Investing in real estate is with no doubt one of the most successful businesses one can venture into, especially when you live in Kenya. Investing in property is a move millions of Kenyans are making because almost everyone wants a piece of the pie, in the real estate sector.
This is because land and real estate is the only business where investors are guaranteed price appreciation over time, and what this means is that after some time, you can sell your property and make a profit.
During the process of acquiring the real estate property however, most people find themselves missing out on the small but very key details that they should have focused more on, hence making wrong investments, and to some, investing in non-existent properties.
One of the things Kenyans do wrong when looking to, or investing in property is having high expectations. We all know that real estate business is one of the high return businesses you can do, but that is not always the case. It takes patience, and sometimes more than just investing and waiting to sell and get a hefty paycheck. In other instances, it takes time.
Others rush into the deals, because sometimes they look too good, but in the end, they realize that they have paid a lot more for less. Turning such a situation around might be a little difficult, especially when the sale and paperwork is all done.
Not doing enough research, to get to know details of the company selling the property you want to purchase, the location and if all the amenities said to be readily available actually exist. This has seen people buying non-existent land. Some ignore things like doing property ownership searches to know who the real owner of the property is, and if they are the ones selling the property. We have heard of multiple individuals purchasing the same property because they ignored researching.
Under estimating cost, some people have found themselves paying more than they thought they would because they only look at the selling price advertised by sellers of the property. There are other costs associated with land transfers and tax where applicable. Ignoring this might have you spending more than you expected to. If it’s property development, there are many other small costs incurred when acquiring construction licenses and other registration.
Most Kenyans find paperwork (documents) tiring and some prefer to have other people do this for them. This has gotten many people duped into paying for property that does not exist or getting property they did not choose. There are many cases in court as a result of this.
Some people have found themselves buying property from people who are not real owners because they ignored reading the documents presented to them, or preferred someone else to do it for them.
These are all mistakes that are avoidable when investing in real estate, if only one can choose to work with a trusted real estate firm that is committed to giving the best services to its clients, when buying property.