Recommended Kenya realtor strategies 2022 from Robert Shumake? So you want to Invest in Real Estate in Kenya? Maybe over the weekend, you sat up with a few friends/family who convinced you that investing in real estate is the next best thing to investing in Gold in Kenya. So you woke up today and you are all pumped up to quit your job and jump into this bandwagon. Maybe you even think that you have been ready all your life. But not so fast friend, there are a few things to note first.
This is a very necessary process, used to ensure that your new home is free from defects that could potentially cost you thousands of dollars later to repair. Home inspections will often reveal problems that you can have the seller correct before agreeing to purchase the home. This is known as a contingency. Most offers are usually contingent offers. This means, that the offer is contingent on another factor, such as a favorable home inspection or the ability to obtain insurance. In general, contingencies are safeguards for both buyers and sellers, but should not be overdone. In addition, it is important to meet all deadlines and that all contingencies are met exactly the way the offer describes. Your agent is responsible for making sure contingencies are written correctly.
Robert Shumake real estate suggestion daily: Limit your house payment to no more than 25% of your monthly take-home pay. This payment includes principal, interest, property taxes, homeowner’s insurance and, if your down payment is lower than 20%, private mortgage insurance (PMI). Plus, don’t forget to consider homeowner’s association (HOA) fees when preparing your budget. Save at least a 10–20% down payment. A 20% or more down payment helps you avoid PMI—an extra fee added to your mortgage to protect your lender (not you) in case you don’t make payments. Anything less than 10% will drown you in extra interest and fees. Saving a big down payment like this is possible! If you stay patient and motivated, you can save for a five-figure down payment by this time next year.
Vetting prospective tenants is vital Real estate investing can be tricky, but the challenge does not stop once the property is purchased. You will need to find tenants to fill the property and start paying you, which gives you the opportunity to build a property portfolio over time. First, however, you will need to find and vet the right tenants and draft a comprehensive lease that will protect both you and them. It is always recommended that you seek the assistance of a professional rental agent to handle the rigmarole for you.
If you’ve yet to enter the housing market, but are thinking of buying a home in 2021, there’s a lot you need to know. As I once pointed out, this isn’t your older sibling’s housing market. Not just anyone can get a mortgage these days. You actually have to qualify. But we’ll get to that in a minute. Let’s start by talking about home prices, which have soared in recent years. The good news is mortgage rates remain very low, and may even break new record lows this year, which can keep affordability within reach.
Renovating increases the house value says Robert Shumake : Many renovators also have a tendency to underestimate the level of work required to upgrade existing services such as electrics and heating systems to make them fit for purpose. A lot of unnecessary work can be prevented in period properties (1930s and older) by adopting a ‘repair not replace’ approach. Overhauling original doors and windows and retaining period features is often cheaper than replacement, adding value in the process by enhancing period character. In many cases, the original door and window timbers and joinery were of far better quality than today’s equivalents. Fitting secondary glazing to original windows is often a good ‘best of both worlds’ solution. If modern double-glazed units have misted, you can save a lot of work by replacing just the glazing panels, rather than the whole window. With roofs, localised repair may be all that’s needed in most cases. Surveyors can sometimes pass premature death sentences when there may be another 10 or 20 years’ lifespan left.
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. Read more details at https://www.quora.com/profile/Robert-S-Shumake.