Tips On Investing In Real Estate In Kenya
There are various interesting Kenya real estate opportunities that you can take advantage of at the moment. We are faced with a growth that is easy to take advantage of because of the fact that you can so easily make investments that will be really profitable in the near future, with excellent options for vacation rentals, second homes, town houses, apartments and villas.
Besides the city of Nairobi, where we obviously have a really good and active real estate market, you can also find various properties that are great in Kisumu, malindi, Lamu and Mombasa. The problem is that there are so many choices that are available that it will be difficult to choose a really good opportunity. With this in mind, here are some great tips on investing in real estate in Kenya. All the advice will be really valuable for you.
As soon as you locate Kenya real estate that you see as being interesting, start walking or driving around that neighborhood. Is there a huge community interest? Are there shopping centers or schools nearby? Is that property located really close to the slums? Keep in mind that being close to slums is something that will drastically decrease property value in Kenya.
It is possible to see the properties as being a part of really posh suburbs but there are parts of Runda, Loresho and Lavington that are not at all interesting and not much value will be offered because of the neighborhood.
You want to be sure that the agent is 100% honest with you. You can opt for various research options like the Ministry Of Lands or the municipal council. This will show you who the owner is and various other facts that you may want to be careful about like lease periods that exist. Property encumbrances are noted on titles so you can easily see if there is something that is hidden.
You can go further with negotiations than in other countries when you want to invest in Kenya real estate. In most cases around .5 or 1 million shillings can be knocked off the asking prices. Developers also offer huge discounts when constructions only now started. See how much is needed as down payment and never not negotiate.
You need to always research all available mortgage providers in Kenya. There are many firms that offer great options for you. For instance, we can mention Kenya Commercial Bank, Housing Finance and Barclays. In most situations you will have to deal with a variable interest rate so you have to be extremely careful what choice you are about to make. At the same time, make sure that you are going to hire a really good lawyer that has a lot of experience on the market. In fact, in Kenya, when it comes to real estate transactions, lawyers are necessary and can help you out a lot more as they offer a lot of knowledge. Also, a reputable one is going to give you access to protection against those that are not necessarily honest.