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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…

If you want to make headway on building your wealth, simply saving money might not be enough. Your next move to maximize your savings should be to begin investing. Investing is an important building block of a sound financial future and can help you get higher returns from your money than you’d get from a savings account or certificates of deposit. 1. Set the stage for sound investment Before putting a shilling in any investment set the stage for sound investing. First, set up a budget indicating all your capital and recurrent expenditure. 2. Seek help For brand new investors, the process might be overwhelming. If you are unsure of how or where to put your investments, get a firm that can advise you well. 3. Start with simple Investments The best way to invest is to keep things simple. Begin with a simple and manageable monthly investment and work your way up as you get to know the investing markets better. 4. Learn where to invest your money Our CEO – GeorgeWachiuri — an entrepreneur, author, motivator and astute businessman offered the following advice on where beginners should invest: “For beginner investors, the best investment market is the real estate sector. With a 45% –…

Property deals in the country will now be concluded within 16 days, unlike in the past when the process was unnecessarily long. In addition, the government will compensate for all losses incurred in transactions conducted in good faith but based on erroneous information provided by its agencies. This comes after the Land ministry announced a complete overhaul of the procedural bottlenecks that have been making property transactions take unnecessarily long, discouraging would-be investors in the sector. Thanks to the new procedures, Kenya is now ranked 125 (up from 129) among the 190 member countries of the Property Ranking Database. Land Communications Director Joseph Kamuto said the improvement was achieved by reorganising the procedures for registering property deals, authenticating them and issuing title deeds for them Mr Kamuto says the government’s intention of issuing title deeds for all properties, which has so far see it issue 3.2 million title deeds countrywide against a target of 4.5 million by 2022, has also made property transactions more secure. This, he said, would improve the security of property rights, which will, in turn, lead to increased revenue generation for the government since investors will have the confidence to invest in the country since there…

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…

Property for Sale in Kikuyu Town, Kabete. These beautiful 2 bedroom apartments are located in Kikuyu Town.

Sectional property ownership is not well understood by many people, so to discuss it, let’s begin with a story. Among the interesting tales in Swahili folklore are stories about a hilarious and witty character named Abunwasi. In one such tale, Abunwasi built a storey building and sold the upper floor to someone who was looking for a new home. A few months down the line, however, the neighbour upstairs crossed Abunwasi and matters escalated to a point where Abunwasi wanted his neighbour out. So Abunwasi approached the neighbour and asked him to move out. But even after several eviction notices, the neighbour remained resolute that he had legally bought the house from Abunwasi and would not be forced to move out. One day, Abunwasi went up to his neighbours’ house and told him: “It seems like you’ve decided you’ll live in this house forever. That’s all fine by me. I have come to let you know that from midnight tonight, I’ll be demolishing my ground floor home and you can’t stop me because it’s my house.” “What am I supposed to do?” asked the agitated neighbour. “It seems that you love your house very much,” Abunwasi said cockily. “I suggest…

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…

It is likely to assume that during an election period, investors delay investing in new properties and the spending rate decreases.We see a lot of property with the ‘for sale/rent’ signs. Apartments, houses, villas and bare land around Nairobi. Nairobi, has some of the most expensive property, land and housing. On Mombasa Road, an acre goes for about 480 million, and for the same amount, you can get a quarter in Upper Hill. In Muthaiga where ambassadors, top politicians and CEO’s reside, an acre goes up to 300 million shillings. Going by the house pricing index released by the Kenya Bankers Association in 2016, there is a reason to turn a blind eye, not really by being ignorant, and have a bit of doubt. In the past three years or so, there has been an increased supply, surpassing demand, and is now working against the developers, since it’s an inflated supply, which leads to losses. Price drop and stagnation are being witnessed in some parts of Nairobi and the market is being termed as not lucrative, at least at the moment. Two things involved : People are not spending but they are preparing to spend after the elections Prices will…