Tips for Buying Investment Property in Nairobi

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When thinking about investing in property, many people often overlook the opportunity to invest in real estate. This happens for a number of reasons, but the main one being that it’s seen as a very complicated process. However, with the right advice and research, investing in property is something that can be understood fairly easily and with minimal risk involved. In this blog post we will explain why now is a great time to buy property in Nairobi, what type of properties you can buy as an investment, how you can reduce your risks and what fees you need to be aware of when buying property.

Now is a great time to buy property in Nairobi

Before you begin your property search, you will need to make sure that now really is the best time to buy. There are many factors that may have influenced this decision, but the main ones are: - Interest rates have been falling - Political stability is increasing - The local economy is strengthening - Demand for properties is rising - Diversification is key!

What type of properties can you buy?

There are two types of properties that are common for investment purposes: - Residential properties - Commercial properties For residential properties, you can opt for buying a house or an apartment. The latter can be easier to rent out, as it is more common to find tenants looking for an apartment. To make your investment more diversified, it can be a good idea to buy both types of properties.

Reduce your risks when buying property

One of the biggest risks when it comes to investing in property is that the tenant will not be able to pay their rent. It is therefore very important that you choose tenants that can afford the rent. It is also important that you have a contract in place with the tenant. This can protect both you and the tenant and ensure that the rent is paid on time and the tenant respects the property. A few other things you can do to reduce your risks when buying property is to: - Do thorough research before buying a property. - Only buy a property if you can actually afford it. - Find a reliable and reputable real estate broker.

Fees to be aware of when buying property

When buying property, you will need to pay a number of fees which are known as transfer fees. These fees vary depending on which city you are buying the property in, so make sure you do some research and understand what they are before you sign on the dotted line. You will also have to pay stamp duty. This is a tax that you have to pay when you buy a property. The amount you have to pay will depend on the value of the property you are buying. You will also have to pay a real estate broker fee when you buy a property. This is a fee that the real estate broker will charge you for helping you find the right property and negotiating the price.

Conclusion

If you are looking to invest in property, there is no better time than now. Rising property prices and low interest rates have made it easier for people to buy property, and now is a great time to do so. Property can be a great way to diversify your investment portfolio, and it can also be a great way to make some passive income.