As various reports continue to rank Kenya as it an ideal location for local and international investors, the real estate sector has attracted suitors keen on tapping the huge housing deficit in the country. However, as much as the business is lucrative, there are a number of factors that any investor ought to consider before venturing into real estate.
Over the years, there has been reports of Kenyans being swindled in housing scams and real estate hoaxes.
To that effect, there are a number of things that any person with interests ought to consider before venturing into real estate.
First, it is always important to check the validity of the tittle deed and the zoning of the property.
It is also important to ascertain whether the land rates and taxes of the land you want to develop or the house you want to acquire sits on have been paid.
On more than one occasion Kenyans have bought land with the intention of building only to realise that it is embroiled in a dispute so it is of upmost importance to check if there are any disputes or claims to the land/establishment before investing.
It is also advisable to acquire the services of a lawyer with expertise in real estate. There is the matter of legal fees but in the long run it tends to be cheaper as an advocate will ensure that you avoid costly blunders.
You should also strive to ensure that you insure your real estate investment so that you save yourself from the agony of counting losses in the event of a disaster.
Finally, it is also important to fully understand the terms of agreement when acquiring a loan or mortgage, a plan that allows you flexibility in terms of payment is always the best as it affords you the time to regroup when your plans do not go according to plan.
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