Buying your first home in Kenya
So you're finally ready for that home you've always dreamed of having. You have your finances in order, you did your searching and after what felt like an eternity, you have finally zeroed in on a house that finally feels like home. But are you fully prepared to take the plunge and make that downpayment? Read on.
Buying a home is probably going to be the biggest purchase of your life. Our advice is to take your time. Double up on all your research and let that decision sink in naturally, after careful considerations on all fronts.
Here are some tips for first-time homebuyers in Kenya:
Trusting sellers in a hurry.
It is easy to put your trust in a seller who claims to have bills to settle and wants to sell off in a hurry. But this is often the biggest red flag to look out for. Sellers in a hurry could just as easily be trying to scam you into buying a house that doesn't have all of its paperwork in order. The result? You may be in for a long wait, while legal proceedings drag on. Or worse.
Relying on a home loan that defaults last minute.
Home loans are a very big deal. Just because you have a pre-approved home loan, doesn't guarantee a sanction. Imagine having everything in order and you're about to start paying for a home for which you already laid down a hefty deposit. And the next thing you know, you don't have a home loan to follow through and your deposit is now gone! Make sure you meet all your lender's requirements to be fully sure of having a home loan to rely on.
Not inspecting enough before buying.
Homes are living, breathing things. Some age well, most don't. If the house you just bought presents unexpected horrors, you could be in for a costly repair. Look for critical problems like leaking water lines, crumbling driveways, cracks in the walls and roofs, termites, rotting wood and sunken flooring. Trust your instincts when you find anything off with a house and don't be hesitant to inspect further if required. Remember - this is the biggest purchase of your life. Take your time and consult experts wherever required.
Not agreeing on what you're actually paying for.
When you buy a pre-used home, don't be shy to discuss what exactly do you get to keep. Some sellers leave most furnishings behind while others may take everything with them, even light bulbs! Little things like curtain rods, toilet seats, fans, taps, pipes, hoses etc are just as important as the bigger picture and can easily add up to an unseen expense if the previous home-owner decides to take everything with them. When agreeing on a price you are about to pay, list down exactly what you are paying for, including these overlooked items. You don't want to move into a home with missing water taps on the first day!
Neglecting the monthly cost of maintaining a pre-used home.
Buying a house may be a very big deal, but it is only the beginning. Homes require upkeep and monthly maintenance expenses. Before hurrying into a house that seems like a very good deal, take some time to find out what it would take to maintain it on a month-on-month basis. Having to service a home loan along with heavy monthly expenses can be a very difficult situation.
There's a saying in the home-buying business. If someone else doesn't want it anymore, make sure it has everything you need before you start wanting it. Buying a new affordable home is often a wiser choice than buying a used home that looks like a great deal. If you're on the market for a house that you can afford in Kenya, look no further than MiVida Garden City Apartment on Thika Road in Nairobi. These homes are designed to address the shortage of middle-income housing that families can afford.
MiVida promises innovative design, modern engineering, trusted construction, on-time delivery and an impeccable record, and is created through a joint venture between Actis, a leading growth markets investor who has been active in the region for over 70 years and Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates.
