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Three golden tips for first-time land buyers

The big mistakes many people make when buying a plot and how to avoid them

Having been in real estate for four years now, Moses Muriithi, the CEO of Fanaka Real Estate better understands nuts and bolts of land buying in Kenya, especially in Nairobi where finding genuine sellers is about as hard as finding honest lawyers.
Business Today asked Mr Muriithi some of the mistakes that many prospective land buyers, more so first time purchasers, make and he looked at it differently and offered tips on what to consider before purchasing land. It turns out, ignoring these tips often results in these big mistakes.

1. Work with a budget: Gauge your financial muscle and pick what you can afford and whether you can do that on cash or instalments. Many people save up and do a one-off buy while, as it’s done at Fanaka Real Estate, you can put up a deposit and pay up in instalments.

The downside of saving is that by the time you hit your target the value of the property will have risen. What this means is that you should be able to pay for the land without putting too much pressure on your finances. Go for a seller offering competitive prices and flexible payment terms.

2. Identify the area: Location is important as it determines many other things including price, security and distance from key towns and cities. That is transport and communication.

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Source: Business Today

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