Looking to buy a home in Nairobi, Kenya? Do you think you are all set with the down payment at hand to purchase your ideal home? Well, check again. Buying a home is a big purchase so we strongly recommend not to decide in a hurry. You may aim to purchase a house you love at a good price, but many things may prevent you from achieving this dream. And since buying a new home brings with its possibilities of mistakes that are detrimental, avoiding the pitfalls listed below will save you a whole lot.
- Searching for A House on Your Own
When it comes to buying a house, we recommend enlisting the help of a Real Estate Agent. Going Solo and being emotional with home purchase decisions, will cloud your judgment.
Though the is the possibility that you may find the home of your dreams by yourself, but that is an exception rather than the rule. Instead, let your agent vet homes in your stead. Enlisting the help of a professional will cost you extra, but such expertise will save you from making costly mistakes.
- Not Having a Budget or Going Beyond Your Budget
Having a very clear budget is important. By knowing what you can afford, you will only hunt for houses that are within your price range, thereby preventing a lot of financial problems for you. Spending more than you can afford leaves you exposed to potential financial risks. it’s best to restrict your house-shopping to properties in your financial range.
- Not Doing a Due Diligence Check
it is during this phase that most buyers end up in phony deals. The services of a lawyer at this stage is recommended to help review documents, clauses, and the likes. And as part of due diligence, do a credibility check on the developer and contractor. If you notice red flags, it is best to pause or take a walk.
Get to know the neighborhood – remember you’re not just buying a house; you’re also buying a location. Check the surrounding area don’t just focus on the residence. Do not trade functionality for address.
- Being influenced by Market Fluctuations
Waiting for the perfect time is gambling. If you have taken cognizance of your finance and needs, then you shouldn’t let short-term market conditions influence your decision. You may need some time to make your decision, but don’t take too long. If you don’t act fast, someone else might grab the house you are aiming for.
It’s no use following the crown blindly. Your home choice should be based on what you consider important to you: proximity to amenities, work, school, or family, etc. Also, be prepared to compromise; It’s rare to find a house that’s perfect in every way.
- Not Considering Hidden Costs
Many home buyers have all the major costs in mind, but they fail to consider hidden costs such as the maintenance cost and service charge. It is possible that when the added costs are included, the house becomes over budget. That is why it is important never to forget the hidden costs.
Therefore, keep in mind other costs that are bound to come up. Apart from budgeting for the basics, be prepared for ‘other’ costs when you move into your new home.
- Buying a House out of Desperation
Another mistake you can make while house hunting is to just settle for any house because you are desperate or simply exhausted with the search process. Doing this is a recipe for regret. Rather than buying out of frustration, stop looking for a while. If you are not in a hurry, it’s okay to wait until something suitable comes. As long as your demands are realistic, you are bound to find something sooner or later.
- Not Inspecting the Property
It’s important to engage a competent and independent professional to thoroughly inspect your potential new home. Pay attention to the interior of the house and Lookout for major faults.
You don’t want to get stuck with the headache of performing a lot of unexpected repairs that may be expensive. Though buying a house can be an emotional decision, keep your emotions in check until you have a full picture of the house’s physical condition.
Buying a house is a big decision alright. But Before you start house shopping for one in Nairobi Kenya, you need to be realistic about what you can afford, and tailor your search accordingly. Downplaying flaws, working solo, and waiting too long, are some of the pitfalls to avoid when shopping for a property to call your own. Happy shopping!
If you have questions or you need help getting a property, contact us
I need more information on Rent to Own.
Kindly share more information on the rent to own properties.
Is it advisable to pay 1.5 percent of the house value plus administrative cost of 80000 to the lawyer. House value is 12.5 million. Best advisable rate yo agree. Please advise