Before buying a home, there’s no doubt that there’s to consider before taking the jump, however the process does not need to be a stressful one. Here are some expert tips to help steer in the right direction before spending a truck load of cash in your dream home.
1. Do your homework!
Everyone’s idea of a “dream home” varies so it’s important to gain some clarity about what specifically matters to you. Doing some personal reconnaissance is the best way to figure out if a neighborhood is the right place for you. Whether you are single or have a family to consider you need to visit the location to ascertain the following.
- public transport.
- access to major roads;
- access to shopping or entertainment hubs.
- schools & other public amenities;
- security & community
2. Check your finances first.
While property investment is a proven path to long-term wealth, you should carefully consider whether you can afford to maintain your repayments over the long term.
All things considered, it’s the most important step before you start looking. Property repayments or the costs of owning a property can greatly impact your hip pocket so its check your budget, cash flow and what you can afford to borrow without straining your current lifestyle. Exhaustively explore all available Morgate Lenders in Kenya and carefully consider their repayment rates and terms.
Owning a property will also have a host of “silent costs” that can quickly break the bank if not carefully considered. Some of costs to look out for will include;
- Stamp duty
- Loan repayment fees
- Council rates,
- Conveyancing, Building and pest inspections
- Lenders Mortgage Insurance
- Other additional insurances
3. Take your time – Don’t rush
A common mistake is to get overly excited and rush through the process of purchasing a property. Always check and reconfirm your information, especially if the seller is pressuring you into buying right straight away. While wasting time during a sale process, don’t get too hasty and make a very expensive mistake. Only move ahead once you’re completely confident in your choice.
4. Sniff out any issues with the property before purchase
Once you have locked in on a property, take the time to investigate any no nasty hidden surprises. It’s common for property sellers to conveniently leave out issues with a property that might compromise the sale. Its your job to know if there are any an unapproved council permits, installations that don’t work, water leaks and other such issues. It could end up costing you immensely if you assume everything is good to go when you sign on the dotted line.
5. Always work with experienced and certified professionals
With any big purchase, surround yourself with verified experts in their field. Where budget allows, always hire licensed Conveyancing, Architects and builders and home inspectors to help you to highlight any unforeseen issues before making any major decisions regarding your ideal home or property.
6. Learn how to negotiate as much as you can
When looking to purchase a property, never lose control of the negotiation or talks with the seller. Robust negotiation is key, and always be willing to walk away if the deal doesn’t feel right. Property sellers are usually operating in their own interests i.e., to get the highest possible price so get some insights into the seller’s motivation to gain an advantage. Pressure tactics are part of the game – learn how to respectfully push back.
7. Follow your head, not your heart
In life, you should always follow your heart – many good things can come from it, unfortunately property ownership is not one of them. Be conservative, learn the market & keep yourself informed. Even if you miss out on a highly sort after piece of property, there will always be other opportunities. Like every other financial transaction, set your terms and have the market meet them.
8. Verify Existence & Property Ownership
Also known as ground verification, it’s a key and important step before entering the property market in Kenya. Instances of people buying property that does not exist are well documented, so learn from other people’s mistakes and not get caught out by a scammers and conmen.
Ensure that your purchase is authentic and real, it should generally involve five parties, You(the buyer), a real estate lawyer, a witness, and the ministry of lands.
