You are just to make one of the most important and expensive investment in your life, owning your own home. For you, just like many other Kenyans, owning a home is the true measure of achievement .It comes with a sense of stability and a whole new feeling of freedom. Together with this excitement comes a feeling of apprehension. There are stories of nightmare experiences from people who walked down this lane and you don’t want yours to be one. Relax the following checklist will put you well on course to being a successful home owner in Kenya.
- Be certain of what exactly it is that you want.
Yes a home is what you want , it’s true that your focus is getting freed from the shackles of landlords and just any home that you get will give you the peace you deserve right? Wrong. A home is not just a home. Remember, houses are constructed targeting different sets of people seeking to satisfy their different diverse needs. Having said this ,it is until you fully understand what you personally want, what needs you want catered for, what your deal makers and breakers are that you will be able to make a decision whether a house is suitable for you or not .Things to consider here include the structure of the home. Apartment or standalone? Security, the location, amenities available and accessibility.
- Have a budget.
You now have an idea of what you want and the mental picture of your home has taken shape. The next hurdle is planning the monetary situation. Will you take a loan, or do you have some savings? Are there sellers that are ready to offer you a payment plan? Financing a home purchase process can be a real headache when you do not know where to start and may make you end up with a home that you cannot finance. The solution here is for you to take as much time as possible to organize yourself and put all factors into consideration. Gather as much information as possible and use it when it comes to negotiating the property.
- Carry out a market research.
The pricing of properties is determined sorely by the state of the market. The forces of demand and supply in the real estate sector are mainly responsible for the prices of homes. When there is a high demand for property with a lack of supply of good quality property, then prices of houses tend to rise and vice versa. Knowing what the market offers will ensure that you are not led to paying more than you should. Apart from the price situation, you are able to find out the various types of property present in the market in case you will need to make changes on the decision you initially had.
- Inspect and valuate the property
Finally you have come across a photo of what you would consider an ideal home for you. The payment plans sound flexible and quite friendly and you feel that the journey is finally over. Well, not so fast. do not make payment for a property that you have not seen. The country today is filled with stories of people who quite literally bought air. People who were duped to paying for property that is non-existent. Having come this far it is only fair to take the initiative of inspecting the property that you have decided to purchase to first of all confirm that it exists and secondly to find out whether there may be other issues that will cost you extra money to fix. If possible, hire a home inspector to do the work. Once this is done, ensure that you carry out a detailed valuation. A valuation is done to establish exactly how much a property is worth and it goes as far as giving information on comparative sales in the area. With this information you are able to know whether a property is a good investment opportunity or not.
- Investigate title deed , transactional documents and government regulations.
This is perhaps the most important steps in this journey and one that has led your fellow potential home owners into deep trouble. At this point you want to establish legal ownership of the property you are buying. Start by conducting a title search at the Lands Registry and confirm the trail of ownership of the property to avoid future claims of ownership of the same property. Once satisfied with this stage, check for statutory issues that could impact the property. Areas to avoid include properties that are in flood zone areas or riparian lands. Take some time to be conversant with the National Construction Authority (NCA) regulations to avoid mistakes that will result to you flashing all your money and effort down the drain.