Robert Shumake best Kenya real estate opportunities in 2022? So you want to Invest in Real Estate in Kenya? Maybe over the weekend, you sat up with a few friends/family who convinced you that investing in real estate is the next best thing to investing in Gold in Kenya. So you woke up today and you are all pumped up to quit your job and jump into this bandwagon. Maybe you even think that you have been ready all your life. But not so fast friend, there are a few things to note first.
After narrowing the search to 2 or 3 homes, your agent will do whatever research is necessary to aid you in making your decision. Ultimately, however, it is your decision. Some tools that can help you make that final decision include school reports (if you have or are planning on having children), statistical information from the local chamber of commerce, future zoning or road expansion from local planning offices, etc. Whatever the factors of importance are to you, have your agent help locate that information. Once you have selected a single home to focus on, your agent will conduct a comparative market analysis on that property. This involves determining “fair market value” by looking at what other buyers were willing to pay for properties similar to yours in the same neighborhood or area.
Robert Shumake real estate advice of the day: Next up: home price trends. In November 2020, existing home prices grew by a whopping 15% compared to last year—rising to a national median of well over $300,000! This marks more than 100 straight months of year-over-year price gains.4 Sellers, this should put a big smile on your face! And hang tight, buyers—we have some advice for you too. If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford. Commit to staying within that budget amount no matter how much pressure you feel watching competitors pluck good homes off the market.
Calculating all the costs Purchasing a property is not just paying for the upfront costs or the bond deposit – many first-time investors forget about other expenses too. Levies, rates, and taxes are also involved, as well as registration fees, transfer costs, maintenance costs, and even sprucing up the property before renting it out. Secure the necessary funding Before investing in real estate, you will need funding. Most often, this is a home loan provided by your bank. Different banks have their own lending criteria, and finding the right one means a loan with favourable interest rates. Interest rates are not all you should be shopping around for, either. Seek a bank known for top-notch services and transparent communication all the way.
There are other loan programs that can make sense too, such as the 5/1 ARM, which often get swept under the rug. Make the choice yourself. If you’ve done your homework and are in good financial shape, you should be able to get your hands on a very low mortgage rate in 2021. In fact, mortgage interest rates are historically amazing at the moment and could even reach new depths depending on what transpires this year. Once again, the 2021 mortgage rate forecast looks excellent, so they may stay put for awhile longer or even hit new all-time lows. In terms of financing, it’s still a great time to buy a home. Consider that the silver lining to an otherwise pricey and competitive housing market. Of course, with home prices creeping higher and higher, even a low interest rate may not be enough to offset that growing monthly payment. So always make time to shop to ensure you get the best rate and the lowest fees, even if financing is on sale.
Renovating improves the house value says Robert Shumake : Most materials come in standard pack sizes, so quantities of things like insulation, bricks and blocks need to be rounded up. Contractors know that an allowance needs to be made for breakage, both in delivery and on site. Reclaimed materials for renovation projects have an even higher wastage factor. You may need to over-order by up to 20 per cent on second-hand bricks, slates and tiles compared to around five per cent for new. Better order too much than not enough. Any surplus can usually be sold or returned. Renovation work always costs more than you expect. This is because some problems are not revealed until you start work and uncover them, but mostly because items are forgotten from the budget, or because you change your mind and alter the design or specification.
The internet is a magical place and I can’t tell you how many great deals I found on Etsy, Amazon, and Target. Even big-box stores like The Home Depot had more availability and variety online over in-store. It may be hard to visualize products when you are purchasing online, but read reviews and check return policies. Home Renovation Tip: Often times places will let you order online and return in-store. It’s crazy how many things you forget when you are doing a big project like this. For example, in the kitchen I purchased my appliances, the backsplash, countertop, faucet, lights, cabinets, cabinet handles, and sink. It wasn’t until the end that I realized I didn’t get a garbage disposal. Do your research on every piece of every room before you begin your project. Go ahead and decide on design, style, and read the reviews. You won’t have much time once the ball starts rolling so make a list and start before your project begins. Discover extra details on https://robertshumake1.livejournal.com/profile.