Tips women should know in buying a property in Kenya
The real estate ecosphere has extensively been well-thought-out a man’s sphere but with better entree to profession and business prospects, more women are gaining affluence and venturing into possessing and devoting in buying a property in Kenya.
At higher level grade in School, while her classmates relished the superfluous autonomy of campus life, Lydia was making extra bucks by selling second-hand clothes. She would go to second-hand clothes marketplace and acquire clothes she would be pleased to wear herself. and wash them clean, iron them almost to precision.
Her customers were friends and colleagues in the societal spheres of campus. Continually since Lydia had a bit of luck for where to make money from, she didn’t dally when an opening presented itself. She developed a sixth sense to spot where it is and go for it. By the time of her graduation, Lydia had instituted two dealings – a writing materials business and a self-sufficient boutique as well as a lucrative job.
Six years ago, Lydia and two of her friends ventured into real estate. They started a Chama and hoarded some good sum of money. They questioned themselves on how they would capitalize it for better proceeds. They agreed on real estate. The cluster’s first adventures tangled buying and selling of land and properties in Kenya’s major towns and cities.
They would purchase properties in Kenya located in major areas. Inject anything that would be shattered, progress its aesthetics, at that point find a buyer and sell it off and make our turnover. They also purchased parcels of land, divided it into smaller pieces, and sold them off. In three years, the group had made 100 per cent yields. But it wasn’t that laid-back. Like any other venture, they had to do the work. Being four in number, allocating themselves to do different tasks worked for them as a team.
Currently, the four lady’s own property in Kenya in different towns (Ruai, Tatu City, Laikipia and Ruaka. Conferring to Emma Miloyo, the former president of Architectural Association of Kenya, real estate sector is one that shouldn’t be overlooked as the sanctified sector of minting cash. ‘’You should view it just like any other business venture. Emmah, author of ‘Before cutting your teeth into real estate’, recommends that you should undertake a viability study to ensure the location is right and you got what it takes to be stanch.
Considering whether you are purchasing to resell, let or own use, real estate is a segment that almost undoubtedly assurances thankfulness in property worth. More so, there are exact aspects to ponder when beholding at real estate for outlay; Effectiveness, location and type of property in Kenya. Demand and supply are deviations nailed on stint. Position, in relation to major conveniences and government services, to regulate how quickly property in Kenya escalates in price. For property categories in Kenya, the main concern would be what is in high demand at the moment by comprehending the target market and their needs.
Buying property in Kenya to live with your family one has to consider a number of aspects;
- Lovable and welcoming home
- Social amenities such as Schools and hospitals
- Accessible roads
Challenges involved in Real Estate
- Dwindling Economic condition
The current economic condition has greatly affected the real estate sector in the country, forcing developers and real estate consulting firms to change their strategies in selling and buying of properties in Kenya as opposed to earlier times where the demand was high and the uptake was better.
- High Interest rates and Mortgage fees
Acquiring a Loan or mortgage to finance the buying of property in Kenya is coupled by high interest which mainly favours the high-end and less middle-class individuals. The repayment period may also be short or long depending on the financiers. Mortgage may be too expensive in the long run. By the time you are done paying the mortgage, the house may not be worth the same amount you will have paid. Why not invest that money somewhere else where you would possibly make more?
- Not for everyone
Buying of property in Kenya is a choice one has to make after consideration off all the aspects that surrounds real Estate in Kenya. Its basically not a one-size-fit-all decision. It may appear to be a good decision to some while not to some as our preferences as individuals differ.
- Extra Costs
If you are buying property in Kenya, your everyday costs are going to increase. You also would want to be as contented in your new house as you were in your other one. Are you going to having an internet connection in your house? This comes at an extra fee.
In conclusion, buying property in Kenya for resell or own use is more satisfying as the final output is and it is much better. One has to be passionate of whatever they feel contended with.