Homeowners turn empty rooms into money-makers

Homeowners in Kirinyaga County whose children have left the nest are turning the empty rooms into money-making ventures as they capitalise on a shift in travellers’ accommodation preferences. “From our market research, we realised that many travellers now prefer to stay in small units instead of hotels,” says Peter Irungu, one such homeowner who has invested in the business. However, unlike elsewhere in the country where homestay investors employ individual strategies, in Kirinyaga they have partnered with the tourism players to ensure that high customer standards are met. “During the past devolution conference (2019), one thing was evident: there was an acute shortage of bed capacity to accommodate the over 35,000 guests we had received from the 47 counties,” says Lee Daniel, the Mt Kenya Tourism Association coordinator. The homeowners saw the low bed capacity as an opportunity to earn passive income and ran away with it. “We saw a gap in the market in terms of providing a homely environment where people could come in, unwind, relax, and sleep while on transit,” adds Mr Irungu who owns Mambo Sagana Comfort. Bob Waiganjo, the CEO and founder of Majibu Getaway says, “we embraced the homestay concept after realising that we…

10 Reasons Why You Should Own Land in 2022

There are many benefits to owning land. First, owning land can produce excellent returns. Generally, the land is considered a long-term asset that is tangible, usable, and of limited supply. Because of land being in limited supply, long-term trends have shown that land will continue to appreciate over time. Location is important, but the price is more important. Land is the most underestimated real estate investment option and sometimes even considered pointless. Unlike other investments such as stocks and commodities, there is always a demand for land. Some of the advantages of land ownership include cash returns on sale, lease income, and added assets, and potentially increased borrowing power. The rule of thumb to make the land a valuable purchase is purchasing the right piece of land at the right price. Vacant Land Requires Minimum Work As a landowner, you need not worry about maintenance and repairs. Why have to worry about things like leaking roofs, painting, HVAC, or other normal costs associated with other real estate. With virtually no maintenance costs and generally very low taxes, you can hold for the property indefinitely as an asset. Profits with a Buy and Hold Strategy In today’s electronic environment it is…

6 Reasons Why Real Estate is the Number One Investment Vehicle

If you’re thinking about investing in real estate, you’re about to embark on one of the best investment journeys of your lifetime. Residential rentals offer benefits you won’t find with other types of investments. These benefits include: Cash Flow Unlike other investment vehicles, real estate investing enables you to generate cash flow every month by your tenants paying rent. You can then use this money to pay off your mortgage, if you used financing to purchase your investment. Once the mortgage is paid off, the full cash amount goes directly into your pocket. If you used cash to buy your investment outright, you can use the monthly cash produced by your investment right away to fulfill your financial goals, create another stream of revenue, or re-invest it to build a powerful portfolio of multiple income-generating properties. Wealth Accumulation When you use leverage to purchase an investment property, you are essentially using “other people’s money” to build your wealth. Additionally, you don’t need to have a large initial investment than if you pay in full cash, only around 20% for the down payment in comparison to the full price of the home if you pay in full cash. As the home…

How to Properly Handle Landlord-Tenant Confrontations

Understanding the basics of negotiating, dealing with problematic situations, and finding an appropriate solution for everyone involved is the best way to keep problems at bay. Below are some simple steps for dealing with landlord-tenant confrontation that both you and your property manager can use. Listen to Understand, Not Just Respond De-Escalate with Purpose Go in With a Resolution in Mind Acknowledge Mistakes Follow Through Listen to Understand, Not Just Respond Typically, conflict occurs due to one party having unmet expectations or the feeling of not being heard. Therefore, leading to frustration and anger, especially when it involves their rental home. For instance, perhaps a tenant feels their maintenance concern fell on deaf ears; maybe there is a discrepancy over billing or even a disagreement over who is responsible for a broken appliance. That said, helping a tenant or fixing the situation requires a complete understanding of what their complaint truly is. So, remain calm and hear them out. Remember to ask questions if you need clarity but never interrupt or devalue the tenant’s feelings. De-Escalate with Purpose Regardless of what the situation is, meeting anger with anger serves no one. Instead, remain calm and listen to what the person…

NHC seeks Sh7bn for Athi River housing project

The National Housing Corporation (NHC) is seeking Sh7 billion from private investors to help fund, build and transfer 3,500 low-cost houses in Athi River, Machakos County. NHC acting managing director Patrick Bucha said the deal under a Public Private Partnership model will see the corporation collect rent and pay the private financiers within a period of between 15 to 20 years. This will allow investors to recoup their capital over the period after which the lease will terminate and ownership revert to NHC. The corporation says the participation of private investors in housing development projects will result in faster project implementation and will inform off-plan purchases from their customers. “We are looking for Sh7 billion through IFC under the Public Private Partnership model. Under this deal, the investor coming in through IFC will be able to finance, develop and transfer the houses to us so that he can get back his money,” Mr Bucha said in an interview on Thursday. The houses are part of the 10,500 units at Stoni Athi Waterfront City set to be developed on a 150-acre piece of land. They are composed of one, two, and three-bedroom unit houses that come with social amenities such as…

Millennial Guide towards Smart Real Estate Decisions

While it’s often assumed that everyone has a fundamental understanding of personal finance, there is a growing need for financial education. Ushering younger generations into a stable financial future is one of the best things you can do for them Instead of making smart financial decisions that pave the road to a comfortable life and retirement, many people end up spending their adult lives climbing out of the financial hole they created when they were younger; fortunately, there’s a way to avoid this. Investing in financial education will lead to wise real estate decision making, financial success and freedom. If you’re working with millennials who are looking to invest, offer them the following advice: Have at least three months of income saved before investing in property or the stock market. This will prevent extreme financial hardship should job loss, an accident, or some other unforeseen mishap occur. A high yield savings account or a money market account is a great place to save a down payment; traditional savings accounts will grow funds, but just barely Buying versus renting Housing is the largest single expense for most people. While buying a home can cost a pretty penny, renting might cost your…

Top Seven Traits of Successful Real Estate Investors

Successful investors have some common traits. Following their traits increases your chances of being successful when you are new in the industry. Successful real estate investors undergo several stages in order to gain/maintain their success in the industry. Simply being successful in real estate investments is not an overnight adventure but a combination of many traits possessed by investors in that industry. By starting a real estate investment is not enough to gain success. It is a process and a series of growth that every investor goes through before fully understanding the business/ gaining from the investment. There are different ways in which one can grow and accumulate wealth in real estate industry. Looking at traits of fellow investors in real estate industry, it is not hard to make money and improve financial situation.It is easier to learn from fellow investors by following the examples for what they did to succeed instead of going through trial and errors. There is always a room to improve regardless of how long you have been in business. Here are some of the traits that most successful real investors have in common; Know Your Limits When you are starting out, it is important to…

Top 9 strategies to earn more as a real estate agent in Kenya

We have compiled real estate marketing ideas you can use to promote your businesses. These apply whether you’re getting started or are an experienced agent. As a real estate agent, one question is always on how to boost your sales so that this in turn increases your income. In this article, we shall go over 9 different things that you can do as a real estate agent that will result in more income. Read to the end and you can identify the right solution for yourself. 1. Expand Your Sphere of Influence One way to build contacts and generate leads is throughnetworking.Networking focuses on generating real estate leads via the people you already know, including your family, friends, classmates, business associates, sports team members, and even service providers (e.g., your doctor and hairstylist). 2. Work under a seasoned mentor Working under a mentor who is in line with your area of specialization is a good idea. Through experience, such a mentor is able to identify opportunities in the market that a beginner may not identify. The mentor will also identify threats that may face the business and provide solutions on how to mitigate them. This will save so much of…

5 Ways through Which You Can Easily Lose Your Land

The ownership of land in Kenya is not absolute and this right can be lost any time Land Rights in Kenya: In 2010, Kenya celebrated the passing of a new Constitution. One of the big wins for Kenyans was the clear provisions on land. The right to ownership and use of this highly coveted asset was no longer left to the whims and caprices of Parliament – it was and is guaranteed in the Constitution. The Constitution sought to buttress this right by drawing a clear distinction between private land, public land and communal land and a distinction between individual rights vis a vis the collective rights of the people of Kenya. Private Ownership of Land The Constitution defines private land as land registered and held by any person under any freehold and leasehold tenure, and any other land declared as private land under an Act of Parliament. In 2012, another big win for Kenyans was the passing of the Land Act, the Land Registration Act and the National Land Commission Act which codifies and consolidates all laws relating to land in Kenya. The passing of the said Acts buttressed the right to private ownership of the land. The Constitution…

It’s now Easier to Buy a House in Nairobi as Prices Drop

House prices continued to decline in the fourth quarter of 2021, at a much faster rate than what was recorded in the third quarter. The Kenya Bankers Association – House Price Index (KBA- HPI), showed that house prices contracted by a higher rate of 3.99% during the quarter, compared with a contraction of 3.70% in the third quarter. The steady decline in house prices broadly reflects the headwinds in the economy that influenced both demand and supply. With demand depressed, the change in house prices was not drastic, partly because of the downward stickiness of prices – a typical characteristic of the housing market. The report attributes the decline to a general price correction trend as well as slow economic growth and weakened households’ purchasing power. In the second quarter, the prices softened by 1.62%, 3.70% in the third quarter and 3.99% in the fourth quarter of 2021. Kenya Bankers Association Research and Policy Director Dr Samuel Tiriongo noted that the sharp drop in prices in 2021 reflected subdued investments that limited the rollout of new supply amidst easing demand. “The broader construction and real estate sector manifested declines in the growth trajectory in the fourth quarter of 2021, growing…

Nairobi land prices take up 60pc of construction cost

The housing financier said on Monday that the Kenyan government should address the high cost of land and building material. Land prices in Nairobi constitute up to 60 percent of the total cost of a housing unit in a move that looks set to derail efforts by the state to speed up the development of affordable housing units, Shelter Afrique has said. The housing financier said on Monday that the Kenyan government should address the high cost of land and building material, which they said, would worsen the provision of affordable housing in the country. The firm said that studies in the market have revealed that land prices should constitute between 10 to 15 percent of the total cost of a housing unit for it to be affordable, but this is not the case in many African countries including Kenya. “In Kenya, for instance, the cost of land makes up between 40 percent and 60 percent of the total cost of a housing unit, like the case with Nairobi which is the most expensive in the entire continent of Africa,” said the firm’s acting managing director and chief financial officer Kingsley Muwowo. “How do you deliver affordable housing when you’ve…

To-do list while moving out of a rented house

It is Important for a renter to follow certain protocols, once they decide to exit an apartment at the end of their tenancy period. Vacating a house in an unplanned manner, might not only lead to legal troubles but also monetary losses for the tenant. In this context, we look at the things that a tenant must do, while leaving a rental home. Serve a notice to the landlord As specified in the rental agreement, the tenant should serve a notice to the landlord, notifying the latter about his intention to vacate. The same is true, if the landlord desires to get his premises vacated. Since rental agreements in the residential sector typically talk about a one-month notice period, you have to let your landlord know one month in advance, about the planned exit. In case the notice period stated in your rental agreement is longer, you will have to serve the notice accordingly. If you are in a hurry to shift, because of any personal or professional reason, you may have to pay the rent for the entire notice period, as stated in the rent agreement. Check the maintenance aspects in the agreement An ideal rental agreement would also…

Why landlords remain poor despite big investments

Landlords may have expected to more than double their earnings fromhouse rents when infrastructure transformed some of Kenya’s remote towns. It has, however, proven to be a difficult task. Despite new electricitylines and improved road networks, rents in many rural areas haveremained virtually unchanged. In other cases, initial rent increases were immediately overturned aftertenant protests and evictions. Many residents in rural areas, according to Joshua Mwangi, a tenant at abusiness in a village in Nyeri County’s Kieni, are low-income earners. Any attempt to charge them a price that will force them to live abovetheir means is met with opposition, even a boycott of one’s rental units. “The majority of people simply want a place to rest their heads in theevening.” “They aren’t searching for elegance,” he explains. “There is always another option for settling and avoiding a landlordwith high charges.” As a result, despite infrastructure expansion, therents charged stay mostly unchanged. Mwangi claims that rental houses timber in his village may be rented foras little as Sh500 per month, the same sum as before the village wasconnected to the national power grid. The majority of the houses have timber walls, while others have roofingsheets. Daily farmhand responsibilities pay roughly Sh250…

5 Tips for your first investment property

Buying a home is always the ultimate goal in life. Investing in real estate has historically been a way to generate wealth over the long term. But owning a home for you and your family isn’t the only way to get into real estate. You can also consider an investment property. What is an investment property? An investment property can be any type of rental property that isn’t your primary residence. If you don’t live in a home most of the time, it is an investment property. More specifically, any real estate purchased with the intention of earning a return, usually via rental income or future resale, is an investment property. These can be residential properties, such as single-family homes, townhouses, and apartment buildings, or commercial properties, like restaurants, hotels, and retail space. 5 tips for your first investment property 1. Be honest with yourself: Can you afford it? Before setting your mind on purchasing an investment property, take stock of your current financial situation. If you have significant student loans, medical bills, or other major debt, you might consider paying that down first. You’ll also need to factor in all the various costs of purchasing and owning an investment…

Common Investment Myths Debunked

There are many finance myths persisting in the society as people are still glued to old school ways of investments. The old saying “it’s better to keep your money safe in your savings account than investing in riskier portfolios” doesn’t hold ground today. Most of the people still think managing personal finance perfectly is difficult in terms of complexity & planning. This blog is an attempt to reveal the existing myths related to personal finance and in turn, educate investors on how to plan and execute their finances. Myth #1: I’m too young to start investing When you’re young, it’s difficult to look too far into the future. You’re living in the moment and enjoying a vibrant social life. There’s plenty of time to think about investing when you’re older, right? Wrong. Time is of great advantage when it comes to investing. Long-term investment strategies tend to be less volatile and may help build your wealth through compounding of interest. Myth #2: Investing requires a substantial time commitment Many people believe that they must commit long hours to monitoring their investments – this couldn’t be further from the truth for certain type of investments. Many investments demand a long-term strategy…

MPs want capital gains tax doubled

Investors disposing of properties will still be exposed to higher tax charges even with the reduction in proposed capital gains tax (CGT) after lawmakers rejected calls to factor inflationary changes on the buying prices. The Finance and Planning Committee of the National Assembly has recommended that the proposed tax on disposal of property such as houses, land, and privately-held shares in the Finance Bill 2022 be reduced to 10 percent from 15 percent fronted by the Treasury. This means the rate, applied on net proceeds from the sale of property, will double from January next year if the House endorses the committee’s recommendation rather than triple as had been proposed in the Bill. The property sellers will, however, still be exposed to high tax charges after the legislators refused to allow the introduction of inflation adjustment —technically known as indexation — on the buying price of the property when calculating the CGT. “The increase in CGT from five percent to 10 percent was a huge leap,” the committee, chaired by Gladys Wanga (Homa Bay), wrote in its report on Tuesday. “Introduction of indexation requires wider stakeholders’ consultations.” Indexation ensures that the effect of inflation on the buying price is eliminated…

Kitengela tops satellite towns’ house rent rise

Kitengela has recorded the highest increase in apartment rental prices among Nairobi’s satellite towns in the past year, driven by increased demand as more Kenyans moved farther from the capital city in search of cheaper accommodation. The Hass Consult property index for the first quarter of 2022 shows that apartment rents in Kitengeal have climbed by 16.9 per cent over the past year owing to growing demand beating other satellite towns such as Ngong, Ruaka, and Athi River which recorded growths of 8.3 per cent, 7.5 per cent, and 7.9 per cent respectively. Land prices in satellite towns also rose by 2.17 per cent in the quarter as compared to Nairobi’s suburbs which recorded a modest 0.11 per cent growth with investors betting on the growth of the towns driven by better accessibility through improved roads and demand buoyed by the sprouting up of universities in the towns.  The index shows Muthaiga was the best performing suburb in land prices growth at 3.11 per cent while Thika town emerged top in the satellite towns recording a 6.35 per cent growth. Satellite towns also recorded the strongest quarterly growth in apartment rents with Ngong and Kitengela at 5.5 per cent and…

4 Smart Ways You Can Reduce Property Management Costs

The cost of living continues to rise, and naturally, people have to think about cost-saving measures. Business owners and property managers are no exception. Property managers need to find a way to keep overhead expenses low and tenant morale high, and property management companies are fishing for smart ways to keep costs down; from utilities to building maintenance and everything in between. If you call in the above categories, here are four ways that may be able to help you lower the operating expenses at your rental property. 1. Save water A lot of owners and managers are never aware of how much water is being wasted at their properties. Did you know that undetected leaks have the capacity of increasing your water consumption by nearly one-third of regular usage rates? A small leak can drown your profits down the drain. It is important to watch your water meter closely to spot sudden increase in water use. A leak could also emanate from somewhere underground, and it may be causing significant water damage as a result. Identify the problem and have it fixed immediately. Another important step is to reduce the rate of use. Consider incorporating special features designed to…

8 Reasons Why You Need a Property Management Company

Whether you are an inexperienced first time landlord or a go it alone landlord who is fed up with the hassle of dealing with weekend maintenance calls, hiring a property management company to take care of your property and your tenants can be the perfect solution. Here are 8 great reasons why making the move to this style of property management can make really good sense. 1. Better screening of tenants First impressions can be deceptive and even the most plausible, honest looking people can prove to be difficult tenants. This is why property management companies or letting agents always take screening of potential tenants very seriously. A good company will carry out credit checks and evaluate references to make sure the chances of taking on responsible, reliable good quality tenants is as high as possible. After all, a tenant who pays their rent on time and takes care of your property is not only good for you, but is also a lot less hassle for a property management company. 2. Ensuring legal safety requirements are met There are a number of safety regulations that need to be met before a property can be let. A property management company will…

New Apartment Inspection Checklist

Making an apartment inspection checklist should be one of the first things you do when you decide to move. Moving into a new rental can be exciting, but it’s easy to overlook flaws in the new digs upon your arrival, simply because you’re caught up in the move. By making a rental inspection checklist, you can make sure you’re looking over your new home closely for any damage or concerns, not only so your landlord can fix it immediately, but so you won’t be at fault later. Ahead, learn all the ins and outs of making an apartment rental checklist. Why do I need a rental inspection checklist? An apartment inspection checklist is important to keep you focused when you move in. In the stress and excitement of moving in, it’s easy to overlook things or just get caught up in putting all your things away in your new home. If you make your checklist ahead of time, you can inspect each aspect of your rental as you start to put your home in order. An apartment inspection checklist also will help you spot anything you need to talk to the landlord about immediately. If you can get your landlord…

This is what young home-buyers and renters want

Initially, property development was rudimentary and straightforward, just focusing on the basic amenities, and enough space for parking or gardening. However, times have changed. We have a whole different generation that is tech-savvy, has unique tastes and know exactly what they want. They are considering these factors when hunting for property to purchase or rent: Within the city/convenience Gone are the days people used to invest in property located in the outskirts of a city. Millenials prefer to live in hip neighbourhoods in the city; posh and upcoming developments that are near service providers and entertainment joints for convenience. Buying vs Renting Real estate experts will testify that numerous rational millennials are keen on building or buying their first homes instead of renting. They are specific about what they want and don’t want, with a huge bias on specific trends in their homes; luxury, efficiency, and technology. Technology In fact, technology is the key determining factor for a young person to or not to invest in a property. This generation spends most of their time online; shopping, chatting, researching, and working using home Wi-Fi. This is why internet connectivity in homes is a major selling point. Network reception for cellular…

5 Common Mistakes Tenants Make

Renting a home can be an eye opening experience. If you’re a Tenant considering renting a property, here are 5 mistakes Tenants make – that are easy to make and avoid! Not knowing what your Tenancy Agreement says. If you listened to your parents growing up, you know never to sign anything you haven’t read. Make sure you go through the whole tenancy agreement before you sign it and clarify any areas of concern. Once you’ve signed it, it’s too late and you’re bound by the conditions in the agreement. Not getting copies of the Tenancy Agreement and Condition Inspection. Once you’ve signed the Tenancy Agreement and done the move-in inspection with the Landlord, make sure you receive copies. The Tenancy Agreement details who is responsible for what during the tenancy, so it’s critical to have a copy of the fully signed document. The move-in condition inspection form is vital at the end of the tenancy because it shows what the unit was really like when you moved in. Make sure both you and the Landlord sign it at the time the move-in inspection is done. Without this, it’s hard for either party to prove what the property actually looked…

Should You Buy New or Renovate?

When you’re unhappy with certain aspects of your home, you may find yourself contemplating whether to buy new or renovate your existing space. There are pros and cons to both options, so let’s dig in. The benefit of renovating and staying put Renovating can be a hassle — but so can moving, and perhaps even more so. When you buy a new house, you’re signing up to pack up your existing home and move to a new one. And there are consequences to doing so. For one thing, living in a new neighborhood can be less convenient — you don’t know your way around, the stores aren’t the same, and the adjustment is potentially lengthy. Moving also means giving up the neighbors you like and the school district your children are enrolled in. That’s a big deal. Another good reason to renovate? You’ll have a home that caters to your specific needs. Say you’re unhappy with your outdated kitchen and want a new one. You could find a home with a brand new kitchen, but you may not love the color of the cabinetry. When you stay in your home and renovate, you call the shots with regard to improvements….

Is It Better To Buy Or Rent A House?

Buying or renting a home – which is best? It’s an age-old debate, but one that really comes down to individual needs and circumstances. To help you make the decision, we’ve explored the pros and cons of buying and renting and outlined everything you’ll need to consider. Whether it’s better for you to buy or rent will depend on your personal and financial circumstances. If you’re not able to afford a home of your own, renting is a great way to live in the area you like and in a property that suits you. However, owning a property can give you more security for later in life and enables you to put down roots and create a real ‘home’. Renting a home The advantages of renting Renting a property gives you more flexibility to move quickly Renting a property can be arranged quicker than buying a home Renting carries a lower financial risk than buying By renting, you won’t have to worry about maintenance or repairs By renting, you may be able to live in an area where you couldn’t afford to buy The disadvantages of renting By renting, you’re paying off your landlord’s mortgage rather than your own It’s…

The Process of Eviction in Kenya

Does a property owner have absolute power over the process of eviction? Property law has come a long way in addressing this. The law imposes restrictions to evictions. In this article, we shall look at different scenarios in which eviction is necessitated and how to legally evict a Tenant or an unlawful settler. There are different types of eviction in Kenya. In this piece, we shall cover evictions in the following areas: – Eviction of a Tenant at a residential unit; Eviction of a Tenant from business premises protected under Cap 301; and Eviction of unlawful/illegal settlers. Eviction of a Tenant at a residential unit: – The law has placed a few safeguards in respect of situations where a landlord in a residential unit intends to evict his tenant. These are those units where rent is paid periodically, for instance, monthly or quarterly in advance. The procedure to be followed majorly depends on how parties agreed in the first place. There is, however, a bare minimum, you cannot rightfully evict anyone without a Court order. The requirement of a termination notice There are landlord and tenant relationships whose agreements are not provided for in writing, oral agreements. They, therefore, do…

Capital Gains Tax – KRA

What is Capital Gains Tax (CGT)? CGT is tax that is levied on transfer of property situated in Kenya, acquired on or before January 2015. It is declared and paid by the transferor of the property Rate of Tax The rate of tax is 5% of the net gain.It is a final tax i.e. the Capital Gain is not subject to further taxation after payment of the 5% rate of tax.Net Gain is Sales Proceeds minus the Acquisition and Incidental costCGT is on gains arising from sale of property. How to Compute Capital Gains Tax Net Gain = (Transfer value – Incidental Costs on Transfer) – Adjusted Cost ( Acquisition Cost + Incidental Costs on Acquisition + Any enhancement Cost) What constitutes a transfer? If property is sold, exchanged, conveyed or otherwise disposed of in any manner (including by way of gift), whether or not for consideration; On the occasion of the loss, destruction or extinction of property whether or not a sum by way of compensation is received in respect of the loss, destruction or extinction unless that sum is utilized to reinstate the property in essentially the same form and in the same place within one year or…

Rental Income Tax – KRA

Rent means payments received from a right granted to another person for use or occupation of immovable property which includes premium or similar consideration received for the use or occupation of property. Rental Income Taxation Under Annual Regime Rent is charged on actual amount received Expense incurred to generate rent is allowed under section 15 of the Income Tax Act. Tax is calculated under individual graduated scale or corporate rate of 30% In addition, rent on non-residential buildings (Commercial) is taxable under the VAT Act(No. 35 of 2013) – Laws of Kenya. How to determine Taxable Income Gross Rent income for the year: Property A – 5 units*Kshs. 20,000*12months 1,200,000 Property B – 10 units*Kshs. 15,000*12months 1,800,000 Total Rent income in Kshs. 3,000,000 Less: Allowable expenses (Kshs.): Land Rent/Rates …

5 Ways to Improve Your Chances of Getting a Mortgage

Buying a home is probably the largest single financial investment you’ll ever make and, if you’re like most people, you’ll need a mortgage to make it happen. While there are no guarantees that you’ll qualify for the mortgage you want, there are certain steps you can take that will make you more attractive in the eyes of lenders. Read on to find out the best tips for improving your chances of getting a mortgage. Check Your Credit Report Lenders review your credit report – a detailed report of your credit history – to determine whether you qualify for a loan and at what rate. By law, you are entitled to one free credit report from each of the “big three” credit rating agencies – Equifax, Experian, and TransUnion –every year.1 If you stagger your requests you can get a credit report once every four months (instead of all at the same time), so you can keep an eye on your credit report throughout the year. 2. Fix Any Mistakes Once you have your credit report, don’t presume everything is accurate. Take a close look to see if there are any mistakes that could negatively affect your credit. Things to watch…

Land grab cartels chipping away at investor confidence in Kenya

Land grabbing is a chronic, malignant and deeply rooted problem and sadly a familiar tale to every Kenyan. Fraudsters are increasingly falsifying documents while conniving with civil servants to secure title deeds, robbing Kenyans of their precious land, damaging businesses and fuelling investor hesitancy. The problem stems from the unshakeable composition of these criminal networks. Historical cases have seen the involvement of individuals that hold sway on various rungs of our political, legal and regulatory framework. Indeed, incidents have included employees inside ministries, high-ranking political officials, and police officers. Land cartels are sophisticated, protected criminal structures built on such foundations that have become increasingly difficult to break down. Their actions are organised and robust. For example, land grabbers often claim they bought land from a deceased individual before their death, using forged ownership and sale agreements ratified by power-wielding cartel members. Police are then deployed to physically commandeer the land. At the same time, the cartels higher ranking individuals threaten, blackmail and cajole the rightful owners into deterring them from chasing justice. As a result, many individuals and businesses find themselves too scared or unable to fund the legal battle ahead of them. This pattern of events resonates with several…

4 Red Flags to Avoid When Buying a Plot of Land.

Buying land is usually a sound investment because the land won’t go anywhere and you can improve upon it in the future. Besides the primary rule of location, it is important to learn everything you can about a piece of land before you buy it. Aside from learning all you can on paper, go see the land, and inspect it for yourself. Keep an eye out for these red flags when buying land. You’ll want to avoid these problems! The Surrounding Area is zoned for Other Use A land zone is how the local governmental authority determines how a specific portion of land can be developed. Commercial zones are designated for shopping centers and offices and industrial zones are set aside for manufacturing plants and storage facilities. Although the plot of land you purchase could be zoned for residential use, the area around you might be zoned for less than ideal neighbors. It might be empty now, but the municipality might have plans to build a nightclub or federal prison next door. Take a look at the long-term plan for the area and decide if you’re comfortable with the thought of who might move in next door. Covenants and Deed…

Beware buying homes in Mavoko illegally, Housing PS warns

Kenyans are being duped into buying houses under the slum upgrading project in Mavoko, Machakos County, by unscrupulous individuals purporting to be the developers. In a notice on Friday, Housing Principal Secretary Charles Hinga warned that the fraudsters are selling the units illegally. The PS said those targetted in the project have already formed housing cooperatives to mobilise resources to buy the houses. “The target beneficiaries are requested to be patient as the government works out a suitable tenure arrangement and affordable values for the houses,” said Mr Hinga. The PS warned that the government would not be liable for any losses from illegal home purchases. The Sustainable Neighbourhood Programme in Mavoko is part of the government’s efforts to boost access to affordable housing in the Nairobi Metropolitan area. The Sh1.6 billion project features 463 two- and three-bedroom units constructed in three clusters. The units will sit on a 22-hectare piece of land. Similar government housing projects have in the past been a target by fraudsters, prying on Kenyans desperate to own a home.

Karunguru estate: Preserving Kenya’s shared rich history

I recently joined Friends of Heritage Trust Kenya (FoHTK) at the invitation of a friend. Heritage Trust Kenya is a registered trust dedicated to the conservation and restoration of old buildings and their surroundings which tell our shared history. Last month, during a tour of old houses in Kiambu and Limuru, organised by FoHTK, I came across a social media post by John James Glassford of Australia, showing pictures of a house in their old coffee shamba, where “he lived for 20 years working on the farm in between soccer, rally driving, and young ladies!” On closer scrutiny, I realised that I recognised the house as one belonging to my friends, the Kareithi family in Gatundu. Originally known as Ridge Estate, the farm was established by 2nd Lieutenant George Glassford, a New Zealander who came to Kenya in 1919. The following year, he was allocated more than 1,000 acres on Gatundu Road — current Kenyatta Road — under the Soldier Settlement Scheme on which he planted 300 acres of coffee with the attendant infrastructure. He revived interest in golf at Ruiru Golf Club in 1929 where he was a captain in 1930 and president of the club in 1940. In…

NHC bid to sell parking slots at city affordable homes puzzles owners

Homeowners at a low-cost State housing project in Nairobi have been left puzzled by plans to sell parking spaces in a move that would leave some of them with nowhere to park their vehicles. State-owned parastatal National Housing Corporation (NHC), which is managing the Affordable Housing Programme project on Park Road, announced on Tuesday that it was selling parking spaces at the project. But the residents said the government did not disclose parking was excluded from their home purchase deals. “I am one of the beneficiaries and they now want us to pay for parking yet we were not told of this when we were buying the houses,” one of the residents said. The project consists of 1,370 units, including one-, two- and three-bedroom houses that were sold for Sh1 million, Sh2 million and Sh3 million respectively. The NHC is selling 100 square metres-sized parking lots starting from the ground floor up the sixth floor for a reserve price of Sh850,000 per slot at the establishment where 60 percent of the houses were reserved for civil servants with the remaining 40 percent for ordinary Kenyans. It is also leasing 226 square-metre-sized open parking slots on the ground floor for Sh3,000…

Man loses land for failing to utilize it for 42 years

A Nakuru man has lost ownership of a three-acre parcel of land he failed to utilize for 42 years. Environment and Lands Court Judge Mwangi Njoroge in a judgment delivered on January 17, ordered the land registrar to cancel the registration of the title deed in the name of Wilson Kimalel and issue title in the name of Peter Wachira. Wachira had in October 2020 sued Kimalel. He sought orders that he be declared the owner of the parcel of land through adverse possession having cultivated it continuously anduninterrupted for over 41 years. He urged the court to lift a restriction on the land registered on August 22, 2001, since the Land Disputes Tribunals were abolished. Wachira testified that the land he had possessed was registered under Kimalel’s name, but Kimalel has never disturbed him for over 42 years. He produced photographs as evidence of developments on the land and an extract of title proving the land was registered under Kimalel’s name. Wachira, however, claimed that his brother had purchased the land before. He stated that after subdivision, the title was issued in the name Kimalel instead of his brother’s. He added that a dispute had been registered with Bahati…

7 Tricks on How to Get Rich at a Young Age

A report released this week indicates that Kenya has added 180 people to the class of dollar millionaires. According to data provided by the Wealth-X for the Knight Frank Wealth Report 2018, the number of people with US$5 million (approx. Ksh 500 million) in net assets rose to 1,290 in 2017, a 16.2% increase from 1,110 in 2016. Out of the 1,290 individuals, 90 are worth US$50 million ( Ksh 5 billion) or more. However, the number of those worth US$500 million (Ksh 50 billion) or more is less than 10. The report adds that Kenya’s dollar millionaires worth at least US$5 million is expected to grow by 60.5% over the next five years to 2,070 in 2022. It is every individual’s dream to become rich. Popular musician 50 Cent debuted in 2003 with an album titledGet rich or diè tryin. He was right. Though one does not necessary need to have US$50 million to be considered rich, it is still worth trying. But without the correct mindset and mentality, such a dream can only remain that – a dream. It is important for one to be focused and to strive to reach those goals not by just sitting down….

Tips for Finding the Perfect Home/Apartment for You

Buying a home can be stressful and exciting all at the same time. It’s quite the adventure! It’s rare to find something that meets ALL of your requirements and fits in with your budget, whether that’s if you’re buying or renting.Often you need to look at the bigger picture and what potential the property could have within your budget. However it can be possible to find something that’salmostperfect for you and that with a few tweaks here and there, you can make it ideal for you. Keep an open mind From the outset, lower your expectations and keep an open mind. Perfection is often a pipe dream, so unless you want to be house hunting for many years to come or you have an endless budget, don’t assume you are going to find THE perfect house straight away with everything exactly as you want it. There may well be flaws with a lot of places you look at, for example, the bathroom could be too small or the wallpapering could be terrible but know that it’s what you do after moving in that counts. So while a house may not be perfect at the beginning, if the majority of it…

Freehold Vs. Leasehold Property

Whether you’re a first-time buyer, or have owned a few different properties in your lifetime, most of us have heard the terms ‘freehold’ and ‘leasehold’. Certainly, anyone who keeps up with the news has probably seen the run of horror stories about leasehold properties, and the often-complex set of obligations that they can place on owners. But these news stories rarely give a full picture of leasehold property ownership, and often make little mention of how it compares to owning a freehold property. So what exactly are freeholds and leaseholds? Essentially, the terms ‘freehold’ and ‘leasehold’ refer to the legal relationship that the owner of a property has to the land that their property resides on. With freehold properties (usually houses), the property and the land it sits on are bought and sold together, and are owned in perpetuity – the property owner owns both the property and the land. With leasehold properties however (often flats/apartments), only the property is bought and sold, and ownership of the land beneath the property – or the building it’s in – remains the separate property of a freeholder (sometimes referred to as the landlord). Because leaseholders don’t own the land beneath their property/building,…

Smart Strategies to Keep In Mind before Investing In Real Estate Properties

Investing in real estate is a viable alternative to other risky investments and a great way to achieve financial freedom. With that said, there are some smart strategies you must consider to put yourself on the right path and ensure your real estate investment proves worthwhile and pays off. Let’s dive into some strategies that you can use to your advantage that will give you the best chances to build wealth from your properties over some time. Buy and Hold Investing in property and holding it for an extended period is a low-risk investment strategy that can garner favourable returns in the long run. Instead of selling the property based on market fluctuations, you will hold the property and collect income from rent to fulfill short-term cash-flow requirements as the property’s market value appreciates over time. You must conduct thorough research and choose an area primed for property value appreciation in the future. Consider factors like excellent infrastructure development, its transport network, top-class health and education facilities, and other similar amenities which potential buyers may find highly attractive. However, keep in mind the initial costs when choosing this long-term strategy. These would include agent commissions, property taxes and insurance, and…

What to Look Out For When Buying a Commercial Plot

The most successful people do not work for money, they let money work for them. This is one of the phrases synonymous with most investors. Investing entails putting money in a certain venture that generates profit for you either through your direct input or others’ inputs. One such investment is land and, in this case,a commercial plot that could be used for current business investments. However, before committing any amount of money to buy a commercial plot, one should consider the following factors. Infrastructural development This includes roads, electricity and water which are vital when establishing a business venture. The plot should be close to the main/tarmac road for easy access to the business by prospective customers and suppliers. Inaccessible businesses seldom survive. Electricity and water are important since their absence or scarcity could increase the cost of production, which eats into profits. Population In case you are buying commercial plots plot to establish a venture that deals in retail, it is important to have it in a place that is fairly populated since the residents will be your target market. Underpopulated areas may see your venture under-perform, while overpopulated areas may pose risks to your business due to lack…

7 Essential Things to Know When Moving Out

If you’re like most young adults, moving out of your parents’ home when you turn 18 is one thing you look forward to most! It’s the first time you get a taste of independence. It’s also the first time you get to create your own space according to your style and comfort. However, it’s easy to get carried away with dreams of not contending with a curfew and living on your own. The reality is that moving out is a major challenge, and when you actually do it — a major achievement. It takes careful planning and execution of everything from budgeting to choosing a place that best suits your needs. In short, moving out isn’t easy. Most young adults need a guide to successfully transitioning from mom and dad’s home to their own apartment. Luckily, this is that guide! Here’s absolutely everything you need to know about moving out and how to nail getting your first apartment. Let’s dive in! 1. Figure out How Much Rent You Can Afford Usually, the biggest hurdle to moving out that young adults face is actually being able to afford their first apartment. Apartments aren’t cheap. Neither are the supplies to furnish a…

How Much Do You Need To Make Your First Real Estate Investment?

The biggest challenge anyone faces when seeking to invest in real estate business is money and the question people often ask is, how much do you need to make your first real estate investment? This includes knowing how much you will need to make that investment and is usually the most intimidating part in real estate investment. This is because you always have a variety to choose from, despite having started out with a different financial goal. This sometimes pushes one to change their mind and try to get something that looks better or sometimes more valuable than they had in mind. The initial goal has to change. The truth, however, is that you need not stress about having to change your budget or overspend. You don’t need to have millions in your bank account to make that real estate investment and become a property owner. When you set out to purchase property, it is important that you get this property through trusted real estate companies. So, here’s how much you need, to make your first real estate investment: Most real estate companies offer various payment options to their clients and as soon as you identify the property you want…

Blow for Tenants As Landlords Get Sweeping Eviction Powers

Landlords will now be allowed to evict tenants who default a one-month rent if proposed law is adopted. In a report to the National Assembly by the Public Works and Housing Committee, landlords will be required to give tenants a one-month eviction notice, down from the previous three months. In proposing the reduction in notice period, the report stated that it was a middle ground agreed upon by the landlords and the tenants during the public participation forums. If approved by the National Assembly, landlords will be at liberty to evict tenants who default on rent payment for just a month. The original bill by Majority Leader, Mr Amos Kimunya, had proposed default of three consecutive months. However, landlords will not be allowed to seize or auction a tenant’s property when they default on rent without following the legal process. The proposed law protects tenants from being subjecting to any form of annoyance by landlords with the intention of inducing or compelling them to vacate. Landlords will also be entitled to terminate tenancy for any reason without reference to the rent tribunal upon the landlord giving notice of not less than 12 months for residential and 24 for business premises….

5 Strategies to Building a Good Tenant Relationship

Whether you have a tenant who wants to talk on the phone, meet in person or only texts, it all boils down to one truth: the landlord business is a relationship business. Building and maintaining a professional yet personable rapport with your tenants is key to developing a lasting business relationship. Building and maintaining a professional yet personable rapport with your tenants is key to developing a lasting business relationship. Here are five tips forensuring your interactions with tenants are positive: Start off on the right foot Fromday one, you want to work on developing a positive yet professional relationship with your tenants. That means making them feel welcome and comfortable at the property, and providing them with all the information they need to start their tenancy off right. That includes contact numbers, details on your expectations, important dates and locations of the nearest grocery stores, schools, bus stops, etc. Document everything This helps with your budgeting but also helps keeps track of your tenants’ payments and requests. Be sure to keep archives of all your communications and receipts. It will also help when a tenant has a question orfollows up about a charge. Communicate early and often about repairs…

RED FLAGS TO LOOK OUT FOR WHEN BUYING A NEW HOME

Buying a new home is tough, and sometimes sellers don’t make it easy as they will do anything to make their property more appealing to potential buyers. Unfortunately, it’s left up to the buyer to search out those red flags before the ink dries. “Let the buyer beware” might be an overused expression, but it’s a perfect cautionary phrase to keep top of mind when you’re buying a new home. Here are seven red flags you should look for when looking to buy a new home. #1. Avoid listings with fewer photos when buying a new home. Would you be hesitant about dating someone who avoided showing you how they looked before meeting them? We would too. The same alarms firing off that tell you this is a red flag can be applied to the process of buying a new home. You should be immediately suspicious of the listing’s lack of photos because they’re likely hiding something. The house could need substantial work, renovations or repairs you don’t want to be stuck fixing. If you’re brave enough to do a walkthrough, just remember not to freak out as you pull up to what could be a disaster. #2. Watch out…

The Land Buying Process and Red Flags to Look Out For

Land Buying Process: Besides land being the most rewarding asset to acquire, you need to know that it comes with the highest risk factors to be avoided. Buying land as an individual can be a very risky affair. A buyer can easily fall into the hands of predators ready to feast on your hard-earned cash using empty promises. Always be ready to learn from those experienced in the business. So if you want to buy land, the first thing you will do after identifying that piece of land is getting a copy of the title deed from the owner, to conduct a search at the land’s registry. The search results will show all details of the land including, location, size, the real owner and any cautions, if any, placed on the land. Once one is satisfied, the buyer through his lawyer will draw anofferletter with details of both the seller and the buyer and the piece of land. From here, negotiations take over until a price is agreed up. After the negotiation, the buyer obtains twomaps(one drawn to scale and another with an overview of the land showing adjacent lands) from the Ministry of Lands, or a surveyor. The buyer,…

Nairobi house prices drop on apartment oversupply

Falling apartment prices in Kilimani and Kileleshwa weighed down the Nairobi property market into negative price growth in the 12 months to June, dampening hopes of a recovery in the sector hit hard by the Covid pandemic. A survey by realtors HassConsult found that on average, houses in Nairobi recorded a 1.7 percent price drop in the period, with oversupply causing apartment prices to fall especially in the upper middle class localities. Affordability is also an issue due to the massive job losses and pay cuts experienced by many Kenyans in the past 15 months. Business performance has also been negatively affected by the pandemic, thus robbing developers many would be buyers who are instead looking to conserve cash due to the uncertain times. “The property market is experiencing static sales price performance driven by the oversupplied apartment market in Kilimani and Kileleshwa, down 9.5 percent and 6.9 percent respectively in the last year,” said HassConsult. Apartments on average recorded a 5.8 percent drop in price during the period, far ahead of detached houses whose prices dropped by 1.7 percent, and semi-detached units whose prices went up by 0.7 percent on average. While prices remained in the red, rents continued…

Real Estate Can Lead To Personal Finance Stability

Real estate prices are really soaring at an unprecedented level today, but this doesn’t mean that you need to end up priced out of the housing market. If anything, once you get on the housing ladder, you will have an asset that promises to continue increasing its value exponentially. One way to make it easier for explanation is to think of how casino bonuses work. They are great incentives. You pick one, and while the wagering requirements can sometimes be a little much, you will be happy with the winnings afterwards. That is precisely how the real estate market works. It may be a little difficult to get in it at first, but once you do, you should be fairly safe with real estate prices staying steady for years to come. It’s as Tony Sloterman, product owner at Casino Bonuses Finder, says – getting the right house deal is like getting the right bonus deal. You need to do your due diligence, and if you do, you will be happy with the results, which will help you set yourself on a path to economic stability. How to Get into Real Estate – Upscale The first thing to know is that…

Investing In Real Estate: Get These Points Right and Reap Big

Creating wealth is an art and craft that requires research and learning to find the most profitable avenues. The higher the returns, the higher the risks. Therefore, it is important that one fully understands the investment options and thus make informed decisions. Some of the investment vehicles available in the market include bank fixed deposit, stocks, government bonds and real estate, among others. In this article we delve into investing in real estate, outlining what an investor should know before committing their capital. To begin with, buying and owning real estate is an investment that can be both satisfying and lucrative. It is generally capital intensive and illiquid, hence the need to be well informed before committing funds. To begin with, there are three common ways through which one can invest in real estate among them:rental properties–an investor could prefer to build or buy property, and rent it out thus earn a rental income. The amount one can collect from rental property is dependent on the type of property, its location, proximity to amenities and availability of facilities among others. Rental property offers the investor the benefit of a regular income, often monthly subject to having a tenant, and the…

Real Estate Can Lead To Personal Finance Stability

Real estate prices are really soaring at an unprecedented level today, but this doesn’t mean that you need to end up priced out of the housing market. If anything, once you get on the housing ladder, you will have an asset that promises to continue increasing its value exponentially. One way to make it easier for explanation is to think of how casino bonuses work. They are great incentives. You pick one fromhttps://kenya-bonusesfinder.com/online-casinos/, and while the wagering requirements can sometimes be a little much, you will be happy with the winnings afterwards. That is precisely how the real estate market works. It may be a little difficult to get in it at first, but once you do, you should be fairly safe with real estate prices staying steady for years to come. It’s as Tony Sloterman, product owner at Casino Bonuses Finder, says – getting the right house deal is like getting the right bonus deal. You need to do your due diligence, and if you do, you will be happy with the results, which will help you set yourself on a path to economic stability. How to Get into Real Estate – Upscale The first thing to know is…

5 Ways To Earn Good Money From Eighth Acre Plot

Land is one of the biggest challenges facing farmers in Africa and Kenya. However, if you have 1/8thacre piece of land, there are various types of small-scale farming that you can do. Examples include: Mushroom farming They do not require a huge area of land. Since button mushrooms do not grow tall, they can be cultivated on an 1/8thacre. It is enough to set up an incubation house. Having 600 bags in one cropping room, you can get close to one tonne of button mushrooms averaging ksh600/kg translating to a total of ksh700,000. Mushrooms can be supplied to supermarkets, hotels, households and can also be imported. Green chili and capsicum farming Chilies and capsicum grow best in warm and humid conditions. The area should receive about 6-8 hours of sunlight. They do not require as much water as other plants. It takes the seeds 2 to 4 months to grow and produce fruit. An 1/8thacre plot can produce at least 150kg per produce selling for ksh 50/= per kg. Poultry Farming Poultry involves keeping of chicken, which can be indigenous (Kienyeji), layers, or broilers. Improved indigenous breeds are also available. In Kenya, chicken eggs are consumed more than meat. The…

HOW TO SPOT A PYRAMID SCHEME

In the classic “pyramid” scheme, participants attempt to make money solely by recruiting new participants, usually where: The promoter promises a high return in a short period of time; No genuine product or service is actually sold; and The primary emphasis is on recruiting new participants. All pyramid schemes eventually collapse, and most investors lose their money. Fraudsters frequently promote pyramid schemes through social media, Internet advertising, company websites, group presentations, conference calls, YouTube videos, and other means. Pyramid scheme promoters may go to great lengths to make the program look like a business, such as a legitimate multi-level marketing (MLM) program. But the fraudsters use money paid by new recruits to pay off earlier stage investors (usually recruits as well). At some point, the schemes get too big, the promoter cannot raise enough money from new investors to pay earlier investors, and people lose their money. These are some of the hallmarks of a pyramid scheme: Emphasis on recruiting. If a program focuses solely on recruiting others to join the program for a fee, it is likely a pyramid scheme. Be skeptical if you will receive more compensation for recruiting others than for product sales. No genuine product or…

Smart Strategies to Keep In Mind before Investing In Real Estate Properties

Investing in real estate is a viable alternative to other risky investments and a great way to achieve financial freedom. With that said, there are some smart strategies you must consider to put yourself on the right path and ensure your real estate investment proves worthwhile and pays off. Let’s dive into some strategies that you can use to your advantage that will give you the best chances to build wealth from your properties over some time. Buy and Hold Investing in property and holding it for an extended period is a low-risk investment strategy that can garner favourable returns in the long run. Instead of selling the property based on market fluctuations, you will hold the property and collect income from rent to fulfill short-term cash-flow requirements as the property’s market value appreciates over time. You must conduct thorough research and choose an area primed for property value appreciation in the future. Consider factors like excellent infrastructure development, its transport network, top-class health and education facilities, and other similar amenities which potential buyers may find highly attractive. However, keep in mind the initial costs when choosing this long-term strategy. These would include agent commissions, property taxes and insurance, and…

Review land use to spur productivity

Land is always seen as a finite resource in Africa. Its use in many countries in the continent has been of great concern to every citizen at individual level and community levels. But even though every community associates wealth and well-being with land ownership, it is unfortunate that our cultural practices on land use are now turning this great resource into an existential risk. A case in point is the Congo basin forests of which more than 60 percent are in the Democratic Republic of the Congo (DRC). And it forms the largest oxygen manufacturing facility in the world. However, this resource which is now linked to achieving net-zero carbon dioxide emissions, is in severe threat from logging fuelled by greed. It is estimated that at least one million hectares of mature forest in DRC and five other neighbouring countries is being lost every year since 2014. The deforested areas are now being converted into agricultural land and are being used for firewood. This is likely to have greater impact soon on the African Pygmies in Congo who might be exterminated. These forest people traditionally subsist on “a forager and hunter-gatherer lifestyle.” But as the forest is being depleted, it…

Find out How Much Your Land Is worth with This Simple Guide

Value of Land: The rising cost of land and real estate has made one thing clear – your property will be worth a lot more in the coming years.The hard part now is understanding exactly how much your property costs. Knowing the worth of your land is key in getting your money’s worth just in case you sell your property in the future.There are many ways through which you can determine the value of your land. The most basic of which is by hiring a real estate agent that can help evaluate the price of your land.Keep in mind that by land, we are talking about the area only and not the property itself. Determining the value of land Alternatively,you can use websiteswhich help you automatically calculate the value of your land. Apps like this help you understand all of the important factors that affect the housing market and the price of your land. Moreover, it helps give you an accurate look at what you can expect when selling your house as compared to the price of land in other cities. As you can see above, the price of land varies from country to country.High-income countries or ones with good…

Two Rivers eyes developers with land rights sale

Two Rivers Development Limited has opened the next phase of sale of bulk land rights within its 102-acre site, targeting commercial and residential real estate developers. The company has up to 1.3 million square metres of space available under the bulk sale plan within the development which already hosts the Two Rivers Mall, a hotel and an office block. Under the plan, developers access space to construct their units, with Two Rivers providing access to utilities and other infrastructure. “We already have multibillion-shilling residential and commercial developments at Two Rivers, and we have been engaging other investors to come and be part of this urban node,” said Theodoros Pantis, the Two Rivers general manager after handing over title deeds to Centum Real Estate Limited, which has recently completed the acquisition of development rights for its Loft Duplexes and Riverbank Apartments high-end homes. “The development rights are competitively priced as they include not just the land but also key infrastructure such as power, water, sewer, ICT and sports and social amenities,” said Samuel Kariuki, the managing director of Centum Real Estate. Mr Pantis added that the residential projects being rolled out by Centum Real Estate will have a positive impact on…

Central lands registry permanently shut in digital shift

The central lands registry in Nairobi has been shut permanently after its operations were migrated to an online platform, allowing for remote access to services. Lands Cabinet Secretary Faridah Karoney said all documents stored at the registry will be transferred to their respective home counties while those related to properties in the capital city will be moved to the Nairobi registry. “The records will be taken to their home registries. The records concerning Nairobi will be transferred to Nairobi Registry,” she said adding that the ministry is shifting its service delivery to an online platform dubbed National Lands Information Management System (NLIMS) or Ardhisasa. Ms Karoney said this will mark the end of manual processing of documents in Nairobi which created room for fraud. Most of the records at the central registry are linked to land parcels initially owned by colonial white settlers in areas such as Nyeri, Nanyuki, Eldoret, Kapsabet, and Nakuru. It also has records of Nairobi’s prime areas, initially occupied by the colonial government masters, such as Karen and Westlands. The CS said Ardhi Sasa is manned round-the-clock by a team of 40 staffers who are equally split on two day and night shifts. The team helps…

Kenya launches digital land information platform

Kenyan President Uhuru Kenyatta on 13th April launched Ardhisasa, a digital land information management system aimed to bring efficiency and transparency to the land sector in the country. The new system, which marks the end of manual land transactions in Nairobi, was developed by a team of Kenyan techies over a three-year period and is designed to enhance the security of land records, speed up land transactions and curb fraud. “The full rollout of the program will facilitate the resolution of historical land disputes and guarantee the security and sanctity of your land title deed,” Kenyatta said during the launch of the new system in Nairobi. Kenyatta said that the digital platform will protect them from exploitation by cartels, middlemen and fraudsters, noting that with the advent of Ardhisasa, missing files, perennial fraud, corruption, and illegal land transactions will be a matter of the past. He said that the new digital platform will benefit all landowners and potential landowners by providing accurate information required to support the commercialization of land in a convenient and timely manner. Ardhisasa project also saw the production of Kenya’s first digital topographical map and those of the nation’s 47 counties, as well as a cadastral…

Most Popular House Hunting Scams to Avoid in Nairobi

Scammers have learned how to exploit the housing demand in Kenya and target Nairobi which is home to a population of about 4.4 million. The shortage of proper and affordable housing has created an enormous number of desperate people clamouring for the few affordable houses available – hencebecoming easy targets forunscrupulous agents. The Covid-19 pandemic made a lot of Kenyans to move houses and seek more affordable homes as an adjustment to the cash crunch. A few Kenyans also took the opportunity to upgrade their residences since land lords were more willing to negotiate. Too Good to be True One of the most popular house hunting scams is where the houses advertised are said to be in a prime location but the rent doesn’t not correlate. “Bedsitter in Lavington at Ksh5,000. No Agent,” a shabby black-and-white poster stuck to an electricity pole could read. If you come across a listing ad that looks too close to perfect, house hunters should do some research before committing their money. These scammers often take advantage of first-time renters who have no clue or past experience. Online content creator Chebet Ronoh was a victim of this con, having been persuaded by an ad for…

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,…