As demand for housing rises, aspiring homeowners have been urged to be careful to avoid falling into the jaws of fraudsters.
Real estate developers, raising alarm over the proliferation of unscrupulous property dealers and brokers, have underlined the need for buyers to take careful considerations before making one of the most significant purchases in their lifetime.
While hiring a lawyer is considered optional, founder and director of Lesedi Group Geffrey Kiragu says it is advisable for legal due diligence.
“Working with a legal expert specialised in real estate law will give you the guidance you can get when planning to buy a home. They can ensure you meet all legal requirements, have all documents relating to the purchase before handling payment processes so you do not face any fines or lawsuits,” said Mr Kiragu.
Since new houses usually have no damage or structural wear, buyers also need to use professionals to evaluate the safety and the condition of the property before making an offer to place a purchase.
“Your agent is supposed to write an offer letter and present it to the seller, who will either accept, decline, or make a counter-offer. It is advisable to offer an amount that is five per cent lower so as to give you flexibility when presented with a counter-offer,” Mr Kiragu says. Before doing anything, he says, carrying out of some research on the market of the area one wants to buy from is important for one to come up with an exact budget.
One may use the help of real estate agents to go through listed properties, or may search online for a property that may interest them to help them view multiple homes and prices of all available estates and current projects in the country.
Mr Kiragu says it is prudent to compare prices, location and size.
“For instance, a two-bedroom bungalow in Kabati, in the outskirts of Thika town by Lesedi Homes costs Sh2.99M, which is much more affordable compared to properties well within the city,” he said.
“Once you settle on a property and both parties agree on the same price, the buyer and seller can sign contracts and seal the deal. After all the paperwork is done, and the seller is paid, you are free to move into your new home,” Mr Kiragu said.
However, if you are buying through a mortgage, he added, it's advisable to approach the seller after your lender has facilitated the pre-approval process.
