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Are You Aware of These 6 Costs When Buying Property?

Are You Aware of These 6 Costs When Buying Property?It is interesting to note how so many buyers and investors at large experience a total blackout when it comes to the transaction fees related to buying property. When you get to the point of buying a house, the devil is in the detail. You need to be aware of the amount of money you will spend throughout the entire buying process. Apart from the sale price, there are other real estate transaction fees you should keep in mind: mortgage fees, paying for a lawyer, and taxes related to property. Not forgetting to mention the hidden costs you might not be aware of. These pointers will help you make the right decision when the time to buy a house comes. In turn, you will make the right investment decision knowingly. What fees should you keep in your mind when buying property in Kenya? You Have to Get a Lawyer The importance of getting a lawyer is like having oxygen: you can’t do without one. Lawyers in Kenya are regulated by an Act of Law known as the Advocates Remuneration Order. Sometimes, the fees that the lawyers charge are regulated by ethical principles and…

Although there are dozens of mistakes that one can make while investing in real estate, the following 10 are the most common: 1. Expecting to “get rich quick” This kind of wrong-headed thinking is fueled by self-appointed gurus who produce infomercials that make it sound so easy to get rich in real estate. But making money from housing is not easy. Yes, it is a good long-term investment, but so is putting your money in a mutual fund, which is a lot easier. These “gurus” don’t talk about all that hard work, they simply want to involve as many amateurs as possible in the market so that the “experts” can increase their profits. If you want to produce income and capital growth, you have to be smart and be willing to work, research, and learn. You also have to understand your risk tolerance. So if you want to get rich quick maybe you should focus on another type of investment. Remember that the shorter the investment period and the bigger expected returns, the bigger the risk. 2. This is not a one-man show The key to success is building the right team of professionals. At the very least, you need…

The case, however, is that many Kenyans indulge in land transactions with such reckless abandon that they disregard the need to maintain the barest modicum of due diligence. That is when they end up being defrauded. So here is the process explained step by step to help you know what to do next time you want to buy property in Kenya. 1. Identify the property The first step is obviously finding the property (land, house etc) that interests you. You can do this by contacting the vendor directly or by enlisting the services of a reputable real estate agent. When you have identified the property you want to buy it is important to conduct a site visit to ensure that the property and its surroundings meet your specific needs. 2. Conduct a search The buyer should obtain from the seller a copy of the title of the land and a copy of the national identity card of the seller. The copy of the title will be used to conduct a search of the land at the lands office while the copy of the national identity card will be used to verify the identity of the seller at Registration of Persons…

Buying a house is not like buying any accessory, it is a huge step! This is a big investment that requires a lot of research and patience. Before you enter into the world of home-ownership, there are some things that you need to do. 1.Have a checklist Before looking for a house, visiting a property website or calling agents, you should first know what kind of house you want, how many bedrooms, bathrooms, land size area, your budget, location and your mortgage options. 2.Create a budget To avoid any financial mess, make sure you go for properties that are less than what you can afford. ‘Don’t bite more than you can chew’ this will help you save a lot of time and money. When you get the house that you want, you can use the money saved to renovate or even customize it for that authenticity. 3.Be patient Take your time when searching. Be open minded and visit more houses for different options. Don’t rush into making a deposit on the first house that you like because you might find a better deal than what you got before. Once you find the house that you want to settle for, find…

Buying your first home is not like buying a shoe or any accessory. It’s not a walk-in walk-out, over the counter style purchase without the pomp and ceremonious procedure it deserves. If anything, it is a huge step! While the aim is to own property, you have to pump in a lot of research to understand the pros and cons of buying versus renting. The interest rates, housing market, mobility and your future plans are some of the things that need to be considered. Before reaching a conclusion, you have to put all factors on a weighing scale, push the numbers on an abacus and make a sound decision with all the metrics right. While the suspicion that real estate agents are making a living out of a gleamy con-man lifestyle in the field, potential buyers are always on the look out trying to find someone who knows enough. Using a savvy and trusted realtor can help protect your interests and also get you the right information with regard to buying a home. Ngumi Gituro, 1st Level Product Support at Jumia Classifieds Africa and a home buyer, expresses that, “It is important to account for every expense that you make…