While real estate will remain to be the number one option for Kenyan investors, you need to watch out not to be among the hundreds of con stories we have been receiving in the recent. It’s sad to see hardworking Kenyans getting conned through unethical real estate dealers. That’s why we have decided to educate our clients and show you some of the ways you can outsmart these cons.
The first thing you should do before even looking for a house ought to be getting an appraisal from the bank. This is a very crucial step since you will be sure of what you can or cannot afford. The bank will have a look at your earnings and direct you on how much you can get as a mortgage.
- Understand the documents
Buying a house is not something you do every day. It’s a very crucial step and deserves all the seriousness. Before getting your signature on that dotted line, make sure you understand the payment plan and involve your lawyer. Some of the documents that will need your understanding are:
- Sales agreement
- Lease agreement
- Documents from the bank or lease company
- Legal documents
Be keen and ask for legal advice where you don’t understand. Don’t be that buyer who only knows the cost of the house and nothing else.
One of the greatest mistakes a buyer could make is committing to a property before viewing it. That is not a smart move. It doesn’t matter whether you’re buying the property as off-plan, under construction or already complete, you need to visit the site. This should happen before making any payments. Also, note that you should not pay to view any property. If so, then that should be a red flag.
At commercial property Kenya, we take our clients every day to view the properties at no cost. All you have to do is schedule site viewing and leave the rest to us.
- Due diligence
The due diligence involves getting your documents approved by professionals and also asking the neighbours of the property about it. Also, have your lawyer search the property to make sure it’s free from inconveniences such as outstanding charges, grabbed land or even property being built on a road reserve.
- Know the seller
If you are dealing with an agent or developer, make sure you know their previous activities in real estate. Has the developer done any successful development? Check for all the required approvals to be in the business.
If it’s an off-plan or under construction, check the means of the developer. Is the financing the project or getting a bank to finance the project? This is because some developers depend on the off-plan buyers to finish the project, which later turns to chaos since most are never completed.
- Get a valuer
If you have doubts on the pricing of the property, get a valuer who can and check the property. If you are getting a mortgage, the bank’s valuer will be sent to double-check the property.
Be keen when checking the documents since off-plan property documents are different from those of ready-made. The payment plans are different hence the need to understand in detail
- Get the best agent
When getting a house, all you need for things to run smoothly is a good real estate agent. .a good real estate agent will be recommended to you by your friends or reviews from the previous clients. Also, remember to check if the agent is registered under the ministry of lands.
At commercial property Kenya, we have one of the best real estate agents in Kenya, having sold properties to hundreds of people, who are fully satisfied with our services.