Robert Shumake high quality Africa real estate tips in 2022? Buy the worst house in the best neighbourhood Location is the most important and maybe vital thing when it comes to investing in real estate in Kenya. Moreover, its worth to note that it is not the cost incurred in developing a property or acquiring it that determines its value. What determines the value of the property is where it is located. Therefore when making real estate investment decisions, it is essential to ensure the neighbourhood you are investing in is the best. Here are a few places where you can invest in the real estate market today.
Selecting a lender is a matter of personal preference. Many people often shop around, looking for a lender that offers the lowest rate. More often, however, people will choose a lender based on a referral from an agent or friend. Most lending institutions will offer the same basic programs, such as FHA, VA, conventional fixed rate, etc.; and most will meet or beat another lender’s rates. What usually separates one lender from another is their “niche” product. An example would be a lending institution that specializes in low down payments, as compared to another that specializes in self-employment financing. Most agents will be able to point you in the right direction based on your particular situation.
Robert Shumake real estate suggestion for today: Next up: home price trends. In November 2020, existing home prices grew by a whopping 15% compared to last year—rising to a national median of well over $300,000! This marks more than 100 straight months of year-over-year price gains.4 Sellers, this should put a big smile on your face! And hang tight, buyers—we have some advice for you too. If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford. Commit to staying within that budget amount no matter how much pressure you feel watching competitors pluck good homes off the market.
Calculating all the costs Purchasing a property is not just paying for the upfront costs or the bond deposit – many first-time investors forget about other expenses too. Levies, rates, and taxes are also involved, as well as registration fees, transfer costs, maintenance costs, and even sprucing up the property before renting it out. Secure the necessary funding Before investing in real estate, you will need funding. Most often, this is a home loan provided by your bank. Different banks have their own lending criteria, and finding the right one means a loan with favourable interest rates. Interest rates are not all you should be shopping around for, either. Seek a bank known for top-notch services and transparent communication all the way.
Lastly, take a moment to ensure you actually want to buy a home as opposed to continuing to rent. I constantly hear the old “throwing away money on rent” line and it never gets old. Then I proceed to fantasize about renting with not a care in the world. Are you sure you’re throwing away money on rent? Renting can be pretty awesome. You don’t pay property taxes, homeowners insurance, HOA dues, PMI, or mortgage interest. And you can leave whenever you want. That sounds like a sweet deal too. Oh, and if anything goes wrong, you can just call your landlord or property management company. With a home, the problem is yours, and yours alone to deal with. Broken water heater? You’re paying thousands out of pocket, not the landlord.
Renovating increases the house value says Robert Shumake : If you’re buying an old building, check whether it’s listed, as this will severely limit the changes you can make, plus as a new owner you’re legally liable for rectifying any past illegal works, often at huge expense. Generally, unless you have a bottomless budget, avoid: properties built to a substandard quality, such as some cheaper Victorian terraces built without firebreak party walls in lofts and with worryingly thin single brick rear additions (which cause problems with mortgage lenders), those that have suffered botched alterations such as chimney breasts and internal walls illegally removed without Building Regulations’ consent.
The internet is a magical place and I can’t tell you how many great deals I found on Etsy, Amazon, and Target. Even big-box stores like The Home Depot had more availability and variety online over in-store. It may be hard to visualize products when you are purchasing online, but read reviews and check return policies. Home Renovation Tip: Often times places will let you order online and return in-store. It’s crazy how many things you forget when you are doing a big project like this. For example, in the kitchen I purchased my appliances, the backsplash, countertop, faucet, lights, cabinets, cabinet handles, and sink. It wasn’t until the end that I realized I didn’t get a garbage disposal. Do your research on every piece of every room before you begin your project. Go ahead and decide on design, style, and read the reviews. You won’t have much time once the ball starts rolling so make a list and start before your project begins. Discover additional details on https://disqus.com/by/robertsshumake/.