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5 Ways to Ease your Home Loan Burden

Many of us have contemplated mortgages. But are you conversant with mortgages? We stumbled on this post and we think it will inform you on how to quite understand mortgages.

Enjoy!

You may have had to take out a home loan to make your home ownership dreams come to fruition. How, though, can you reduce that the financial burden of servicing that loan? What can you do if you wish to help take down the amount that you need to pay at present?

Here are some useful ideas that you should explore to help minimize your home loan burden. They may not all be perfect for you, but each one should provide some much-needed balance.

  1. Balance transfer of loan

Of course, you should first investigate if you can balance transfer what remains of your loan to a different form of payment structure. Consolidation of all of your debt is always a good idea and can be a convenient way to help make a home loan less cumbersome.

Take this into account, as it should go some way to helping you spend less money per month paying off all of your loans. By consolidating it with a balance transfer, you can then make one payment for each of your loans and reduce your admin fees and various other needless extras.

If you wish to make this work to your favor, then you should definitely look to transfer your home loan to a different balance. Now, you can easily keep track of all of your expenditure and know exactly what you are paying on a monthly basis, which is extremely useful.

  1. Pay more than is due

A fine way to help make sure your home loan is less of a kick in the teeth per month is to pay more than the amount that is due. This should help you to make sure that you are repaying more quickly when times are good. It will also help you to vastly reduce the amount of money that you see leaving your account in the first place.

This could help you to increase your home loan without making your life any less affordable. Don’t commit to something that you cannot keep up, though; if your income is flexible, make sure you are paying no more than 35% of your income on debts – including your home loan. When things are going good, though, paying a bit more is something you won’t regret doing.

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Source: Cytonn Blog

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Real estate firms move to Kilifi due to affordable land

Investors and real estate developers are trooping to Kilifi County to buy and construct houses.

The newfound interest in the county has seen affordable homes coming up targeting middle-class citizens.

The reason investors prefer Kilifi to other counties such as Mombasa has to do with cost of land.

The other reason investors have given for eyeing Kilifi as an investment destination is availability of raw materials for construction.

They also see Mombasa as a congested city.

My Space Property chief executive officer Mwenda Thuranira says investors and buyers are rushing to Kilifi due to the affordable cost of land.

“Generally, land in Kilifi County is cheaper than in Mombasa. What is offered here in Mombasa for an acre is double that in Kilifi. Construction is easier here because stones come from areas in Kilifi while sand used for construction is found in Malindi,” he said.

He said a beach plot in Kilifi goes for Sh40 million an acre, while the same size of land in Nyali is sold at Sh100 million.

High demand

Mr Thuranira predicts that land in Kilifi will soon drastically appreciate as the town is on its way to becoming a major residential area for Mombasa people.

“It is just like Nairobi, where everyone is moving away from the city to Karen and Kiambu. Kilifi will now be the bedroom of Mombasa. Due to the high demand, we definitely expect the cost of land to rise sharply,” said Mr Thuranira.

Tourism players have argued that Mombasa is a small county, and it is normal for investors and proprietors to move to neighbouring towns.

Kenya Tourism Federation Chairman Mohammed Hersi says Mombasa Island is densely populated, while the cost of land keeps on rising.

“Mombasa is a small county, therefore we definitely expect it to grow northwards or southwards, which is happening now. Land is a limited factor of production, plus the cost of land is very high,” he said in an interview.

“This is beneficial to the county because right now Mtwapa has become a cosmopolitan place, where 80 per cent of property is owned by women,” he added.

Mr Hersi says the development in Kilifi and the surrounding areas will not only be beneficial to the specific areas, but also to the Coast region.

“There will be no problem if tourists stay in Malindi or Kilifi. This has been happening for a long time and it benefits the Coast region and the country at large. Mombasa also boasts of beaches such as Nyali, Jomo Kenyatta and Shelly.

“There is no way our tourism is going to be affected if investors move out of the county,” said Mr Hersi.

Small island

He added that Mombasa, being a small island, does not have room for the kind of growth that is possible in areas like Kikambala in Kilifi.

This trend has led to huge developments such as the Vipingo Investment Park, an initiative by Centum Investment.

“People now want to keep their cattle, have a small farm and have poultry in the same compound, which is not possible in the city,” explained Mr Thuranira.

Mr Joseph Mbugua, the Inuka Afrika Properties Ltd executive director, says demand for affordable commercial and residential facilities is rapidly growing in the counties.

Mr Mbugua says Inuka Afrika Properties Ltd has so far undertaken 50 projects and issued 1,000 tittle deeds to new land owners.

“They only need to pay 50 per cent of the land value and pay the rest in instalments in three to six months period. But beware of land grabbers and land cartels in Mombasa, Kilifi and Kwale counties,” he said.

The firm is now involved in projects that include the 10 acres Inuka Homes at Msabaha in Malindi.

Others are Chakama Gardens, Inuka Gardens, Inuka Mtwapa Gardens and Bofa Gardens in Kilifi.

Under these projects, a 70 by 100 metres’ plot goes for between Sh300,000 and Sh950,000.

Many foreigners, especially Italians, have made Malindi their second home.

Source: Business Daily Africa

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1.5 percent housing levy pay cut for workers to start March

Formally employed workers could start paying a 1.5 percent salary deduction beginning March 1 to finance construction of cheap houses by the State.

Transport, Housing and Infrastructure Cabinet Secretary James Macharia Tuesday said the government has reached an agreement with the workers’ union, which will pave the way for an end to court injunctions that had stopped the deduction.

“We had injunctions that halted the process, but the parties have agreed to withdraw them so we are ready to proceed with the project,” said Mr Macharia in Nyeri during an inspection of ongoing public projects in the county.

Employment and Labour Relations Court Judge Hellen Wasilwa had granted the order to halt the deductions following an urgent application by the workers’ umbrella body, the Central Organisation of Trade Unions (Cotu) in December.

Cotu secretary-general Francis Atwoli had faulted the tax, saying there was no public consultation before its implementation.

The levy is to be deducted from each employee’s basic salary and remitted to the National Housing Development Fund (NHDF).

Violating orders

Cotu has, however, not made public its position on the matter.

An application filed by the Ministry of Housing asking the court to lift the injunction against the deduction comes at a time when Cotu wants Housing principal secretary Charles Hinga to be found in contempt of violating the very same orders.

Cotu argues that despite knowledge of the order, the PS proceeded to place an advertisement in the local dailies on December 24, inviting certain organisations to forward the names of their nominees to be considered for appointment to the Housing Fund Advisory Board.

Cotu, through lawyer Philip Omoiti, argues that failure to carry out the orders as directed was in total disregard and disobedience of court, and that the union is aggrieved by such disobedience by the PS.

“Good order and the rule of law demands that a court order is obeyed,” argues Mr Omoiti.

Separately, the Federation of Kenya Employers (FKE) has also obtained orders stopping the same ministry from proceeding with the planned appointment of members to the Housing Fund Advisory Board.

The case will be heard on February 26.

According to Mr Macharia, construction of the housing units should begin in a few weeks after the start of the March 1 deductions.

“The project is now clear and will be launched in a few weeks. The first 2,000 units will be constructed in Park Road in Nairobi,” he said.

Mr Macharia said that those who do not benefit from the housing project will get their money back at retirement.

Sh57bn a year

“Those who do not get a house or already have one will get their money back when they retire. The only money that will not be refunded is the employers’ deduction,” he said.

The 1.5 percent levy on salaries is expected to generate about Sh57 billion a year, from about 2.5 million salaried Kenyans, with additional revenue expected to come from voluntary contributors.

Although the initial plans projected the construction of half a million houses, Mr Macharia said that local and international developers have expressed interest in putting up to one million units. It is estimated the project will to cost up to Sh1.5 trillion.

“Actually one investor has expressed interest to fund 100,000 units. The project is no longer a vision, but a reality,” Mr Macharia said.

The government intends to spread the project to other regions including Nyeri, which will get 2,000 units.

Source: Business Daily

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Kileleshwa Neighbourhood Guide

As one of the oldest neighbourhoods in Nairobi, Kileleshwa still remains a lush upscale suburb to live in. With antique buildings, you will get a nostalgic feeling when you are in the area which will speak of another time in the past and historical events.

Character

Moving around in Kileleshwa has become easier thanks to the good road network and the construction of the bypass connecting to Ngong Road. You will enjoy driving around Kileleshwa with the functional traffic lights placed on different roads. If you are using public transportation to get around, rest assured you will get to your destination on time with the different routes matatu drivers use.

Community

Kileleshwa has a reputation for being a safe environment where people can raise their children. Children play in the compounds with their friends. It’s an area where people gravitate to due to its calm nature. With the good road infrastructure, you will find people taking enjoying walks and jogging as a way of exercising. Expatriates want to live in Kileleshwa due to its proximity to the Central Business District (CBD) and the surrounding neighbourhoods with social amenities such as shopping malls, hospitals, and hotels.

Where to Study

Before you move into a new neighbourhood, it is a top priority to know which schools are in that area. If you find a place with many children playing outside, this is a sign of a good neighbourhood with families. Thus, an opportunity for you and your kids to make new friends.

There are not many schools in Kileleshwa like the surrounding neighbourhoods, Lavington, Westlands, and Kilimani. However, the ones which are there include Kenton College Preparatory School, Kileleshwa Primary School, Kileleshwa Day Nursery and Kenya High School.

Healthcare

The top leading hospital in Kileleshwa is Kileleshwa Medical Plaza (KMP) located on Kandara Road. It mostly provides outpatient services to the working class; people with busy schedules looking for fast treatment so that they can get back to work. If your business has an agreement with the hospital, you will get first priority when being treated. For over the counter medicine, you can visit Leleshwa Pharmacy.

Restaurants

Kileleshwa’s restaurants offer a variety of foods to sample with your friends and family. Indulge in a sumptuous buffet selection of African food from Tulips Restaurant on Mandera Road.

The Good Food Company will not leave you feeling guilty about eating fast foods. Offering nutritious and healthy foods ranging from sandwiches, salads and speciality dishes you will definitely want to return for more. The packaging of the food is both interesting and looks good. Who wouldn’t want to know facts about the food they are consuming?

For some Indian cuisines, visit Swadisht, along Siaya Road to enjoy some spicy meals. Kristis and Keynan’s & Kimmi’s are other great restaurants to check out if you want to relax and chill.

Shopping Center

If you are one of those people that are looking for a walkable shopping mall, with available parking, close to restaurants, and convenient, Kasuku Center is the place to be. There is no big mall in Kileleshwa, however, there are plans to create one due to demand according to Britam’s Managing Director. The mall will have serviced apartments, a hotel, and commercial property.

Outdoor

Looking for ambience with fresh air, beautiful trees, and a picnic site? Well, you should visit the Arboretum. Sit and relax on the grass with your friends while listening to the birds chirping. The monkeys do love playing on the field, so be on the lookout. You don’t want them to take your food while you are not paying attention. The arboretum is a great place to run, walk, jog and get away from the noisy city for a few hours.

Safety

An area that has a police station is considered to be fairly safe. The Kileleshwa Police Station is right at the heart of Kileleshwa for you and your family’s protection.

Source | BuyRent Kenya

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HFDI lauds tax break, offers incentives for new home buyers

Real estate developer says the relief, coupled with the government’s plan to improve housing infrastructure, will lessen the burden for first-time homeowners

HFDI, the property development subsidiary of HF Group, has lauded the move by the Government to provide tax relief for Kenyans buying houses under the Affordable Housing Scheme, saying the move was timely

Commenting on the move, HFDI Executive Director James Karanja said the relief, coupled with the government’s plan to improve housing infrastructure, will lessen the burden for first-time homeowners.

“Many factors contribute to high cost of properties including the cost of funding such housing projects but one factor that has kept the prices of housing high is the stamp duty and the tax relief offer is welcome to the sector,” Karanja said.

Karanja was speaking ahead of the handover ceremony for the home buyers and open day for the Group’s Komarock Heights Phase 1 scheduled to take place on 10th August.

Komarock Heights is a modern development comprising 1272 beautifully designed apartments nestled within Komarock Estate, the development will be implemented in three phases.

Komarock Phase 1 comprises 480 residential apartments with a mix of two and three bedroom apartments in 20 blocks featuring separate dining area, en-suite master bedroom, common shower and separate WC, dhobi areas with enclosed gas cylinder chambers, lifts to all floors, solar water provision to every unit to allow homeowners to use sustainable energy for heating their water, handicap accessible units, backup water supply from a borehole, gated children’s playground, and a shopping mall.

“We will be offering a tenant purchase option for new buyers as an incentive to acquire a home in this development,” said Karanja.

Other projects completed by HF Group include Komarock 5A featuring 162 units, Komarock 5B featuring 115 units, K-Mall covering 12,000 square meters, Kahawa Downs featuring 235 units, and Precious Gardens Phase 1 featuring 165 units.

Projects nearing completion include the 248 units Richland Pointe Phase 1 scheduled to be completed by December 2018, the 152 Units Precious Gardens Phase 2 expected to be complete by June 2019, and the 240 units Clay City Phase 1A expected to be ready by January 2020.

Plans are underway to develop 5,000 units under Theta Dam Estate, a mixed-use development on 183 acres parcel of land.  Others include Clay City Phase 2 to 4 which will feature 1,500 units, Clay City Commercial Centre, and Komarock Heights Phase 2 & 3 featuring 1,216 Units.

HFDI, the property development subsidiary of HF Group, has lauded the move by the Government to provide tax relief for Kenyans buying houses under the Affordable Housing Scheme, saying the move was timely. Commenting on the move, HFDI Executive Director James Karanja said the relief, coupled with the government’s plan to improve housing infrastructure, will lessen the burden for first time homeowners.

“Many factors contribute to high cost of properties including cost of funding such housing projects but one factor that has kept the prices of housing high is the stamp duty and the tax relief offer is welcome to the sector,” Karanja said.

Karanja was speaking ahead of the handover ceremony for the home buyers and open day for the Group’s Komarock Heights Phase 1 scheduled to take place on 10th August.

Komarock Heights is a modern development comprising 1272 beautifully designed apartments nestled within Komarock Estate, the development will be implemented in three phases.

Komarock Phase 1 comprises 480 residential apartments with a mix of two and three bedroom apartments in 20 blocks featuring separate dining area, en-suite master bedroom, common shower and separate WC, dhobi areas with enclosed gas cylinder chambers, lifts to all floors, solar water provision to every unit to allow homeowners to use sustainable energy for heating their water, handicap accessible units, backup water supply from a borehole, gated children’s playground, and a shopping mall.

“We will be offering a tenant purchase option for new buyers as an incentive to acquire a home in this development,” said Karanja.

Other projects completed by HF Group include Komarock 5A featuring 162 units, Komarock 5B featuring 115 units, K-Mall covering 12,000 square meters, Kahawa Downs featuring 235 units, and Precious Gardens Phase 1 featuring 165 units.

Projects nearing completion include the 248 units Richland Pointe Phase 1 scheduled to be completed by December 2018, the 152 Units Precious Gardens Phase 2 expected to be complete by June 2019, and the 240 units Clay City Phase 1A expected to be ready by January 2020.

Plans are underway to develop 5,000 units under Theta Dam Estate, a mixed-use development on 183 acres parcel of land.  Others include Clay City Phase 2 to 4 which will feature 1,500 units, Clay City Commercial Centre, and Komarock Heights Phase 2 & 3 featuring 1,216 Units.

“The demand for housing in Kenya is largely unmet and the government’s effort to produce 500,000 units annually in very welcome and we are ready to support the government,” Karanja said.

Source | Business Today

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7 Simple Steps to Help You Find a Perfect Rental Property

Before embarking on your search for a new rental home, there are a few steps you need to take for you to find the right home for yourself and or family.

We promise that if you diligently follow these necessary steps, the home you end up with might be even better than what you planned for.

These are the 7 steps to finding your perfect rental home.

  1. What are your needs?

This involves careful consideration of why you are seeking a rental home in the first place. Whether you’re single or have a large family with small children, everyone has different needs and will be looking for something specific to suit their lifestyle.

At this point, you need to consider what the most important aspects are for you when renting. It’s also wise to take note that you might not get exactly what you are looking for. Keeping an open mind is key.

In most cases, you might find a home in a perfect location and size which might just end up being way off your budget. This is why we insist that you need to be flexible and realistic about what you are looking for.

  1. Set a realistic budget

Deciding on a budget goes hand-in-hand with what your needs are.

Consider a family looking for a rental home? The budget will be slightly higher since you would be looking for a 3 or 4 bedroom to cater to your family’s needs. Unlike a single chap looking for a one-bed apartment.

Your needs should inform your budget. Don’t set a budget like that of a single chap if you know you have a family.

  1. Decide on your locations

Although you might have your heart set on a location because are familiar with or you have friends and family living there, it’s always good to keep an open mind and let your budget drive your search. Not the other way around.

  1. Start property viewings

Book site visits with real estate agents. Don’t take their word for the truth. Or what you see on their websites. Make a physical property visit.

Don’t worry if the first property you see isn’t right. Keep making viewing appointments. This whole time we keep insists that you keep an open mind, be alive to the fact that what you’re searching for might not exist.

Go on viewings for a few properties to gauge what’s available and if you find something you really like, don’t waste time, for you might not be the only one keen on that home. The rental market in Nairobi is competitive and chances are it’s already being eyed up by someone else.

  1. Make your best offer

By the time you get to this point, the ball is in your court. When you’ve found a property you like, it’s time to make an offer with the agent. Instantly, if you are sure it is what you want.

We recommend offering as close to the asking price as possible to increase your chances of being able to rent the property. However, this is your decision and you shouldn’t necessarily rule out properties if they’re over your budget.

  1. Pay your deposit and sign the agreement

The process of sorting out your paperwork is simultaneous to paying the deposit and first month’s rent and signing your tenancy agreement. Your real estate agent will guide you on this. That is why we also encourage that you deal with professional real estate companies.

  1. Move into your home

After all these processes are complete, it’s finally time to move in! Congratulations!

The keys for your new rental home will be available on the day your tenancy starts, so make sure you organize any removal companies and transport around when you’re able to collect the keys from your estate agent.

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State seeks to help Kenyans buy its half million low cost houses

If you earn less than Sh100, 000 and can spare a third of your income, owning a home will be within your reach under a Government plan to spur a housing boom. The State has created a company to offer cheap loans to banks to target civil servants, self-employed persons, or salaried employees with mortgage of up to 30 years to reduce the pressure on repayment.

The Kenya Mortgage Refinancing Company (KMRC) will receive a Sh16.1 billion ($160 million) from the World Bank to start operations this month and will be owned by the Government and the private sector.

“KMRC will contribute to the broad objective of the Government of Kenya to deliver 500,000 affordable homes by 2022 targeting households with incomes of up to Sh100,000 per month,” the National Treasury said in a document pitched to bank bosses and sacco CEOs. Treasury Cabinet Secretary Henry Rotich yesterday told financial institution bosses in Nairobi that the Government aimed to own about 20 per cent of the firm and would pump in Sh1.5 billion fully paid share capital. The rest of the Sh5 billion authorised share capital will come from development partners, banks, and saccos interested in owning part of the remaining 80 per cent stake in a bid to professionalise it and release it from the clutches of bureaucracy.

There is a shortage of more than 200,000 housing units every year. Even with growing disposable incomes, Kenyans still find it difficult to buy homes using the mortgages currently in the market, which are usually short-term and expensive. In 2016, for the first time in five years, the number of mortgages in the country declined by 1.5 per cent from 24,458 to 24,085 attributed to less issuance of housing loans by banks, which tightened their underwriting standards following the implementation of the Banking Amendment Act 2015. The law capped lending rates at 4 percentage points above the Central Bank’s benchmark rate. A study by the Government showed that only 7 per cent of Kenyans living in rural areas can afford a house worth Sh1.7 million while in towns only 40 per cent can buy the least expensive built property.

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How fraudsters connive with top State officers to evict land owners

A cabal of land-hungry, well-connected and informed individuals continues to hold dozens of families and individuals at ransom through well-orchestrated schemes to dispossess them off of their property.

By colluding with employees at the Ministry of Lands, the Directorate of Criminal Intelligence, the Office of the Director of Public Prosecutions and the police, this group forcefully takes over private land through a mixture of forgeries, coercion and if all fails threats of death and death itself.

The courts have in the past demonstrated the impunity with which these individuals — top politicians, known businessmen and women and regime wheeler dealers — close ranks to fleece or forcefully take over land from helpless individuals and families.

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Karen Is Most Affordable High End Suburb

Nairobi’s Karen suburb offers the lowest price for an acre of land among high-end estates, a new real estate report has shown.

With an average price per acre of land in Karen going for Sh52 million against a market average of Sh87 million for an acre, it offers prospective land buyers the best bet for an address in some of Kenya’s high end estates, says Cytonn Investments’ latest report released this week.

Karen, according to the new study, recorded the highest increase in price or value of asset at 12.2 per cent since 2011 in low rise residential suburbs, against a market average of 4.5 per cent.

Even then, Cytonn shows that the Karen suburb, attracts the fairest asking prices for land now despite prices have risen over the years with an acre in going for Sh52 million up from Sh25 million in 2011.

Land in Nairobi’s reclusive Spring Valley is the most expensive followed by Nyari, an estate located along Limuru Road and which borders Muthaiga and Runda.

In Ridgeways an acre goes for Sh68 million, Spring Valley (Sh154 million), Kitisuru (Sh70 million), Runda (Sh68 million), and Nyari (Sh109 million).

Six years ago, an acre of land in Ridgeways was Sh24 million, Spring Valley (Sh64 million), Kitisuru (Sh32 million), Runda (Sh33 million), and Nyari (Sh54 million).

Given the high land prices in these estates with the exception of Karen, the report says that for these regions to experience significant increase in prices, the zoning regulations need to be relaxed to ‘‘allow for more space for people to live and thus more value can be derived from the land.”

Steven Oundo, the chairman of the National Construction Authority notes that when there is development, the demand for social services increases and this is followed by development of schools and hospitals among other amenities, which Karen is managing.

In the upmarket area, the luxury housing segment is expected to see growth as more ultra-wealthy Kenyans and foreigners buy homes and office spaces.

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Source| Business Daily Africa

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The Due Diligence Checklist for Home Buyers

Due diligence is an investigation of potential investment prior to making a commitment in order to confirm all facts and keep an investor and his/her resources safe before entering into a transaction. It is considered a reasonable act expected of anyone who is thinking of investing.

In real estate, due diligence is defined as a  buyer’s obligation to do an investigation of the property to determine whether he/she is satisfied.  During this period, the buyer conducts an in-depth analysis of the condition of the property and the feasibility of purchasing the property.

If the buyer finds defects in the property mid-process, he/she is allowed to cancel the purchase of the property due to unsatisfactory results. Below are some key things to consider during the due diligence process;

Find out What the Market Offers

The state of the market usually affects the pricing of property. When there is a high demand for property with a lack of supply of good quality property, then prices of houses tend to rise and vice versa. However, a large supply of housing that is in high demand translates to higher pricing as there might be buyers in the market who are willing to pay whatever it takes to acquire the property.

Knowing what the market offers will ensure that you do not end up paying more than you should. For example, having information like over-supply of office space in certain areas will help someone who wants to buy commercial space get a good bargain on office space.

Inspect the Property

If you want to end up with a nice home, you need to be strategic. The rule of thumb is; “do not make payment for a property that you have not seen”. Fraudsters are everywhere looking for who to con next, and given the sacrifices you have made to save enough to buy your own home, be very careful who you give your money to.

After confirming that a property exists, ensure that you scrutinize it top to bottom looking for issues that would cost you extra money to fix. Renovating property is a huge expense; therefore ensure you get estimates for work before you decide to move forward with the purchase if at all you decide to buy property that has issues to be fixed.

If you are in a position to hire a home inspector to do this the better, if not make sure you do it thoroughly. Having a second or third opinion is highly recommended for this.

Appraise & Valuate Property

An appraisal is an estimate of the value of a property, also defined as the opinion of the market value of a property. A valuation, on the other hand, is done to establish “exactly how much a property is worth”. Property appraisal and valuation are necessities for successful real estate purchase.

A valuation report usually includes details like its location, legal description, value, improvements, land use as well as information on comparative sales in the area. This information will help you review the future performance of your property, therefore lets you know if the particular property is a good investment opportunity or not.

Investigate Title/Transaction Documents

You need to establish legal ownership of property you are buying from someone. For a home that already exists, there has to be a public record showing that the seller of this property has legal ownership. To facilitate this, ensure you do a title search at the Lands Registry, Ardhi House to avoid issues like a long lost aunt claiming ownership of property that you have already paid for.

Such issues are costly to address, and you need to sort them out with the previous owner before you inherit a problem you don’t want to have.

Ensure you hire a conveyance lawyer to facilitate the Purchasing process and draw Agreements based on terms acceptable to both you and the seller.

Check for Government Regulations/Zoning Issues

Check for issues that could have an impact on the property you want to acquire or a building you want to put up. Find out things like whether your home will lie in a flood zone are or if the renovations you plan to do, if any, will cause some environmental hazard to your future neighbours.

Ensure that you are well conversant with National Construction Authority Act (NCA) to avoid buying property that will letter get the big ‘X’ sign for demolition after pouring all your savings into it.

Bottom line, when purchasing real estate, it is up to you to ensure that you get the asset that you are paying for, given the risks involved in real estate purchase could be as high as the perceived benefits. A good practice would then be to have a due diligence checklist to guide you through the process.

Source | Buy Rent Kenya