Buying a new house in Kenya is a big decision. It can be both exciting and a daunting process. From making appointments for viewings, to checking out mortgages, you need to know what steps to take before hitting the real estate marketplace. In this edition of my home buying blog I am going guide you through the real estate in Kenya ans step by step guide to buy a house.
Owning your own home is a great way to build equity and feel more secure.
When you own your own home, you’re not just paying rent—you’re building up equity. When times are good and you have good income, that equity can help pay for things like repairs, new appliances, or even a vacation! But when the economy takes a turn for the worse or your situation changes and you need to move, all that equity can be used as part of your down payment on another house.
And if you decide to sell? Well then that’s just icing on the cake! You’ll get to keep all of the money from the sale (minus closing costs) as well as any equity that has accrued since you purchased it. And if you ever want to move again? No problem! You can use this same process over again—no matter how many times life happens along and changes things up for you.
Essential Tips for Buying a New House in Kenya
If getting a home seems like an overwhelming task, don’t despair. It’s only natural to feel this way when you’re trying to select a home. Fortunately, you don’t have to figure everything out by yourself. You can have someone lead you through the process and make everything less intimidating. Here are the essential tips you need to include in your must-read guide as you try to purchase a house.
Determine What You Can Afford
When you’re looking to buy a new house in Kenya, it’s important to figure out what you can afford. Your budget will help you narrow down the homes that are right for you.
Here are some questions to ask yourself when determining how much house you can afford:
• How much do I want to spend on my monthly payments?
• Do I want a 30-year mortgage or a 15-year mortgage?
• Do I want to put down 20% or 10% of the purchase price?
• How much will my taxes be each year?
If you have all the cash to buy the house then that’s great but if you choose the mortgage option, it’s important to remember that there are two types of mortgages: fixed rate and adjustable rate.
With a fixed-rate mortgage, the interest rate stays the same for the life of the loan. With an adjustable rate mortgage (ARM), your interest rate may change over time based on market conditions and other factors. If you think interest rates will rise in the future, choosing an ARM could save you money since it can help lower payments when rates go up.
If you think interest rates will fall over time, choosing a fixed-rate loan might make more sense because it keeps payments stable even if rates go down later on down the road.
Your mortgage lender will ask for this information when you apply for a loan. If you don’t know what your maximum monthly payment would be, get pre-approved before looking at houses so that you can avoid wasting time on homes that are outside of your budget.
You’ll also need to take into account other expenses that come with owning a home like property taxes and insurance premiums as well as maintenance costs like lawn care or repairs on appliances or plumbing fixtures.
Decide Whether You’d Like to Buy or Build
Before you can begin your search for a new house, you need to ask yourself a few questions. Do you want to buy or build? Do you have enough money to purchase the house of your dreams?
Buying a new house is a great way to get into the real estate market without having to worry about building costs, but it may not be the best option for everyone. If you’re looking for something specific in terms of square footage or amenities, then building might be better suited for you.
If you’re thinking about buying a new house in Kenya, you might be wondering whether it’s better to buy or build. There are many factors to consider when making this decision, such as your budget and how much time you want to spend on construction.
If you decide to buy a new house , it will likely be a faster process than building one from scratch. However, if you want more control over the design of your home and want to make sure it fits into your budget perfectly, then building might be the best option for you!
Consider the Neighborhood You Want to Live In
When you’re looking for a new house, you should consider the neighborhood in which you’d like to live. Are there good schools nearby? Is it an area that’s easy to get around? What kinds of amenities are available?
These are all questions worth asking yourself when considering a new neighborhood. You don’t want to end up with a house that isn’t close enough to good schools or that doesn’t have access to public transit.
You can’t just pick the first house on the market and hope for the best—you need to decide where you want to live!
Some things you should also consider when deciding on an area an neighbourhood are:
-Is it close to work? Are there public transportation options?
–How safe is it? Is there crime in the area?
-Is there enough space for your family or roommates? Are there enough bedrooms and bathrooms?
-Do you like the look of the houses in this area? Do they have nice yards and landscaping?
Find a Great Real Estate Agent
The best way to find a great agent is by word of mouth—talk to friends and family who have recently bought or sold a home and see if they recommend any agents. You can also ask your real estate agent for referrals.
Once you’ve met with a few different agents, ask them what they think are some of the most important things when buying a new home. Do they have any tips or tricks that will help you find the perfect house? It’s also important to know how long they’ve been working in this industry so that you can trust their experience!
Here are some tips for finding the right real estate agent:
1.) Ask around. Ask friends and family for recommendations of good agents; ask people in the field about their experiences with different agents; and consider asking your potential agent for a list of references. You want someone who’s experienced, trustworthy, and knows how to negotiate on your behalf.
2.) Meet them in person before signing anything official. Get a sense of what they’re like as an individual; do they seem honest? Are they friendly? Do they seem like they’ll be easy to get along with? Can they explain the process clearly?
3.) Ask them questions! You want someone who’s willing to talk through the details of buying a house with you—from how much it costs up front all the way down to what kind of paint
Get a Pre-Approved Mortgage
Getting a pre-approved mortgage is the best way to ensure that you get the lowest interest rate when you buy a new house. It also lets you know what your monthly mortgage payments will be, so that you can make sure they fit into your budget.
Pre-approval is a process where a lender reviews your financial information and determines an amount that they feel comfortable lending to you. The lender will then give you a letter stating how much money they are willing to lend and at what interest rate. The letter should also include some instructions for how long it will take for their decision to become final.
It’s important that you shop around for a lender who offers competitive rates and who provides transparent service during the approval process.
Once you find something that meets all your criteria, ask your real estate agent if they can arrange an appointment with the seller’s agent so that both parties can go over the details of your offer together. After that point has been reached, it’s time for the final step: writing up an official contract detailing everything from the price of the home down through closing costs (including taxes and fees).
Make Sure the House Is in Good Condition
You might be ready to purchase a new home, but if you don’t thoroughly inspect it first, you could end up with a lot of unexpected problems. Don’t let this happen! Here are some tips for making sure the house is in good condition:
1) Inspect the roof and foundation. Look for signs of leaks on the roof or around windows and doors, as well as cracks in the foundation. If you notice any damage, make sure you get an estimate from a contractor before buying the house so you know how much it will cost to fix these issues.
2) Make sure there aren’t any termites or pests in the house. You should hire a professional to inspect your new home for pests before signing on the dotted line! This way, if there are any bugs or other issues lurking inside, they’ll become visible during your inspection instead of just popping up later when it’s too late—and costing you even more money than if they’d been caught earlier on down the line!
Expect to compromise
When you’re buying a new house, there will be things you want and things you don’t want about it. The trick is to find the balance between what you absolutely need and what you’d like to have.
For example, if you’re looking for a house in the suburbs but would rather live in the city, then compromise by living closer to the city but not right downtown. Or if you want a house with four bedrooms but can only afford one with three, then compromise by getting two bedrooms instead of one.
Or if you’re looking for a house with a large yard and it’s located in an area that doesn’t have good schools, it might be worth considering whether or not you want the yard at all. You may want smaller yards so that your kids can go to good schools and get a better education.
It’s important to be realistic about what your budget allows and what your priorities are when it comes to location, size and amenities.
You’ll need to hire a lawyer or realtor who can guide you through the process and help ensure that all of your bases are covered. You’ll also want to make sure that you have someone with experience in this area working on your behalf.
Next, make sure you know what you’re getting into. Before bidding on any properties, make sure you know as much about them as possible. This means asking questions like “How old is this building?” and “Is there a history of problems with mold or vermin?”
Finally, take time to review the paperwork carefully before signing anything! If something isn’t right then don’t hesitate to ask for clarification! Many people are so excited about their new home that they don’t think twice about signing documents without reading them first but this could lead to problems down the road if something is unclear or missing altogether which could result in lost money or worse yet legal action against both parties involved.”
Ultimately, the process of buying a house can be a long and frustrating one, whether you’re planning to buy a new house from scratch or to relocate to another One important thing to remember, though, is that there’s no reason to make all the stress of this process yours alone. After all, house-buying is a journey that’s equal parts your own desires and your family’s—no extra stresses added! Remembering this might help you relax and enjoy the ride.