A Guide to Buying Your First Property in Nairobi

‍

There are many reasons why you might want to buy a property in Nairobi. Perhaps you have been dating someone for some time and think that buying a house together is the next logical step. Maybe your parents have moved back home after retirement and, at their age and with the cost of living so high, you don’t think they’ll be able to afford a place of their own again. Or perhaps you just love Nairobi so much that you want to live there forever. Whatever your motivations, buying your first home is an exciting moment in anyone’s life. But it can also be fraught with problems if you aren’t well-informed about the processes involved. In this blog post we will keep you updated on everything you need to know before diving into the property market in Nairobi as a first-time buyer.

What is a mortgage?

When you buy a house, you need to be able to pay the price in full. But for most people, the cost of a house is far greater than they can afford to pay upfront. This is where mortgages come in. A mortgage is a loan that you take out to pay for your home. After you have signed the mortgage contract, your lender will give you a certain amount of time to pay back the money. During this time, they will have a lien on your property. This means they have a right to repossess the house if you don’t pay the loan back on time.

What you need to be a first-time buyer in Nairobi

Before you start looking for your dream home, it’s important to make sure you are a first-time homeowner and that you have all your paperwork in order. Here’s what you need to do: - Find out how much you can borrow - Get a copy of your credit report - Apply for a mortgage With a mortgage, you borrow money from a bank and sign a contract to repay it over a set period of time. You’ll need to show that you can afford to make repayments on the loan. This will help you find the best mortgage deal. Like many things in life, credit is a bit like a traffic light. If you are green, you are good to go. If you are amber, you have room for improvement. If you are red, you probably won’t be approved for a mortgage.

How to find the property of your dreams

Whether you are looking for a new home or a buy-to-let investment property, there are many ways to go about finding the right place. Here are the main ways you can go about it: - Search online - Visit estate agents - Attend open houses - Visit a “For Sale by Owner” (FSBO) sale - Visit the Nairobi land board - Visit the Nairobi County Council offices With the rise of technology, the most popular way to find a property these days is through an online search. You can visit websites like OLX, Craigslist or Wazua to see what’s on offer out there. You can also use real estate websites such as MakaHousing, iHomes or Property finder to find your dream home. Alternatively, you can visit estate agents who specialise in buying and selling properties and have a vast array of options to choose from. If you’re not in a rush and want to find the perfect home, attending open houses is a great way to go about it. You’ll get a chance to meet the owner and ask questions about the property and the neighborhood. If you are short on time or want to keep your search a little more quiet, you can also consider visiting a FSBO sale or the Nairobi land board. These are less common ways to find a place, but might work for you if you are on a tight schedule. Finally, you can also visit the Nairobi County Council offices to see if there are any government-owned properties that you might be interested in. The sales of these properties are open to the public.

What to look out for when viewing properties

When you are viewing properties, you should make sure you take the time to check them carefully, as small defects might only become apparent when you go to inspect the house. Here are some things to look out for: - Roof and gutters - Foundation - Walls and floors - Electrical wiring - Plumbing - Foundation and drainage - Windows and doors - Roof - Water supply and sewage - Heating - Landscaping You also need to be aware of any termites or pests. They are common in Kenya, so you should request a termite report from the seller or the real estate agent. If you are buying a house that uses well water, you must also make sure that the water supply is safe to drink. There are many sources of water pollution, including run-off from agricultural fields and untreated sewage. Ask your real estate agent to test the water and make sure it is safe to drink. You’ll need to take these factors into account when negotiating a price for a property.

Tips for finalising your purchase

If you’ve found the perfect house, you’re ready to make an offer to purchase it. An offer to purchase is a legal contract that you and the seller sign. It’s important to understand everything in your offer to purchase before you sign it. Make sure that you include the following: - The property address - The purchase price - The amount you are paying as a down payment - The date when you must pay the rest of the money - A clear explanation as to how the final payment must be made - The date by which the title deed must be transferred to you Make sure that you get the seller to sign a nondelivery clause. This is a promise from the seller that they will deliver the title deed to you by a certain date. If they break this contract, you have legal grounds to terminate the deal. If you are the seller, remember that you can break the contract, but you must give the buyer the full repurchase price.

Conclusion

Buying a home is a big step, but you can make the process a lot easier by being prepared and knowing what to expect. By reading up on the process, keeping an eye out for good deals and being thorough with your home search, you’ll be well on your way to finding the perfect property in no time. So start researching now, and before you know it, you’ll be enjoying the satisfaction of being a homeowner in the City of Wild Flowers.