees and loan negotiation fees.
When you take out a mortgage Kenya, make sure you know the consequences of a fixed or variable rate mortgage.
Despite these tips, taking the plunge can be stressful. The ideal is to contact us as we want to establish a good relationship with you by providing you with the best property. You can also have a look at top real estate developers in Kenya
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