10 Considerations when buying a home
Home buying in Kenya: There are various things you should do when purchasing a home in Kenya to ensure that you get the best price possible. Below are the 10 tips to consider:
- LOCATION, LOCATION, LOCATION!
Most of us desire to live in the upscale neighborhood, but that is not something we can afford or where we should begin. We sometimes have to reduce our standards and go where we can afford to go. Go on as many shopping sprees as you need to. Consider the terrain and the options available. Do not settle for the first house you come across. The next home might be a little bit better.
- GET AN APPRAISAL
If you’re planning to buy a house, start by getting an assessment from a bank. This will reveal how much you can spend. They will examine your wages and advise you on the amount of mortgage you are eligible for. Even if you’re using your own money, the evaluation will help you decide where to put your money.
- CONDUCT YOUR HOMEWORK
Due diligence entails having your documents examined by professionals. To ensure that the property or home is clear of encumbrances, you should hire a lawyer to do a search. That means it wasn’t built on a road reserve, it wasn’t grabbed, and the owners paid any dues owed — the title deed can be traced all the way back to the original owner.
- DOES THE PROPERTY MEET YOUR REQUIREMENTS?
Maybe you’re a mother, or maybe you work late. Consider the mode of transportation you’ll need to get from work to your house. Do the children have access to nurseries and schools in the area? Do they have any businesses nearby where I can get my essentials? Is there a market nearby that I could visit? Is there a mini-mall in the area so you don’t have to go into town to shop? Are there any hospitals in the area? Before making a decision, consider the big picture.
- DON’T GET ENTANGLED IN THE CON GAME.
The act of owning a home has become fashionable. As a result, many dishonest people sell ghost properties to unsuspecting property purchasers. People don’t understand what it takes, therefore anyone can make up a tale and convince a large number of people to accept it. Property purchases should not be rushed; sometimes you are simply not ready, and sometimes the property is not the perfect one. You must visit the property before making a purchase decision. If someone asks you to pay a fee to go visit a house, that should be your first warning sign. You can even visit the location without the vendor, because if the seller is untrustworthy, you might discover some lies on the spot.
- READ THE TERMS CAREFULLY.
Before you sign on the dotted line, be sure you understand the payment method and consult with a lawyer. Get the paperwork you need and then sleep on it. You’ll need the mortgage company’s documentation, as well as legal documents, a selling agreement, and a lease agreement, among other things. Collect all of the documents and study them. Understand them and, if necessary, get advice in order to fully comprehend what you are purchasing. I encounter a lot of people who say things like “I’m purchasing this house,” and when I ask how much it costs, they quickly give me the price, but when I ask about payment plans, they have no idea.
- CHECK OUT THE SELLER
Take a look at your seller. Have they done any previous developments if it’s a developer? If not, do they have all of the necessary approvals? Check the sewer specifics after you’ve double-checked that the developer has all of the necessary approvals. Who is in charge of it? What is the source of my water? After then, learn about the developer’s financial strategy. Is he constructing with your funds? Because if he’s using your money to create an entire estate, the process will stagnate. Is he a wealthy individual? Is he going to get a bank to fund the project? What is he doing with his money?
- ENGAGE A VALUER
To value the property, you’ll need to hire a valuer. If you apply for a mortgage, the bank’s valuer will inspect the property as well. Allow a valuer to come in and double-value it for you if you are unsure about the pricing. If the beacons are on land, you should obtain documentation to prove their location. Take caution while buying off-plan because the documents are different. Recognize the documentation. Payment models differ as well, so it’s crucial to know what you’re getting into.
- GET A REPUTABLE AGENT.
When making a large investment on a home or a related property, you need a good agent. A good agent, on the other hand, would frequently come highly recommended by prior investors. You should still go to recognized agencies. The Ministry of Lands now has a list of registered agents. Check to see whether the agent has a physical location. Recognize the agent. Marian Estate Agency is duly registered agent to handle such transactions regarding land, homes etc.
- DOES THE PROPERTY MEET YOUR REQUIREMENTS?
Maybe you’re a mother, or maybe you work late. Consider the mode of transportation you’ll need to get from work to your house. Do the children have access to nurseries and schools in the area? Do they have any businesses nearby where I can get my essentials? Is there a market nearby that I could visit? Is there a mini-mall in the area so you don’t have to go into town to shop? Are there any hospitals in the area? Before making a decision, consider the big picture.
For more real estate tips and news: http://www.realtors.co.ke
