10 Important Things to Consider When Apartment Hunting

Whether it’s yourfirst rental experience or your last, finding the perfect apartment that fits both your lifestyle and budget is never easy. Before you sign that lease, keep these 10 very important considerations in mind while apartment hunting. The Price First and foremost, can you reasonably afford to live there? Before seriously considering an apartment, you need toseriously consideryour budget. Conduct a bit of online research to get a sense for the typical rental rates in the neighborhood. If you’re willing to pay a high price for a certain location, then you’ll need to find other ways to cut back on expenses. Or you may need to find roommates to help cover the costs. Also, keep in mind that if an apartment’s rent is unusually low (read: too good to be true) compared to other rentals in the area, then this may be a big red flag. Bottom-line: make sure you know the market before looking at apartments and negotiating a price. The Quality Don’t trust those pretty pictures you see online. Before you rent an apartment, you should arrange to see the place in-person. Keep in mind that cosmetic issues, such as broken blinds or scratches on the wall,…

Do You Need A Property Management Company?

Choosing whether or not to use property management companies is a hard decision for many real estate investors. Some wouldn’t dream of investing in real estate without a property management firm in place before closing on a respective deal. Others, however, struggle to break free of the “do-it-yourself” mindset that prevents them from accomplishing more. As it turns out, only one thing is certain: using a property management company isn’t as obvious as I would have liked to assume. You may ask yourself questions like “What does a property management company do?” or “Are property management companies worth it?” If for nothing else, I am convinced the benefits of using a property management company far outweigh the negatives. It is fair to say the argument stems from the cost one must absorb to work with a property manager, but I digress. The cost isn’t so much a negative, but rather an investment. While it does, in fact, cost money to hire a third-party manager, I can assure you it’s well worth the price. What’s more, their involvement could very easily increase the chances of growing your bottom line. What Is Property Management? Property management is the practice by which a third party is…

3 Common Mistakes Land Buyers Often Make

In the African setup, investing in land has always been an important investment regardless of the purpose. In the increasingly urban setting, owning a piece of land has become more of a necessity than a sign of pride. Most Kenyans want not just a plot but a house on it. That being said, demand for land has skyrocketed, making it quite scarce as everyone is rushing to secure something.  Within Nairobi land prices have risen beyond the reach of many, and so land buyers are looking for affordable land on the outskirts of the capital in areas like Kangundo Road and Eastern Bypass. When securing property, be it land or building, it is important to avoid mishaps and below are three main mistakes that buyers often make and pay for them dearly. Ignoring Paperwork The number of cases of regarding individuals being corned is countless. Going through your paper work, be it sale agreements or contracts, is important as there are many fake documents changing hands every day. The importance of going through these documents is to ensure that you are safe and sure that your investment is legit by law. If need be, it is advised to involve your lawyer to go…

Simple Business Ideas Anyone Can Try in Kenya

With fewer jobs in the market and thousands of graduates chasing after them, securing employment in Kenya is about as hard as starting a business without the right information. Understandably, most Kenyans are – whether degree, diploma or certificate holders – are turning to business as they search for their dream jobs. Business is good. Most millionaires in the world became wealthy from business. But success in business is not assured as you need a great idea, capital, determination and sheer hard work. To help thousands of Kenyans looking to venture into business, below is a list of 15 simple business ideas that are not only easy to start with low capital requirements but also easy to run given their simplicity. Review the list keenly and have your pick. Eventually, make the move and stick to it and start your journey to being a businessman or woman. Selling second-hand clothes This is one the most popular business in Kenya, but tricky to run. However, second hand clothes business is booming and if you are looking for a business to start, this would be the best place to. The good news is that you don’t require a lot of capital to…

How to buy land in Kenya

The Kenyan constitution permits citizens to acquire land within any county providing they comply with the legal procedures of buying and selling land in the country. Here are the steps to follow when buying land in Kenya: 1.) Land identification This is an important step where soon-to-be landowners identify a piece of land that meets their criteria such as location, size and soil type. 2.) Search at the lands registry After identifying a piece of land that meets the desired standards, a prospective buyer should obtain a copy of the land title deed from the seller to facilitate the search. Normally, it takes about two hours to get search results after filing a search application form (and attaching a copy of the title). This process costs Sh520. Search results show details of the land including the registered owner of the land, acreage as well as any caveats registered against the title deed. A valid search should be no more than six months old. 3.) Search at the County office The search helps to unearth any unpaid land rates which should be factored in the purchase price. A certificate of clearance from City Hall will cost you Sh7,500, but the fee…

Acorn raises Sh2.1bn in under subscribed Reit offer

Student hostels developer Acorn Holdings has raised a total of Sh2.1 billion from investors in its real estate investment trust (Reit) issuance, falling short of its target of Sh7.5 billion. This represented a subscription rate of 28.4 per cent, which the company says met its minimum success threshold of Sh754.4 million. It is the latest Reit to be undersubscribed, indicating lukewarm enthusiasm for the emerging investment vehicles. Ilam Fahari I-Reit, which offers investors income, raised Sh3.6 billion in November 2016 against a target of Sh12.5 billion. The offer was, however also deemed a success since it surpassed the minimum threshold of Sh2.6 billion. Fahari proceeded to list on the Nairobi Securities Exchange (NSE) where its units (stocks) are trading at a third of Reit’s book value of Sh20.86 per share. Fusion Capital terminated its proposed D-Reit (which was to develop properties) in August 2016 after raising Sh873.8 million against the minimum target of Sh1.1 billion. Acorn offered investors an opportunity to invest in two Reits –one focusing on developing student hostels and the other one offering investors income from completed units. The D-Reit raised Sh1.4 billion while the I-Reit raised Sh641.5 million. Each of the vehicles received subscriptions from the…

Title deeds to be issued afresh to curb fraud

Title deeds are set to be registered afresh as the State shifted the administration and management of land to new laws to boost efficiency in transactions and curb fraud. The Lands and Physical Planning ministry said the titles will now be handled under the Land Registration Act, 2012 —which comes with significant changes in the manner private land is managed. A pilot run of the migration is already underway in Nairobi with some 5,493 parcels already marked for conversion by the Registrar of Lands. “All transactions or dealings relating to parcels within the registration unit shall from April 1,2021 be carried out in the new registers,” the ministry said. Under the old legal regime, title deeds were issued under the Registered Land Act (RLA), the Registration of Titles Act (RTA), the Land Titles Act (LTA), and the Government Lands Act (GLA) that have now been repealed. “Each of these pieces of legislation created its own register, making land registration complex. The confusion occasioned by the different regimes has become a breeding ground for fraud, delays in service delivery, centralisation of land services and threats to the right to property,” Lands Cabinet Secretary Farida Karoney said. Titles issued under the RLA and…