The time expected is an average of four to six months to buy a house in Kenya. The process usually begins with finding a real estate agent and a home that meets your budget and needs. Once you've found a home, you'll need to get pre-approved for a mortgage and then make an offer on the house. If the request is accepted, you'll need to go through the process of getting a home inspection and appraisal. Finally, you'll need to close on the home and move in. The entire process can take several months, so it's essential to be patient and prepared for every step.
Any buyer in Kenya should engage a reputable real estate agent, and these are some of the benefits you will enjoy;
They will shorten your search.
A real estate agent has access to a Multiple Listing Service (MLS), a database of all the homes for sale in an area. This means that they can quickly find homes that meet your specific criteria.
They have negotiating power.
Real estate agents are experienced negotiators and can help you get the best possible price on a home.
They can recommend lenders.
When you do not know where to start your lender search, your real estate agent can recommend some options.
They can help with paperwork.
The process of buying a home involves a lot of paperwork. Your real estate agent can help ensure everything is in order and help with any questions.
You must be very careful if you decide to have a cash offer for your house. This is because; many scammers will take advantage of you. It would help if you involved a lawyer in protecting your interests. Additionally, a lawyer will help you in negotiating the best price possible. He will also help you understand all the legal aspects of buying a house in Kenya.
Different Uses of Houses in Nairobi, Kenya
Residents of Nairobi, Kenya, have different housing uses depending on their income and social status. There are numerous answers to why buy a house in Nairobi. Some reasons are for investment purposes, others for commercial use, and some for residential use.
Investment Purposes
Some people buy houses in Nairobi for investment purposes. These people usually come from other countries and want to invest in real estate in Nairobi because the city is overgrowing. The prices of houses in Nairobi have been increasing quickly over the past few years, which is expected to continue. These investors usually buy undervalued houses, renovate them, and sell them at a higher price.
Commercial Use
Another group of people that buy houses in Nairobi is businesses. These businesses need office space or want to open a branch in Nairobi. They usually buy homes in prime areas and convert them into office buildings or shops.
Residential Use
The majority of people that buy houses in Nairobi do so for residential purposes. These people could be families that are moving to Nairobi or individuals that are buying their first home. The prices of houses in Nairobi have been increasing rapidly over the past few years, which is expected to continue. These buyers usually buy undervalued houses, renovate them, and sell them at a higher price.
If you are an interested buyer in Kenya, there are different factors that you need to consider. They include;
Location of the property
Location is a vital factor when purchasing a house in Nairobi. The prices of homes in Nairobi vary depending on the location. Places that are located in prime areas cost more than houses that are located in other areas. Considering the security, schools, hospitals, and other amenities near the home are essential.
Size of the House
The house size is another crucial factor to consider when buying a house in Nairobi. The prices of homes in Nairobi vary depending on the size of the house. Houses that are more considerable cost more than smaller houses. It is crucial to consider the number of bedrooms, bathrooms, and other rooms in the house.
Age of the House
The prices of houses in Nairobi vary depending on the age of the house. Older homes usually cost more than newer houses. It is crucial to consider the house's condition and the fixtures age and fittings' age.
Price of the House
The price of the house is the most critical factor to consider when buying a home in Nairobi. It is advisable to compare prices from different sellers before making a decision. It is also essential to consider the down payment, mortgage rate, and other associated costs.
Legal Aspects
It is essential to consult a lawyer before buying a house in Nairobi. Many legal aspects, such as title deeds, land registry, and Stamp Duty, must be considered. It is also essential to consider the contract of sale and the terms and conditions of the sale.
Taxes
It is essential to consult a tax advisor before buying a house in Nairobi. Many taxes, such as the value-added tax, stamp duty, and capital gains tax, must be considered. It is also essential to consider the income tax implications of buying a property in Nairobi.
Insurance
It is essential to consult an insurance broker before buying a house in Nairobi. Many insurance products need to be considered, such as home insurance, contents insurance, and liability insurance. It is also essential to consider the insurance policy's coverages and deductibles.
Maintenance
It is crucial to consider the maintenance costs of the house before buying a home in Nairobi. These costs can include painting, repairs, landscaping, and the costs of utilities such as water, electricity, and gas.
Furnishings
Considering the cost of furnishings before buying a house in Nairobi is essential. These costs include furniture, appliances, window treatment, installation, and delivery costs.
Final Remarks
The above is a comprehensive guide on how long it takes to buy a house in Kenya. Remember that the process might differ depending on the type of property you're interested in and the location. Nevertheless, with patience and careful planning, you should be able to find and purchase your dream home within a reasonable timeframe.
