A house is a valuable asset as real estate remains among the most competitive and lucrative industries. Nonetheless, owning a house can be overwhelming from the search, buying process, maintenance, and everything in between. It helps if you have a few tips and tricks up your sleeves as you endeavor to become a house owner in Kenya. This makes it easier to find the right property, follow the appropriate steps, own, and keep the house in top shape for years, continuously improving its value. Below is a glance at some of the top things you should know about house ownership in Kenya.
Location is critical
Why are land and houses in certain areas so expensive? Location is the prime consideration in any real estate undertaking, commercial, residential, or industrial. Once you own a home in a set location, that’s it; you can move that lot to a different one. As you browse houses for sale in prime locations like Nairobi, you’ll notice the price is higher. Since the area is developed, it offers more accessible access to amenities, a competitive business environment, and numerous job opportunities. As you weigh your options, ensure you own a house in a location that suits your needs. It ensures the house offers convenience as you go about your routine, making it a valuable asset.
Owning a house is a substantial financial commitment. Whether buying with or without a mortgage or constructing from scratch, the cost requires significant financial injection. Ensuring your finances are in order is essential, facilitating smooth progress. While mortgages may seem like a burden, they are beneficial financial instruments that can help you actualize your house ownership dreams. Other financial tips to consider as you plan to own a house include:
Save up: Accumulating a significant down payment improves your chances of securing better mortgage terms; this is crucial since it impacts how you finance the loan over the set period.
Improve your credit score: Your credit ratings determine how much; you’ll get if you qualify for a mortgage. A poor history translates to low mortgage amounts and high-interest rates, among other unfriendly concerns. Simple measures such as settling your unpaid bills can help boost your credit score, allowing you to secure mortgage products.
Set a fund: Buying a house is one thing; running and keeping it in shape is different. A home gives you security, but you need to maintain it, including paying the amenities bills, handling repair and maintenance, and upgrading over the year to leverage advancements that make it more efficient. While developing a financial outlay, accounting for such concerns and setting aside a portion of your budget is vital; this will ensure your house will always feel like home and keep appreciating, which protects your investment.
Financial constraint is arguably the major hiccup that keeps many Kenyans from their house ownership dreams. Nonetheless, you can comfortably finance the endeavor with a few money-wise decisions, including taking up a mortgage.
While still on money matters, it is worth noting that you may have to deal with property taxes; this depends on the location and its regulations. For instance, in urban settings, it is almost a certainty that you’ll have to pay significant property taxes.
The ownership journey
Owning a house in Kenya can be achieved in various ways, the top including:
Buying – Purchasing an already constructed house is the most popular option. You’ll quickly find houses on sale in various top neighborhoods. This includes quickly growing satellite towns, which continue to attract many as they offer many benefits, such as cost-effectiveness and proximity to the city.
Buying a house is much faster, and in the extensive real estate market in Kenya, you can find an option best geared towards your needs. You can buy a house for h, using a mortgage, through cooperative societies, or programs such as rent to own, to name a few options.
Construction – Raw land is quite irresistible, especially considering the competitive rates. The fat, however, is that you have to be patient. Developing the raw land and constructing your dream house takes time, but the satisfaction of having the design match your dreams is worth the wait.
Inheritance – Family houses can pass from one generation to the next. You could also inherit a house as a gift. The process in Kenya is relatively straightforward and isn’t financially draining.
While in the case of an inheritance/gift, you don’t have as much control when pursuing other options, it is essential that you take your time and diligently choose the kind of house you should invest in. Your intentions, needs, and time frame are among the top considerations to keep in mind. If you intend to use the house as your primary home, you should ensure it can efficiently accommodate your needs. Your needs should always guide the process, ensuring you aren’t tempted by irresistible features, some that you may not require and that add little or no value. When considering the time frame, the primary debate is to go for a built house or raw land.
It is an investment
Your house is an investment; you should do whatever it takes to protect and keep appreciating its value. Many Kenyans make a huge mistake by buying or building a house and relaxing. This doesn’t account for the future, especially in the modern, fast-paced world. It would help if you kept improving the house, such as upgrading the systems to ensure they are energy efficient and striving to keep up with automation, a trend that won’t slow down in the foreseeable future. Keeping up ensures you’ll realize great value if you rent out, sell, or take some equity.
The house ownership journey and what follows can be challenging. Implementing measures that ensure you own the right house and consistently maintain it in top shape can be overwhelming, but the rewards are worth the time, energy, and money spent. The prestige of owning a house is unmatched. The security it provides further makes it a wise decision. Whether you are investing in a house as your home or renting out, it is a valuable asset that can help secure your financial future.