Did you know that the Diaspora remittance inflows by June 2021, amounted to USD 305.9 million? This, in comparison to a study done by Central Bank in 2017 where the remittance was USD 143.9 shows a remarkable increase in investment. Most funds are sent to relatives with real estate, food, education, and health. If you currently live and work abroad one of the best ways to put your money to good use is to invest in real estate. But before you do, here are 5 key things you need to ponder:
What is your plan?
If you don’t plan, you plan to fail. Having clear strategies in place will deter you from making mistakes that could result in financial loss. Looking forward to investing? Reflect on the following questions to determine your goal:
- What is Your Financial Goal?
- What type of property do you wish to invest in?
- Which is the best location to invest in?
- Are you looking to buy a house to live in or rent out?
Should You Seek Finance or Invest Your Own Money?
What is your budget? How much can I afford? Am I going to take out a loan? How much do I have saved for a down payment? The answer to these questions depends on your goals. While cash is King and may land you the best deal, a mortgage gives you flexibility. There is a variety of financing options in the Kenyan market that are tailored to different customers ranging from banks to Saccos. The choice is yours.
What professionals do I need onboard?
Real estate investment is a complex project that requires you to sign contracts and go through procedures. You may need a lawyer to run you through that. To get value for your money you may also bee need to hire a quantity surveyor to determine the real value of a property if the property meets quality standards and the estimated maintenance cost of the property. Lastly, a real estate agent will save you the hustle of finding a house of your preference.
Are you working with a Legitimate Real Estate Agency?
Because real estate investments are risky, do your homework. How do you know you are dealing with a legit real estate company? Consider the following
- Can someone view the site? Can they hand you a copy of the title to do a title search? Do they have a physical office? Where?
- What’s the company’s portfolio. Do they have previous successful projects?
- Do they have a lawyer that oversees the signing of legal documents?
- What are the customer reviews concerning the company? Can they be trusted?
Conclusion
Real estate is a long-term investment. Take your time, and analyze before investing. Ask friends, consult professionals and grow your network to get more information. Remember, it’s normal to have uncertainties: the process becomes easier once you understand your goal and get the right partners.
Get in touch with Mintvilla today to make this dream a success. Call 0711082929 or email us at [email protected]
