Buying your first home can be exciting and amazing, and scary. But knowing the common mistakes of first-time buyers will ensure you don’t make the same ones, and can help make the transition to “New Home Owner!” that much smoother. One might get carried away by the excitement. When it comes to buying a house one should make sure that he is buying with his Heart. ”Sure the house is gorgeous, fully renovated and painted your favorite shade of cream and has an ensuite bathroom for every bedroom”. But it’s on a busy road and you have three young kids and two cats who like to run outside. What you can do about it: Be smart! Visit the house at least twice you will be surprised at how your opinion can change on a second and third visit and think critically. Go through every aspect of the house, every room, every floor, its location and neighborhood and really try to picture yourselves in the house for years down the road. Blindly buying a home can be a big mistake. Whether you’re paying too much attention to your realtor and family “who just LOVE the place!” or are feeling the pressure to make a quick buy, moving into a house that hasn’t been thoroughly vetted can be a big, expensive, regretful mistake. What you can do about it? Do your research! And do it first-hand. No realtor or family member can know exactly what you want more than you. Spend a day walking the neighborhood, learn about your neighbors, research the local school and visit the parks. As for the house itself, get an inspection report. These can uncover unseen things like termites and flooding, two expensive undertakings. Buying a home is exciting and daunting. But doing your due diligence can make the process a little easier, and get you into your dream home with (little) stress. At Greenspan we got you covered. Our joy is to make sure that all you house needs are catered for. Following our range of Apartments and maisonettes we make sure that you get maximum benefits on the investments that you make. We go a step further and advice you when it comes to choosing a unit. “No need to worry, we got all of it covered”. Talk to us for all of your real estate needs.
If you’re considering buying a home, the time is now given outside factors. But is it a good time for you? Do you have the savings for a down payment? Do you have an emergency fund that can cover any unexpected repairs? Do you anticipate living in the same area for at least the next five years? If you’re considering buying a house to act as rental income, doing so when rates are low is one of the most important factors to the success of your investment. We don’t know where interest rates will go in the future. They could fall even lower or rebound to per-recession figures, but right now is a good time to bet on the housing market.Rent prices are expected to continue to climb in the new year, which means in most cities, buying will be cheaper than renting.Even though mortgages could get more expensive, buying might still be the better deal.Interest rates would need to rise to around 6.5% for the cost of buying to equal that of renting on a national level. Buying is a much less stressful process than building, since so much can go wrong during the construction of a new home. At Greenspan we got you covered. Our joy is to make sure that all you house needs are catered for. Following our range of Apartments and maisonettes we make sure that you get maximum benefits on the investments that you make.Talk to us for all of your real estate needs.
Owning a home is a great experience for many Kenyans but it is also an extremely taxing event in your life and you need to be prepared for what lies ahead. The decision to build or buy is not an easy one and each has its own set of advantages and problems that need to be carefully weighed against one other. If this is your first time around, there will be discomfort in any path you choose and there is really no right choice that suits everyone. In making your decision, consider things such as your financial situation, job security, long-term plans for being in the area, and your sanity. Look into both options and take the path that is best suited for you.
Speak with anyone that has built their own home and most have horror stories about the project taking too long or exceeding cost expectations. Whether it is inclement, problems with obtaining the proper materials, delayed inspections or an overstretched general contractor, building your home from the ground up can come with significant delays. The primary advantage of building a new home is that it can be built to individual specifications. These houses, known as custom homes, can be made in the specific vision of the buyer and changed as the building process progresses. Buying a new home is more efficient as compared to building one from scratch. Once one purchases an existing home, he can move in immediately. New homes can take months or longer to build. Construction costs are also significant. Contractors have been hit hard by the housing downturn, and many are offering discounts on new construction. But these costs can rise quickly and the estimates are rarely accurate. The only true advantage that building a new home provides in the current market is customization. All other factors indicate that buying an existing home is the best financial choice. Buying is a much less stressful process than building, since so much can go wrong during the construction of a new home. At Greenspan we got you covered. Our joy is to make sure that all you house needs are catered for. Following our range of Apartments and maisonettes we make sure that you get maximum benefits on the investments that you make.Talk to us for all of your real estate needs.
Nairobi leads a list of 10 African cities in attracting foreign cash inflows especially in the real estate development. The just released study by real estate firm, JLL (Jones Lang LaSalle), says that Nairobi is favoured as the gateway to East Africa, outpacing Abuja city (Nigeria) and South Africa’s Johannesburg.
Other cities whose real estate sector attracts notable cash inflows are Addis Ababa (Ethiopia), Dar-es-Salaam (Tanzania), Kampala (Uganda), Kigali (Rwanda), Lagos (Nigeria), Luanda (Angola), Lusaka (Zambia) and Mozambique’s capital Maputo. Continue reading
THE National Construction Authority, the agency charged with regulation and coordination of the construction sector, has blamed the rampant collapse of buildings on little coordination among regulatory bodies overseeing different segments of the sector.
Executive director Daniel Manduku said there are different supervisory entities involved in the construction chain that are independent of the NCA.He said this has created challenges in the regulation of the sector to ensure best standards are observed throughout the construction process. Continue reading
House prices within the last three months have remained constant, according to a survey that was released recently by the Kenya Bankers Association (KBA). The Housing Price Index form KBA indicates that there was only an increase of 0.2 per cent in house prices from April to late July, 2015.This is a negligible increase compared to the 2.75 per cent growth observed in the period between December, 2014 and March 2015, and the 2.18 per cent in August to December 2014.
The survey, which pooled real estate in the country into three groups, or regions — low, middle and upper income — also revealed a difference in purchasing in the different classes of Kenyans. Continue reading
DEVELOPERS have been urged to allocate enough space for trees and flowers during construction to make real estate projects more appealing.According to the Chinese contractor of Jacaranda Gardens Estate along Thika Road – Sichuan International Corporation – many developers are more concerned about using available space to build as many units as possible for sale and rent, at the expense of vegetation and the environment.
In an interview with the Star, the firm’s human resource and general manager Edson Sie said Kenya, unlike China, has many trees and contractors should capitalise on these to beautify their projects as well as use them to harvest rain to ease water shortages. Continue reading
Oversupply of houses, insecurity and the reintroduction of Capital Gains Tax (CGT) has driven luxury house prices in Nairobi down by 1 per cent in the first three months of 2015.According to the Knight Frank Prime Global Cities Index, developers built more houses in response to increased foreign investors interest in the city, causing excess supply than the available demand.
Knight Frank Agency head Anthony Havelock on Wednesday said rapid growth in construction of houses in the city was also spurred by an expanding pool of local wealthy individuals seeking to buy trophy homes. Continue reading
Plots at Ridgeways and Loresho areas have appreciated as other city suburbs showed signs of calming off. The Nairobi Land Index by Hass Consult and Stanlib Investments display between March 2013 and March 2014 the average price of land in Ridgeways and Loresho rose by 41.4 per cent and 41 per cent, well on top of the 17.6 per cent average for 18 suburbs making the index go up.
The report found that the cost of an acre of land in Ridgeways as at the end of March was Sh64.9 million while unalike plot in Loresho was being sold for Sh70.7 million. The road network that has opened up Ridgeways including the northern by-pass is the main reason for the land’s price appreciation. Continue reading
As part of devolution, and a requirement of the Constitution, all counties are expected to flair 10-year Integrated County Development Plans. These plans are released on their respective visions, centered on the dreams they have hitherto yearned for but never had a chance to implement.
Respective county leaderships envision the goals and plans that will solve problems while guiding development into the future, breaking free from the shackles of centralized planning.These plans envision exceptional living conditions and standards for more productive residents. Continue reading