Guide to buying land in Kenya. 4 Key steps [Guide]
Guide to buying Land; Factors to Consider before Buying Land
The fact that the process isn’t as difficult as you first assumed doesn’t mean that you should now rush to acquire your own piece. There are a few things you should consider, including;
Where you wish to buy land ;Guide to buying land
Do you have a location in mind? Have you been looking around? Do you want land for agricultural purposes, to build a house to live in or rent? What are your short-term and long-term goals? Be clear about your investment goals and what is priority.
Familiarise yourself with the different types of lands in the market.
Land in Kenya can be owned by four types of entities namely; the government, county governments, groups or individuals. These ownership entities can be characterized by different tenure systems as defined below.
Freehold: The freehold tenure allows you as a landowner to hold the land for an indefinite term.
Leasehold: The leasehold tenure will allow you as a landowner to hold land for a limited tenure with an option of extending the tenure upon expiry. The Kenyan constitution limits non-citizens to a maximum tenure of 99 years.
Customary: Customary tenure is entirely based on communal ownership of land, where the land assignment is done to a clearly defined group of people who usually belong to the same ethnic community.
Public/ State land: This is a tenure type that portrays the government as a private landowner and assigning all unoccupied and wasteland to it.
Get your budget right
After you are clear on your investment plans and why you want to buy land, you might want to take a peek at your bank account. Do you have enough savings to buy land? Can your credit history allow you to access financial backing? First be clear on your investment goals, – what is your intent with the land? Do you want to build a house to rent or to live in now or is it a retirement home? Once you’re clear about what you want to do, then you need to think about two things simultaneously: your budget and the location of the land you want to buy. This is because sometimes, not always, it is necessary to blow your budget to get land in what is the right location for your long-term plans.
Do your Research and Talk to Experts
Once you have an idea of the size, location and use of land; and you have decided on your budget, you need to do your homework. Find out how the area is in terms of security, growth opportunities and social amenities. You need to confirm that the land will give maximum returns on your investment.
HPD Consult. firstname.lastname@example.org