Hidden Costs when buying a house in Kenya
Buying a house in Kenya for the first time
When buying a house in Kenya, the value should be within your budget, in a good locality and has the right comforts. Nevertheless, are you conversant about the hidden costs when buying a house in Kenya?
When buying a house in Kenya, you should always articulate yourself financially for contingencies that might come up in the buying procedure. Costs of buying a house in Kenya don’t end as soon as you make the first installment on the house. Expenses such as insurance, conveyancing fees, and utility bills are some of the things you need to keep in mind.
If you are relocating to a new house that didn’t have any former occupants, good for you. But if it’s not a new house, you might need to pay for home improvement. You might also need to change home appliances such as the fridge and cooker. It might look like a modicum to pay but when you package it together, you might spend way more than you expected.
What are some of the hidden costs that might arise when buying your first home?
- Examination Costs
If you are buying an old house in Kenya, it is substantial to get somebody to do a review in advance before you move in. Motive being, there could be a problem with the construction of the house, the house could be verminous by pests, and there could be other glitches you might not realize on your own.
When you get a professional to do the review, you will have equanimity when you decide to move or hire out the place.
- Stamp Duty Fees
- Loan Application Fees
The amount of stamp duty waged is reliant on the position and value of the house. The more the house is worth, the higher you pay. For the transference of immobile property in built-up areas,
Utmost people viewing to buy a house in Kenya will take a loan to finance it. Once you get the mortgage, you are charged an application fee which is usually non-refundable even if the loan is concluded. Though, you need to elucidate with your financier whether this fee is obligatory. Some financiers will relinquish this fee under certain settings. It doesn’t hurt to ask.
- Legal and Conveyancing Fees
It is normal to buy a house in Kenya on your own without in quest of help from a lawyer. However, it becomes an extra cost if you don’t go through the procedure appropriately. You would relatively budget for a conveyancer who will assist you comprehend what you need to pay for and avoid getting defrauded or fiddled by people who take advantage of initial home buyers.
- House Relocating Costs
Most people put their key effort on the price of the house and fail to recall about making financial arrangements for the actual move. Once you fruitfully buy the house in Kenya, you will need finances for the actual move i.e. packing and engaging the moving truck company.
Beforehand hiring quality movers, you should enquire dissimilar moving companies to get different pricing before settling down on one. Read online appraisals to see what other people are saying about the firms you have in mind. Networking with other people can also suggest for you to certain moving companies. Apart from the moving costs, this moving checklist can help make the moving process not so much stress.
- Efficacy Costs
If you are from renting to your new house, your efficacy costs are going to upsurge. You also would want to be as contented in your new house as you were in your other one. Are you cast-off to having an internet connection in your house? Now that you have moved, you might have to get a technician to awl holes on your partition to connect your internet. This comes at an extra fee.
Some of the utility charges you need to keep in mind are water, gas, electricity, internet, and garbage. These are monthly charges, however, setting them up is an added cost.
- Prepare in Advance
The one way to dodge these concealed costs when buying a house in Kenya is to strategize your plan beforehand. The only way to do this is to study lengthily on what you will require and budget as planned. You can come as close to a low-priced house in terms of the sale price but the unseen costs when buying a house in Kenya will leave an unfathomable depression in your pocket.
Buying a house in Kenya becomes less traumatic when you recognize what to expect.