Point Properties Ltd

Top 10 mistakes to avoid when building or buying a house

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…

Prospective homeowners could borrow up to Sh100 million at 13 per cent annual interest or at six per cent for dollar denominated mortgages from Standard Chartered Bank . This is after the lender introduced the Kenya shilling and dollar-denominated loan products targeting to disburse Sh4 billion in the next two months. Head of retail banking David Idoru said the new products emanated from a market survey conducted in Kenya and eight other Asian countries that indicated home ownership and children’s education enjoyed top priority for most individuals. He said the bank was ready to meet demand for mortgage loans using the new products that mitigate difficulties experienced by Kenyan borrowers after introduction of the interest rate capping law which tightened regulations for dishing out loans. “We are introducing flexibility based on our customers’ feedback. This facility allows customers to plan in the long term up to 25 years,” said Mr Idoru. Read more

Things To Do Before Buying A House

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…