What to consider before acquiring a house: The excitement of buying and owning a home can easily get into the head of any home buyer. And with a clouded home buying choice, a potential homeowner will, ironically, joyfully settle for less than the quality and peaceful; a home they have been dreaming about – and saving for!
As we painfully witnessed in the Syokimau demolitions recently, a stylish, stable, and well-sized dream house can nose dive into a source of profound depression and financial loss without notice. The problems might range from complicated land ownership rights to minute details such as a loose foundation.
Building vs. Buying a House in Kenya – Which is Cheaper?
In spite of this, prospective home buyers can still get a good home without getting jammed in unnecessary, hurtful home ownership and management squabbles like possibly owning the apartments for rent in amarillo tx.
The good thing is: it does not require rocket science to do so. Noteworthy, even with home buying, the old wisdom of prevention rather than cure still applies. Here, prevention equals precaution and consideration. Today we discuss the factors you ought to consider before or when buying a home.
Property Information
Begin by getting yourself some magazines and newspaper pullouts that focus on properties. Employ the rule of elimination as you analyze them. This will help you to narrow in and lay a good foundation for the kind of home you need.
Try and stay calm in spite of the colour and style of the options that may be at your disposal. Look at the affordability of the home in question. Can you still afford it in case the mortgage rates increase? Strictly go for what best suits your needs.
Once you establish this, visit the home scene during the day, and if possible, at night. You will get a rough idea of how security is both day and night. While at it, remember to check how accessible the scene is as you will need to report to work and your kids will have to go to school each morning.
Things to check before buying a house
Pay attention to the available feeder roads. Are you likely to get stuck in a long and endless traffic jam even before you get to the main road? If such is the case, what are the possible alternatives?
Neighbourhood
Determine how many of your neighbors-to-be actually own their homes. You will be better equipped to know what kind of relationships you’re going to foster. If it’s a residential area and not a rental estate, check if it has a neighborhood association.
Also look at the surrounding areas: Â for example, is there a dump site nearby? Is your compound too close to the main road, an informal settlement, an airport, or a hospital?
Property Management Company
Every lessee should subscribe to the property management company which is formed by the head lesser. This company holds the reversionary interest for ease of lease renewals when the government-issued head lease term expires.
Bear in mind that by subscribing, you will receive a share certificate for your home. Should you opt to sell it in the future, you will have to hand over your lease and share certificate to the new homebuyer – just as these should be handed to you when buying.
Get all the possible records on past home improvements and remodeling. For instance, check if the kitchen has been remodeled, why the previous owner decided to remodel, and why he settled for its current shape.
Query the sellers on past, repaired defects and pay attention to the answers. They will give you insight into whether the defects were due to poor building and whether they’re likely to occur again. But beware too that nearly every house has its defects.
Titles
There are normally three types of titles you can go for, depending on the kind and type of home you want. For mansions or townhouses, you can get your title through sub-division. Here you will get your own title.
What to look out for when buying a house
If you have an apartment, you can go for long-term subleases, where the land owner or property developer is considered the head lesser than the government. Your sub-lease should create the terms for your home ownership.
You may also go for a sectional title if you are acquiring a home in an apartment. With a sectional title, you will get a certificate title and a share in the area management company according to the Sectional Titles Act of 1987.
Ministry of Lands and the Local Council
Be extremely careful to determine the genuineness of the titles.
Get a legal practitioner with a good reputation in land matters to help you through. He or she should be able to access the relevant, valid information from the city, municipal, or town council, and establish if the land is under contention with third parties or if there are any outstanding land rates. Learn from the Syokimau scenario, where the land was claimed to be part of the Kenya Airports Authority.
Service and Land Rates
As a lessee under a management company, you will have to pay some agreed fee to facilitate the management of common areas in the neighborhood such as pavements, swimming pools, and driveways.
The fee is often paid monthly or quarterly. There is also a land rate that is paid to the local authorities. Usually, this land rent is divided among the lessees and paid annually by the management company on their behalf.
It is essential that you know how and who runs the management company in your desired location. One of the ways you can do this is by evaluating the common bills and tax returns.