Buying a house is one of the biggest decisions that you will make in
life. This calls for us to ensure we make the decision in the right way. There are various items to check for as you
buy, and various people to involve in probably the biggest investment of your
life.
To learn the documents that you will need during the process of buying a
house, this
blog is the ultimate guide to the homebuying timeline for
newbies in Kenya. It will help you follow the correct process of home searching
and ownership.
Here is a step-by-step guide to buying a house in Kenya
1. Decide on your budget
One of the first things you need to do when buying a home is to
decide on your budget. You need to know how much you can afford to spend on a
home so you don't end up overspending. You need to consider a few things when
setting your budget, such as:
· Consider your income. How much money do you make each month? How much of that can you afford to put toward a mortgage?
· Consider your debts. Do you have any outstanding debts that you need to pay off? If so, how much can you pay toward your monthly debts?
· You also need to consider your other expenses. Do you have any other monthly expenses that you need to pay? This could include car payments, credit card payments, or childcare expenses. You need to make enough money each month to cover these expenses.
Once you've considered all of these things, you can start to set your budget. You need to make sure you're comfortable with the amount you're spending each month on your mortgage. You should also ensure you have enough money left over to cover your other expenses.
2.
Talk to your bank
Chances are you will use a mortgage loan to
buy your home. Therefore, talk to your preferred bank, which will help you with
exclusive rates. In most cases, most banks know the home prices range in
different regions so that you can tell them your preferred house size and
location. This will help them see the amount they'll give you as loans and the down
payment.
3. Find a real estate agent
When you're ready to start looking for a home, it's time to find a
real estate agent. An excellent real estate agent will make the home-buying
process much easier and help you find the perfect home.
The first step is to ask your friends and family for referrals. If
you know anyone who has recently bought a home, they may be able to recommend
an excellent real estate agent. You can also check online reviews to get an idea
of which agents are popular in your area.
Once you've found a few interested agents, you should interview them to see if they're a good fit for you. Be sure to ask about their experience, knowledge of the area, and negotiation skills. Once you've found the right agent, they'll help you find the perfect home and guide you through home-buying.
Furthermore, you can view our home listings to see which is most appealing.
4. Start searching for your dream home
Now that you know what you can afford and what you are looking for, it is time to start
searching for your dream home. Luckily, there are several ways to search for
homes these days. One of the easiest ways to search for homes is online. There are several websites that allow you to search for homes based on your specific criteria.
You can also sign up for email alerts to notify you when new listings that match your criteria come on the market.
In addition, do not forget to drive around your desired neighborhood to see if there are any for sale signs. This can be a great way to find homes not listed online or with a real estate agent.
5. Get a real estate attorney
A real estate attorney is very crucial to the home-buying process. They will help you with all legal proceedings for buying
a home. In addition, a real estate attorney can represent you in court if
anything arises in the future.
6. Make an offer
Once you have found the perfect home, it is time to negotiate the purchase price. Negotiation can be tricky, but it is essential to remember that the seller will likely be flexible on the price.
Offer and negotiation is usually done through a real estate agent, who will help you negotiate with the seller. The agent will also help you with the paperwork to make an offer.
You can make an offer below the asking price. The seller will counter your offer, and you will continue negotiating until you reach an agreement. You can attach a proof of funds letter from your bank to convince the seller.
It is important to be realistic when negotiating the purchase price. If you can negotiate the purchase price successfully, you will have saved a significant amount of money.
7. Get a home valuation.
A home inspection is an examination of the condition of a home, usually performed by a professional home inspector. Lenders often require home inspections as a condition of approving a loan for a home purchase.
The inspector will look at the home's structure, including the foundation, framing, and roof, as well as the home's systems, such as the electrical, plumbing, and heating/cooling systems. The inspector
will also check for any visible signs of damage, such as water stains, cracks, or mould.
A home inspection can be a valuable tool for buyers, as it can help identify any potential problems with the home before the purchase is finalized. However, it is essential to note that a home inspection is not a guarantee that you'll find all potential problems.
8. Finalize the purchase
Once you have found the perfect home and negotiated the price, it is time to close the purchase deal.
First, you will need to put down a deposit. The real estate agent or an attorney typically holds the deposit in escrow until the transfer process is completed.
Next, the buyer will need to obtain a loan to pay for the remaining home balance. Sometimes, the seller may be willing to finance the purchase, but this is rare. Once the loan has been approved, the buyer must sign all the loan documents.
Conclusion
The homebuying timeline depends on how fast you get a home that is appealing to you. After getting the right home, the process is simple and takes a few weeks.
Buying a house requires a lot of time and effort. To help you navigate the process, give us a call or enter your question in the comment box below.
Frequently
Asked Questions
1. What is the fastest time to buy a home in Kenya?
After getting the best home for you, it can take a few weeks to finalise everything, from the home inspection to closing the deal.
2. How can I speed up the homebuying process in Kenya?
The best way to buy a house fast is to find a seller with a ready contract. That way, you will not spend much time waiting for the contract draft.
3. How many months should I take when searching for a house in Kenya?
One thing to know is you should not be in a hurry when searching for a house. Remember that it's a big purchase and if anything goes wrong you will lose a lot of money. Therefore take your time to search for the right seller.
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