DPK has a wide range of properties spread across the country. These properties range from apartments, houses, villas, commercial offices, retail spaces and land for all types of development and even for farming purposes. Our wide portfolio ensures that you will always have property to buy from us. If we currently do not have, drop us your specifications to email@example.com and we will get it for you. This is where Kenya Lives.
Our wide range of properties scaling across all budgets and regions in the country coupled up with our expertise in matters Real estate makes us be your perfect Realtor.
Home ownership is a major goal for many people, the procedure followed to buy a house in Kenya remains a mystery to most of the wannabe home-owners.
See below a step-by-step guide to help you buy your first home with ease and at the best price.
1.) Always get a registered real estate agent licensed to operate in your town or area of interest. Look for a reputable agent that specializes in buying and selling of homes. Agents with backgrounds in construction or project management can be of assistance too.
2.) Find a house that meets your desired criteria such as location, size, roofing style, etc. This is where property agents come in as they already have several homes for sale in their portfolio and you can discuss with them your preferences so they may source for your dream house.
Property websites and magazines can also help you to find a home based on criteria such as asking price, square footage, number of bedrooms and more.
3.) Once you find a house that meets your criteria, work with your agent or lawyer to make an Offer to Purchase (sometimes referred to as Agreement of Purchase and Sale). This is a legal document that should be carefully prepared – hence the need to work with a legal officer.
Offer to Purchase includes your name, the name of the seller, the address of the property, the price you are willing to pay, amount of your deposit, the closing day (the date you take possession of the house – usually up to 90 days), request for a current land survey of the property and the date the offer expires.
The document may also request a satisfactory home report, appraisal and lender approval of mortgage financing. In this case, the document will become legally abiding only when the conditions are met.
What happens after you make an offer?
i) The seller accepts your offer and you proceed on to the next step.
ii) The seller makes a counter-offer asking for a higher price or different terms. You may send the offer back to the seller offering a higher price than your initial offer but lower than the seller’s counter-offer. If the seller accepts this counter-offer the deal is done and you can move on to the next step.
iii) If both parties can’t agree on the price and/or terms the sale does not sail through and you leave it at that.
4. ) Once the seller accepts your offer and terms you can now proceed to carry out a house inspection tour. House inspection is very important because it helps you evaluate the condition of the property and any repairs needed.
6. ) If you’re planning to purchase the house through mortgage, get pre-qualified with a mortgage lender or bank to help determine the size of loan and type of payment that best suits you. Your lender may ask you to get property appraisal, a land survey or both as well as title insurance.
7.) Once your mortgage application is approved the final stage is to close the title. Closing is done by a property lawyer at his/her office or bank after a thorough review of the contract and conducting a title search for the property. The lawyer also reviews all documents required by the mortgage lender.
NB: You have the right to inspect your new home 24 hours before the closing. This inspection is your last opportunity to inspect the house before signing the deed.
It is paramount to note that prices of houses are usually dependent on the location of the property. Urban, semi-ubarn, rural and even commercial or industrial properties fetch a different value in relevance to their location.
A professional Agent usually signs an exclusive or open mandate with the property owner. For exclusive mandate, it means they are the only agency given mandate to sell the property. And for Open, the developer limits to 5 agencies to sell their property. In these mandates, the developer and the agency agree on payment terms, typically called commissions after sale. These commissions, though post-paid, should enable the agent to incur fixed costs to get the buyer. In long and short of it, a buyer pays zero cents to the agent to facilitate property purchase.