Buying An Apartment in Kenya – 10 Things to Consider
Buying An Apartment in Kenya – 10 Things to Consider
Are you looking to buy an apartment in Nairobi, Kenya? Without a shadow of a doubt, buying an apartment is one of the key financial investments in an individual’s life. As per the human tendency, buyers are usually caught up with the aesthetics of the property, which often distracts the buyers from taking into account the actual points that matter while looking to buy an apartment in Kenya. Ideally, such undertakings should be performed with utmost care.
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So, without any further ado, let us discuss ten things to be mindful of before you buy an apartment in Kenya in 2019.
First and foremost, you have to decide how much are you willing and able to spend? As per the industry experts, the best approach is to start from the bottom and inch your way up. Avoid making a start by looking at extravagant homes as it will only end up being a financial weight. Remember this as a good rule of thumb if you want to enjoy financial sanity.
It is imperative that you have done a background check before you make a final decision of buying an apartment. Try and know more about the authenticity of the property that you are interested in.
While buying an apartment in Kenya, it is important that the apartment should not be too close to the river or too close to the main road.
Go for Professional Agents
Things have certainly changed for the better. Unlike the old days, nowadays the professional agents don’t charge a commission to the client. Backed up by years of experience and expertise, you can trust real estate agents of Hayer One.
They will assist you in locating the house; you don’t have to spend agonizing hours looking for a home or scrolling Google. You can call us or email; we will conduct in-depth research and share the best locations for you. You also have the option of buying an ideal apartment from our holistic website listing.
Here are some of the key benefits why you should go for a professional real estate agent in Kenya –
- Holistic knowledge of the local areas.
- An in-depth comprehension of the prices.
- Assistance in price negotiation.
- Alternative property options.
- Guide on the buying process.
- Know-how of the hidden costs.
- Assist in the carrying out the legwork.
Easy Access to Social Amenities
If you have easy access to communal facilities, you end up making your life more convenient and hassle-free. If you can access to borehole and county council water as a backup, then this will undoubtedly come in handy.
The potential property should have an apt connection to the electricity, and if there is a backup generator, then it will be an added boon. The backup generator will ensure that it powers the lighting in your apartment.
If you have kids, finding a reputed school near your apartment is a task in itself. Therefore, make sure you have the best schools located near your apartment. More so than anything else, you must ensure that you have a hospital, gym, and other convenient stores near your apartment.
Also Read – Top 10 Apartment Amenities To Look For In Kenya
When you buy a new apartment, the life around you will influence your home experience. It is advisable that you should gain holistic information about the area beforehand. While you are making yourself acquainted about the area, make sure to keep a check on congestion and the security aspect. If the surrounding area is secured and less congested, then you are bound to enjoy a quality life.
‘The Marquis’ offers a superior location with an extraordinary green view way yonder. It really is an oasis amidst a clutter of a concrete jungle.
Look for leafy and green suburbs near your apartment as it tends to offer more comfort than the noisy city areas. You can also check what type of business is going around you that may affect your family life. When you check your neighborhood, make a point to get familiar with the average pricing of the properties around you.
Get to Know the Developer
You may not have the proficiency to check the technicalities when it comes to building construction; that said, there is one way out through which you can have a know-how of the fitness of the building. You can have a look at other properties by the same developer.
If other properties have a high rating from the buyers, then this is a clear indication that the current property also maintains the same quality levels. Finally, try to comprehend the financial model used by the developer during construction. This will prove beneficial in reducing the risk involved in buying apartments for sale in Kenya.
Have a checklist of the things you need while buying an apartment in Nairobi, Kenya. In case the house does not have it, then at least it should have a provision to the items. Some of the amenities you should look for are –
- Garage and covered parking.
- Kitchen space and pantry.
- Fire escape.
- Common area washroom.
- High-speed Internet Facility.
- Cable connection.
- Solar panels.
- Laundry area.
- Wood flooring.
Convenience is one of the key elements that make a house a home. Especially when you age, you are acquainted with the fact that convenience is one of the key elements to being comfortable. Your apartment should be in close proximity to –
- Shopping Centre.
- Petrol Stations.
The location also bears great significance in case you are interested in reselling the property in the later stages. Travel and commuting costs should be considered to places that your life revolves around.
Return on Investment
While buying an apartment for sale in Kenya, where to invest is one of the key things you have to contemplate. ROI can be defined as the amount of time it will take for you to get back the amount you have invested in buying an apartment. In case you have purchased for rental purpose, in that case, a return on investment is calculated on how long it will take to get your money back.
If you are purchasing for reselling, it is imperative you have to ensure that the future price will be high as compared to the purchase price. This should be done to make the ROI positive.
In case you are buying to live in, there is a possibility that you may find the purchased property not suitable as per your future requirements. You may become richer, or your family size may get bigger, chances are you may need to migrate to some new location or country. Keeping all these factors in mind, you need to ensure that when you resell the property, you can have a higher price as compared to the purchasing price.
Go Through the Fine Print Carefully
Last but not least, make sure you have read the contract in-and-out. Before you go ahead and sign that dotted line, it is important you are familiar with the payment process and other key aspects of the contract.
If you are not clear about the things, you can take the assistance of a lawyer. Having a lawyer by your side will assist you in understanding various legal aspects in a better way such as – understanding the payment plans, what happens when you fail to make the payment, things about the lease agreement, and various other important things.
Since buying an apartment is a significant real estate investment, it is imperative to research each element of the process. Consider the above-discussed things and educate yourself, so that you are all set to go into the negotiations well-prepared and close the deal in your favor.
Also Read – Best Investment Opportunities In Kenya 2019
Check Out Flats/Apartments For Sale In Kenya – By HayerOne