Are you looking to purchasing property? Here are some great tips to help you get a good head start as well as avoid common misconceptions and mistakes.
Among many possible investment options, real estate is considered among the big kills, which many people have associated with the phrase; “the surest investment”.
While real estate is a worthwhile investment, it is important to follow best practices to experience its rewards.
Anticipate the future – buy then wait
Getting into real estate is not an easy feat, especially given the finances required to afford the property.
However, while this is the case, this has not hindered the property market from experiencing fast appreciation when it comes to property prices in Kenya. That means, the sooner you can afford to get a property off the market, the better for you, hence the principle; buy then wait.
If you can push yourself to afford a property, better buy it immediately and have to worry about its appraisal when you have already secured it.
Do your homework before purchasing property
There is a lot that entails this. In our previous article, we looked at some of the precautions to take to avoid getting conned. One such thing is surveying the area you intend to purchase the property.
Different places have different values as well as appreciation rates. For instance, people purchasing property along Kiambu road, Mombasa road, and Thika road will all have different experiences when it comes to appreciation values as well as market buying rates.
Some of the things to look out for are any upcoming developments as well as the property’s relative distance from urban establishments.
By simply going online, you are able to download a map of the upcoming roads in Nairobi.
Depending on the respective counties, you can request this information to aid your analysis of where to make your investment.
Understand market rates and check for pricing
Most often, scrupulous traders will inflate property prices with the aim of trapping unsuspecting ignorant buyers. Don’t be one of them.
With the internet, it has become easy to identify with different market rates for properties in different areas around Kenya. Use this information to weigh against the particular properties of interest that you come across.
If you have some extra coin to pay a real estate valuer especially if you are not able to do this for yourself, then seek one; we are happy to help you find one.
In addition, always be careful not to be offered property that is way cheaper than other properties in the area. While it may be genuine, due diligence will ensure that you know the reason behind their pricing.
There is so much more you can do to ensure that you make the right decisions before purchasing property. For instance, using credible sellers is a good safeguard from fraudsters.
In addition, as you engage outside help, always seek to be at the forefront of the process and get to view the property for yourself before appending your signature to any property.