Buying property in the Kenya real estate can be a daunting task especially for the newbies. Venturing into this business, which can sometimes be murky without prior knowledge and experience, can get you into millions of shillings in losses. This is because most agents and private land owners tend to over quote the prices of property once they realize that you are ignorant of the market range prices within a given area. Before venturing into the real estate world in Kenya, you should therefore come armed with some information about the area you wish to invest in. This will help you a great deal in maneuvering your way into these murky waters.
Firstly, before you commit to buy any property in the Kenya real estate, you should do a lot of enquiries on different properties so that you can go for the one with the cheapest value. Shop around for properties within your price range and go for the one with the cheapest value. Through this, you will be sure to spend the least possible amount on whatever property you are buying. Similarly, if you are a property developer, you should employ the same criteria when buying building materials. You should also look around for the best offers. You could also try to get a dealer who appreciates bulk buying and in turn offers discounts for those who buy goods in bulk. Try to get dealers who offer transport facilities to their clients. Through these incentives, you are able to significantly cut on the costs of operations and thus spend the minimum amount possible in the construction process.
For those looking to buy ready made properties, you could flip through the property section of newspapers to see what’s new on the market and at what price. You could also have a look at property journals from where you can find the best bargains for properties. Try comparing the prices and choose the one that best suits your budget and one whose price is reasonable. You could also ask around from different agents to find out who has the cheapest offer as opposed to just inquiring from one agent who might be quoting the highest price of all the available similar properties. Through this, you are capable of getting the best bargains in the property market in Kenya real estate.
Ensure that you are dealing with only one property agent so that you spend the least amount of money going out as commission. The real estate agent companies usually charge 10% of the total sales. Therefore if you use more than one company, you are likely to spend more on commission. For instance, if two companies are involved and each is charging a commission of ten percent then you will have to pay a total of 20% in commission which is a lot of money in the long run.
Prices of properties in Kenya real estate are usually subject to negotiations. So as a buyer you don’t have to buy property as quoted. Make sure you bargain and buy at the least price possible. Effective bargaining will depend on your knowledge on the market price range within a given locality.