10 STEPS TO OWNING A HOME IN KENYA

10 STEPS TO OWNING A HOME  IN KENYA

10 STEPS TO OWNING A HOME IN KENYA

Buying a home is a big deal!!!

Too often, I think people rush into home ownership because it’s seen as a sign of adulthood and financial responsibility. But owning a home is a big commitment, it’s not a guaranteed good investment, and it’s a truckload of work.

OWNING A HOME IN KENYA: Lots of people own homes and yet their finances are a mess! Home ownership can be a smart long-term move, but you want to know what you’re getting into. With that said, here is a first time home buying guide to wrap up our best advice over the last few years in once place. Enjoy!

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Ask yourself: ‘Is it really time for me to buy a home?’

Don’t buy a home just because everybody’s doing it (they’re not) or because your friends told you that it’s stupid to “throw money away” on rent.

Don’t buy a home because it’s a buyer’s market or just because of low mortgage rates. Buy a home because you want to be a homeowner. Buy a home because you’re settling down and need a place for live for at least five years. And only buy a home if you’re financially ready.

Related :Houses for sale in Ridgeways Nairobi

Take stock of your personal finances

You won’t be able to buy a home until you know what you can afford based on your personal finances. Be sure to keep track of your credit score and try to improve it as much as you can.

The better your score is, the easier it will be for you to get approved for a loan.

Research the local market

Long before you actually put an offer on a home, you should be monitoring the condition of the market in the area where you will be buying. Pay special attention to the length of time that most homes in your price range stay on the market and if there are any big shifts in the asking price. Partnering with any local realtor can help you understand these key data points payment.

Go through the pre-approval process

You might be able to guess what your house budget is based on your finances, salary and credit score, but speaking with a lender/employer will help you determine a specific number. In order to get pre-approved for a mortgage loan, you will have to provide your bank/employer with some financial information which may  include your debts and assets.

List your priorities

Once you know how much house you can actually afford, you can actually begin your search for a home among listings in your area of choice. Although you probably won’t be able to find a listing that fulfills every item on your wish list.

It’s a good idea to keep your priorities top of mind to ensure you know what to look for when buying a house. So write them down, and make sure to revisit them as you begin looking at homes.

Find an agent

With your list of priorities and your pre-approval information in hand, speak to a real estate agent who can help you find a home. An agent can facilitate negotiations between buyers and sellers and show you properties that fit your budget and meet your needs.

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Make an offer and negotiate

With the help of your real estate agent, you will determine a fair price to offer the owners of a home in which you are interested. Try to avoid making a low-ball offer. Often, owners who receive an offer that is obviously too low simply refuse it upfront and don’t engage in any further negotiations.

You should always defer to the opinion of your agent, as he or she will know a lot more about the housing market and the rules that apply to home offers.

Handle valuation/ inspections and secure a loan

Home valuation and inspections are a necessary part of the home buying process. Don’t skip this. It’s important to have the house you are purchasing professionally inspected to ensure you are aware of any damage or signs of structural wear.

An inspection will confirm whether the homeowners were honest in their listing and reveal any issues that might have gone unnoticed. After the inspection and the appraisal of the property, you can secure your loan with a bank or lender.

Submit paperwork and close

You will work with your lender and your real estate agent to ensure that all of the relevant paperwork for your purchase is in order. You will be able to move into your new home as soon as all of the paperwork has been completed and the seller of the house has been paid.

Buying Property in Kenya? >>Here is the legal Process

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