The Real Estate in Kenya is one of the industries with high returns on investment and a component of long term economic growth. Investing in real estate doesn’t require a large capital but the returns are high. Even though it is a promising industry there are risks which could lead to bigger losses. In order to ensure no losses are made as you invest in your dream, you need to be confident with your developer whom of which are many in the market.
Affordable but reasonable projects
Some projects are cheap and you might be tempted to go with them but the project you might be investing in would not bring forth the expected returns. Some developers can be expensive and the returns will either be low or high whatsoever it doesn’t matter what matters is the knowledge you have about the developer and what opinion the clients he worked with before have about him. In some cases, you might find a developer advertising on a new project in a high-end suburb but at a cheap price this deals might be too good to be true in the name of being competitive with other developers and you have to think twice before investing because you might end up on the losing side.
One of the best to ensure that you get quality products is by getting consumer or professional reviews from third parties. For real estate in Kenya, it might be hard to get client review unless your circle of friends invest a lot. For most o us the best review would be got by visitor talking to real estate agents like Commercial Property Kenya.
In the course of working with your developer you will meet with people he/she is working with perhaps the architect, material suppliers and the contractor it is advisable that you should have knowledge about them their experiences, certification and qualifications.
Regular Site Visits
During the period of construction you are advised to regularly visit the construction site or send somebody you trust if you can’t go there yourself; to ensure that there is the flow of work and to ensure that your project is developing. If not so you might end up losing large amounts of money to developers who are scammers.
Consistent Project Updates
In the event of the construction ensure that you receive regular updates on what’s going on especially after making payments. If you have to push the developer to give you updates that is a sign of a red flag and you should start being concerned. A genuine developer will constantly update you on the progress or of any problems that may arise.
Before investing, one is always on a budget and scheduled to a certain amount of time for completion of their project. Sometimes you might go over a budget or it may be enough also there might be delays and more time is needed, but if at any point you are required to use extra amounts of money or the construction suddenly needs more time and there are many delays that are also a sign of a red flag. This is why you are advised to ensure you get updates from your developer from time to time.
In short, you need to have knowledge on the kind of people you are working with and how the real estate business works otherwise your investments might fail especially during this time when there are a lot of people trying to get into this business. If you trust your developer and you are confident about him/her your investments are in safe hands.