As the number of Kenyans living in the diaspora grows year after year, so does the desire to own property back home. While some have recognized the importance of investing back home, others have yet to do so.
Diaspora remittance inflows remained strong in June 2021, amounting to USD 305.9 million according to the Kenya Central Bank.
All of this demonstrates the value of remittances sent by Kenyans living abroad to the country’s economy. If you currently live and work overseas one of the best ways to put your money to good use is to invest in real estate.
Following losses to con artists and relatives, a segment of Kenyans in the diaspora is dissatisfied with real estate investments. However, one can alleviate their frustrations by hiring registered agents and a lawyer to act on their behalf.
So, let’s have a look at the steps to starting your real estate investment journey while living in the diaspora.
1: Do You Have a Real Estate Investment Strategy?
Even before you spend your first shilling, as a potential real estate investor you should have a strategy in place. Real estate investments are influenced by several variables and considerations that need careful evaluation. Getting distracted is a potential risk if you do not conduct the necessary market research and formulate an appropriate real estate investment strategy.
Newcomers in this field should develop strategies based on their investment objectives and stick to them. In the future, you may need to fine-tune your strategy.
While there is unlimited potential in property acquisition, you must be well-informed about the complexities of the real estate sector to prevent making poor judgments. Having a plan for what you want to achieve from your investment can help you avoid making mistakes that could result in financial loss.
- You need to decide on the type of property you wish to invest in.
- Are you buying an apartment, townhouse, land or commercial property?
- Whish is the best location to invest in?
- Are you looking to buy to buy a house to live in or are you buying to rent out? If so will you need property management agents in Kenya to help you manage it?
- Is ROI better buying off plan or completed projects?
2: Do you need to work with a Registered Real Estate Agency?
Even though you believe you can handle your real estate investments on your own, you must recognize that those who win in this field do it with the help of a solid team. Real estate investors should start putting together their teams as soon as they start looking for their first property.
Using the services of qualified real estate agents in Kenya would considerably limit the chances of being caught up in shady dealings. Our skilled real estate agents will scout for the best real estate in Kenya, represent you in negotiations as we recognize the importance of bids and counteroffers in a real estate deal that saves you money.
Moreover, using the services of a licensed professional gives you peace of mind, knowing that your property’s affairs are in good hands.
At Trendy Living focus on making your investment in real estate in Kenya stress-free and profitable, delivering higher returns while providing the best client service and always protecting your interests. We conduct thorough due diligence to ensure that all our properties are in the best condition and legal before listing.
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3: Should You Seek Finance or Invest Your Own Money?
The answer to this depends on any investor’s individual goals. The uptake of mortgages in Kenya is still very low primarily due to the high-interest rates currently starting at about 13.5% against the US at about 4%
You have several other property financing options in the Kenyan market that are specifically tailored for Kenyans in the diaspora.Contact us to discuss what are the best options for you.
4: Do you need to hire a lawyer to represent you?
Once you have identified the ideal property, you should hire a lawyer before you even start any purchase. Real estate investment is a complex undertaking involving numerous legal procedures and contracts. As a result, your advocate’s role will be to advise you on legal issues as well as notarize all of the contracts you sign with sellers and contractors.This way you are assured to safely and conveniently transact and close a deal through a trusted representative.
Conclusion
Because real estate investments are risky, doing your homework is essential, and it is equally important that you keep learning. To avoid complications in the early stages of your venture, as a new investor, start by focusing on a particular area. Make sure you never stop networking, because the more ties you can develop as a new investor, the better off you’ll be and achieve profitable results.
Remember that as a novice, it’s normal to have a lot of uncertainties and questions. The process becomes easier once you understand your real estate investment goals are. If you’re not sure how to proceed Get in touch with us for guidance, as well as project/property management, property scouting services, sales, and letting.
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