Tips For Owning A Home
What is involved in buying a residential property?
Buying a home is an exciting time. But, as one of the largest purchases you’re likely to make, it can also be seen as one of your best long-term investments – so it’s important that you get it right.
This means doing your homework and making sure that the property you will eventually buy is the right one for you in terms of price, location, value, size and lifestyle.
Why should I buy a home instead of renting?
You will have a sense of personal satisfaction owning your own home. You will be able to create your own private space that is unique to you. When you own, you can do it all your way! Owning a home is the possibility of the home increasing in value over time.
If you rent, you write your monthly check and it is gone forever. At the end of your lease, you have nothing and face the possibility of increasing rental rates. By purchasing a home, you are entitled to deduct the property taxes you pay as a homeowner.
What factors do I need to consider when buying a home?
Good city services, social amenities proximity and a playground if you have kids, convenient shopping and transportation, a track record of sound development and good planning–these are just a few considerations that are important to many people when they choose a community in which to live.
Can international Buyers purchase property?
Yes, they can, the ideal way to purchase property in Kenya is to appoint a lawyer here and he/she can act on your behalf.
Your lawyer will liaise with us in order to have the sale agreement signed by you, for the payment of the deposit, and will also undertake to get the title of the property transferred into your name once the development is complete and the payment is completed.
When should I start looking for a mortgage?
The best time to look for a mortgage is before you look for a house. This enables you to determine the amount of money you can borrow and what house you can afford.
How does one obtain financing in Kenya?
Financing for the purchase of properties can be obtained from Mortgage companies, Banks and Building Societies in Kenya. Details on mortgage schemes, interest rates, repayment terms etc can be obtained directly from them.
What are the property transfer procedures and charges? The property transfer charges are 2% of the property value in addition to an accelerated installment, payable whenever a property is sold to completion.