Most people in Kenya have a dream of owning a home. This could be one of the best financial decisions you can ever make. Apart from cutting down on rental expenses or providing a home for your family, owning a house can ensure a steady cash-flow if you decide to list your property back into the market.
So, what should you consider before venturing into this investment?
- Know the current market status – The real estate market can sometimes be precarious depending on external factors such as interest rates, government policies and the economy. Before buying a house, you need to equip yourself with relevant knowledge concerning the real estate market trends. Understanding the dynamics of real estate does not come easy to everyone, there’s a lot of information to take in and filter out at the same time. You can make this process an easy task by contacting local real estate agencies for consultations.
- Know your spending limit – Pre-qualification is a good first step when you’re not sure of how much you can afford. Approach a mortgage officer for a thorough evaluation of your finances that should help you determine whether you qualify for a loan and how much you can borrow.
- Know your property needs – With a certain figure in mind, you should now start listing your ideal property specifications. Location- security and proximity to amenities, size and the preferred number of bedrooms and all other factors that meet your needs. Property needs will always differ, so ensure that the property matches your most important needs so that it benefits you in the long run.
- Start house hunting – This is probably the hardest part because it’s a decision that you can’t go back on once you make the final payment. There’s a lot of options to choose from and a lot of deciding factors, but the main factor is always the Would you be willing to purchase a property at a lower price even if it doesn’t have everything you need? When hunting for a house to buy, look for a number of options or properties before making that final decision. It’s not an easy process, you would be required to shop around, weigh options and make a few compromises but at the end of the day what you should consider is the value you’re getting for your money.