Business
4 Key Considerations When Buying Land in Kenya
When looking to buy land in Kenya, having as much information as possible about what you’re looking for can go a great way in making the process hustle-free.
While there are numerous advantages to purchasing land, there are several factors to consider before making the plunge. Where do you begin?
- The first step when investing in land is deciding the reason for the purchase. Are you planning to build and live on it the land? Build and sell it later? For futuristic capital gain otherwise considered land banking. Such are some of the reasons why people buy land.
- After deciding on your land use, second thing is to determine the location and area of greatest interest to you. The location you choose should well align with your investment goals. You can do this by consulting a local real estate agent, as well as look online and in real estate publications to find land that is currently for sale in the area you prefer as well as amenities available.
- After you have decided where to buy land. The third step is to get someone to help you in the process. While you can do this alone, an experienced real estate agent can help you look at any land for sale in your area and walk you through the process. Should you choose to get a real estate agent to help you in the process, be sure to tell them exactly what you want. Agents who specialize in land investing can often help you find the plot of your dreams, which is why Movitech Limited is here for you.
- The fourth thing is to decide how you’ll finance or pay for the piece of land. The ideal choice is usually cash (no interest, frequent cash discounts), but you might be able to get conventional, land, or seller financing for the purchase. Be ready to pay up to 50% of the land cost as a down payment, as finance will typically require a sizable down payment. After successfully acquiring and paying for the property, you’ll want to make upgrades that raise the investment’s worth.
There are many considerations one needs to make when investing in land, above are just 4 of the key ones. For real estate investment advice or consultations talk to Movitech Limited. You can visit our office at Thika West Center suite 510B – Jomoko, Thika. You can also call us on 0708778077.
This article was originally done by Movitech Limited.
