Real estate is all about location. Whether you want to buy an apartment, a stand alone home or a floating island. Select a great location and you’ll be sure to have a winning investment.
2. Do the math
Real estate is a numbers game. If you don’t understand the numbers you will lose the game. Be smart about your finances. Know how much money you need to put away for the purchase. This is true whether you are obtaining a mortgage or paying in full or installments.
For mortgage arrangements, ensure you know how much in monthly payments will be debited to the banks. Plan your payments and always have a plan B.
Real estate agents are your friends. Find one that has the networks to home sellers and buyers. They literally become your eyes and ears on the ground and save a lot of time and money on otherwise dead-ends.
4. Put your ears on the ground
Buy a house after you have actually ‘felt’ it. Be the one to examine the property. Talk to the neighbors Observe the locale. Do not rush into a deal without understanding all the material facts
5. Get a good lawyer
Like the real estate agent, lawyers are your friends. They should be able to draft and interpret all the legal documents and hold your money in escrow if need be.
6. Work with property valuers
Property valuations/appraisals are done in order to determine the value of the property. When obtaining a mortgage from banking institutions in Kenya, the services of a registered valuer is a stated requirement.
The property valuer can also conduct inspections in order to assess the amount of work/improvement necessarily upon purchasing. This value can of course be used when negotiating for a lower offer price.
Many home buyers overlook home insurance until certain circumstances occur. It is prudent to insure either your home or the valuables within it or both. Insurance can cover theft and burglary, fires and any other risky factors.
There you have it. 7 great tips to apply today. Let us know if there is anything we missed out or any questions you want answered concerning real estate. Happy hunting!