August 19, 2018

Why you should be investing your money in real estate

By Lindah Leonah

 

The real estate business has proven to be one of the most lucrative business ventures and the best investment strategies in the country.

This venture has helped anyone who has money somewhere not knowing what to do with it. We no longer live in an era where doctors, lawyers and teachers or people with professional titles were the only people presumed to have money.

Kenyans have now come out of the thinking that the only way to make money is through education.

Also, with the lottery business gaining popularity and momentum, many people’s pockets are filling up.

Nowadays, the problem with most Kenyans is not getting or having money, the problem is how to use money and make it work for them. The reason why poverty is the country’s seemingly never-ending problem is because people lack knowledge on how best to use their money.

So what I have here is some free advice for you, for when you get some money.

Typically, a Kenyan would invest a million in the transport business which is a good venture but it comes with a lot of uncertainty. These uncertainties may work against you if you are not vigilant.

Investing in real estate is therefore a worthwhile investment that most Kenyans prefer nowadays. It simply is a smart business as land in Kenya.

The fact that land in Kenya appreciates is security for your investment as it is an asset in itself. Kenya’s population is subsequently growing hence demand for housing is on the rise. People obviously need places to live depending on what is in their pockets, so the market is and always will be there.

It is important, however, to know how to go about buying land. If it ends up becoming the one thing you endeavour to do now or in the perceivable future, you ought to proceed with caution.

 

It would serve you right to consider the following:

  • Draw up your budget plan. This means that you decide on how much you have, to invest and if it is at all enough for purchasing land or a house or building one. Seek to get the best from what you have. Conduct an exhaustive survey for locations as this will help you gather the necessary information to even budget in the first place. If you can afford the services of a financial advisor, it too is an option. Simply do your homework.

 

  • Beware of fraudsters and their fraudulent tactics as they could misguide you and rip you off! Seek the services of a legitimate lawyer if you are not a guru in the real estate sector. It might cost you but it is worth avoiding possible trouble in the process of purchasing a house or land.

 

  • Engage the Land Ministry as well. This will protect you from the risk of being duped. Their offices are located at Ardhi House in Nairobi.

 

  • Population growth. Consider looking into how populated an area is. Is it densely populated or sparsely populated. This will guide you on the design of the house you would like to build. Sparsely populated areas have detached houses while densely populated areas have apartment buildings.

For any business venture to succeed, you have to put in work. You have to invest your time, hard work and abject patience. Things may not go smoothly, as things do in life. You just have to keep your eye on the ball as the end will surely justify the means.

Related posts