The process of purchasing a property in Kenya is distinct from other investments and often appears intricate to many. To demystify this process and assist you in embarking on this journey, we present a detailed overview of the steps involved when you engage with RentScore.
1.Commence with an Affordability Search: Utilize our affordable home loan calculator accessible on , a helpful tool designed to ascertain your budget constraints. Determine how much you can comfortably allocate to property acquisition and assess your borrowing capacity for an affordable home loan or installment plan. Our website showcases different types of properties for investment aligned with your financial boundaries and preferences.
2.Shortlist Preferred Properties: Choose properties that captivate your interest and align with your prerequisites. Compare their attributes, prices, locations, and potential returns to streamline your selection process.
3.Schedule a Consultation Call: Reach out to us to arrange a consultation call with our adept real estate agents. During this interaction, we'll delve into your needs and preferences, address any queries or uncertainties, furnish you with additional information regarding your shortlisted properties, and assist you in reaching a final decision.
4.Explore the best homes in Kenya in Person or Virtually: If you can travel to Kenya, we'll orchestrate a site visit for you to experience your chosen properties firsthand. For those unable to journey physically, a comprehensive virtual tour showcasing the property and its surroundings will be arranged.
5.Securing Your Choice: Upon finalizing your property selection, in certain developments, an initial refundable booking fee is required to secure the unit. This payment facilitates the acquisition of the Offer Letter and due diligence documents from the developer.
6.Deposit and Agreement Signing: Following meticulous due diligence to ensure the property's legitimacy and freedom from encumbrances, sign the Offer Letter and remit a deposit of up to 20% (inclusive of the booking fee) of the purchase price to the developer.
7.Contractual Commitment: Review and sign the Sale Agreement with the developer, a pivotal legally binding contract delineating the rights and obligations of both parties.
8.Progress Updates and Development Completion: During the construction phase of an off plan property, periodic quarterly updates on development progress will be dispatched. Adherence to agreed payment plans is essential. Mortgage buyers receive an Offer Letter stipulating payment terms with the developer.
9.Finalization and Handover: Upon the development's completion, an Occupation Certificate is granted to the developer by relevant authorities. This signifies the preparation of individual titles through the submission of pertinent documents, including the mother title and sectional plans.
10.Title Transfer and Possession: Fulfillment of full payment mandates stamp duty payment for property transfer and title production under your name. Mortgage buyers commence monthly repayments to the bank, while investment buyers are assisted in securing screened tenants.
The acquisition of property constitutes a significant financial commitment. Thus, it is imperative to engage a proficient team of real estate agents to navigate this journey and secure the finest available options within your financial boundaries. Venturing into this expedition without professional guidance could prove to be a misstep. At RentScore, we eagerly anticipate aiding you in accomplishing your property investment aspirations in 2024. Count on us as the discerning choice for astute buyers.
