As a first time land buyer in Kenya, the worst mistake you could make is making blind decisions. Everyone dreams of owning a land, it is said to be the most valuable asset you can have. In Kenya, many use it as a long term investment. It’s only wise that you take your time and understand what you must do inorder to have a smooth transcation.
Buying land is no joke and should be taken with all the seriousness it deserves. Considering you are a first time buyer, you need to know as much as you can about buying land. This will go a long way in protecting your money from fraud. You also need to know how you can get reliable help from professionals. Take notes of the qualities you will be looking for when looking for a land agent as discussed in the previous article.
The following are top 4 tips on how to avoid mistakes easily done by first time land buyers in kenya:
If you are planning to buy land, the first step is having a budget. What can you afford? Know your financial status then check from the market what you can afford. You should then ask yourself the mode of payment that works for you. You can choose to use installments or even cash. You will notice that many land selling companies allow their clients to pay a certain amount of deposit then pay the rest in installments.
You should also have in mind that owning a land means paying tax. The amount of tax paid depends on the location or even the size of land. This will affect what you buy. Budget the land taxes annually then select the location and size you can afford.
Finally, if you choose to take a mortgage, make sure that you contact a lender before you even select the land. Let him evaluate whether you can qualify for a mortgage. This will help you when you identify the land and you have to put an offer. Also, the lender can help you know what you can afford. This will prevent you from overspeeding then leave you bankrupt.
2. Know what you want
Why do you want to buy land? If you don’t have an answer to this then you are not ready to buy land. As far as land is considered, people use it for different purpose;
- Future home
- Recreational purpose
- As a farm
The above reasons call for different locations. For example, you are not expected to be looking for investment land in a remote location,instead, you ought to be looking at areas near major towns like Nairobi where its value is guaranteed to increase.
Also, knowing the purpose of your land will save time and resources that could have been used in search of a land in different locations. You will have a clear mind on what you are looking for.
Contact a land agent
Buying land is a very crucial step that will need help from a professional. What you must know is that a house agent is very different from a land agent. They both have different experiences. Getting a qualified agent is as crucial as any other process during the land purchase process. A qualified agent knows of the best deals and exactly where to look for a land that fits your interest.
I understand that some people may do away with agents to avoid paying for their service but choosing to work with an agent will always pay off at the end of the day. They will save you time and money since they know all the possible listings around that will suit your interest. Also, they will use their experience to negotiate for a better deal than the one offered. This would not be possible if you choose to work on your own.
Finding your perfect piece of land will not happen overnight. It takes time. In fact, it may even take a month . Even after finding the land, it might take more than a month to close the transaction.
It might take even longer for those that choose to take a mortgage . the lender will first run necessary measures in order to approve your loan and make environmental evaluations. All these will require a lot of patience.
Always focus at the end goal, which is owning that piece of land. Then all your patience and hardwork will pay off.