Hello we are at evefinancialinsights .You are welcome .Buying land and build or buying a ready home is a contentious issue in families, however feel guided, you are at home with us. If you are interested in buying land in Kenya, here are some
general steps you can take:
1.
Identify the location where you want to buy land. Consider
factors such as proximity to essential services like schools, hospitals, and
transportation, as well as accessibility to amenities like shopping centers.
2.
Conduct thorough research on the land you want to buy. Check if
the land is legally available for sale and if there are any disputes or legal
issues surrounding the property. You can do this by conducting a title search
at the Ministry of Lands.
3.
Hire a lawyer to assist with the legal aspects of the
transaction. The lawyer will help you with the land purchase agreement,
transfer of ownership, and registration of the land.
4.
Negotiate the price with the seller and agree on the terms of
payment. It is recommended to have a written agreement that outlines the
payment schedule, any deposits, and the conditions for the sale.
5.
Make sure to get all the necessary documentation, including the
title deed, survey map, and any other relevant certificates, before making the
final payment.
6.
Register the land under your name at the Ministry of Lands to
formalize the transaction and ensure that you have legal ownership of the
property.
It is important to note that land ownership in Kenya can be a
complex process, and it is recommended that you seek the advice of a local
expert such as a lawyer or real estate agent to guide you through the process.
buying land and building versus buying a ready home
The decision to buy land and build versus buying a ready
home depends on several factors such as personal preference, financial
situation, location, and lifestyle. Here are some considerations:
1.
Budget: Buying land and building a
home can be more expensive than buying a ready home. It is important to have a
clear understanding of your budget before making a decision.
2.
Customization: Building your own
home allows you to customize it according to your preferences and needs. With a
ready home, you may need to compromise on certain aspects.
3.
Timeframe: Building a home can take
several months or even years, whereas buying a ready home allows you to move in
immediately.
4.
Location: Depending on where you
want to live, it may be difficult to find land for sale or to build in certain
areas. In some cases, buying a ready home may be the only option.
5.
Maintenance: With a ready home, you
may need to make repairs or renovations over time, whereas building a new home
can reduce the need for immediate maintenance.
6.
Resale value: A newly built home can
potentially have a higher resale value than a ready home, but this can vary
depending on the location, market conditions, and quality of construction.
Ultimately,
the decision to buy land and build versus buying a ready home should be based
on your specific circumstances and priorities. It is recommended to consult
with a real estate agent or financial advisor to help you make an informed
decision.
sources of finances in buying land or home in kenya
There are several sources of financing available for buying land
or a home in Kenya. Some of the most common sources include:
1.
Mortgage loans: This is the most
common way of financing the purchase of a home in Kenya. A mortgage loan is a
long-term loan that is secured against the property being purchased. The loan is
repaid over a period of up to 25 years.
2.
Savings: Buyers can save money over
time to accumulate enough money to buy land or a home. This requires
disciplined saving over a long period of time.
3.
Personal loans: Some buyers may take
out personal loans from banks or other financial institutions to buy land or a
home. These loans are typically short-term and have higher interest rates than
mortgage loans.
4.
Family and friends: Some buyers may
borrow money from family or friends to finance the purchase of land or a home.
This is a common practice in Kenya and can be a good option if the borrower has
a good relationship with the lender.
5.
Government programs: The Kenyan
government has various programs that provide financing for the purchase of land
or a home. These include the National Housing Fund and the Affordable Housing
Program.
6.
Investment clubs: Buyers can join
investment clubs that pool money together to buy land or homes. This is a good
option for those who want to invest in real estate but may not have enough money
to buy property on their own.
It
is important to carefully evaluate each financing option and choose the one
that best fits your financial situation and goals. It is also advisable to seek
the advice of a financial expert or a real estate agent before making any
decisions.
