You may be considering investing in property. Maybe you want to have a home of your own. Yes, your own! Yet still, you may be thinking of buying or building a property you can let. Why not? Or you may be interested in buying and selling property. Splendid!
But, what really interests you? What are you passionate about?
Whatever the case, investing in property is truly an interesting prospect.
Here are some useful tips you may need to consider before putting those hard-earned shillings in real estate.
WHY PROPERTY?
The solidity of property makes it a highly attractive investment option. This is for the simple reason that property is built on land, a natural resource that will never go away. Furthermore, where in Kenya have you heard of the value of land decreasing? The prices of property generally keep going up, not down!
Also, remember that everyone needs a home. Who doesn’t? And there is almost always a massive shortage of housing. Someone has to build those houses. That person could be you. Yes, you!
Bear in mind that investing in property represents a huge step towards your future financial security. This is quite interesting. Right?
Interesting it may be, but investing in property can also be a daunting venture for the less informed. You owe it to yourself to make an informed decision on when, where and how to invest.
WHEN TO INVEST
No time is right or wrong for you to invest in property. You can dip into the property market whenever you want. Much, however, depends on whether you are ready to embark on this journey. In which stage of life are you? Why do you want to invest in property? To have a house to live in or to own a property from which you can earn some income?
FINANCING
This is the real elephant in the house. You can reflect on your dream house for as long as you want. Go ahead and build castles in the air. But, let’s face it: Do you have the necessary finances to buy or build a house?
Ask yourself: Have you saved enough to make the initial deposit or buy the house upfront? Alternatively, do you have a financing plan with a mortgage firm or bank? Meet your lender to determine whether you qualify for mortgage and if so, how much you should borrow.
Simply, make sure you have budgeted for the funds you will need to invest in property.
LOCATION
This is yet another issue you must give serious consideration. Which location appeals to you the most? For example, are you looking for a neighbourhood you consider ideal for raising your children? Do you want to own a house or building where you think many people would desire to live or own a business?
In which town do you want to invest? Are you interested in owning property in one of the country’s major towns such as Nairobi, Mombasa, Kisumu or Nakuru? Why?
If you have considered these key factors, you may embark on your investment journey.
But if in doubt, why not consider visiting a reputable real estate company? Call a RE/MAX Real Estate Consultant today!
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