This archive report was first published on 9 July 2021.
Affordable Housing: Common Mistakes New Home Buyers Make ¶
Kenya has seen a surge in the number of home buyers seeking to own affordable houses, with the government aiming to construct over 500,000 homes by 2025 as part of its Big 4 Agenda.
However, real estate firms have cautioned new owners from rushing to purchase homes, as many make costly mistakes that haunt them in the near future. These mistakes include ignoring zoning regulations, failing to cross-check developers' credibility, and buying overvalued properties.
Developers have advised homebuyers to conduct thorough land-use diligence for the area to ascertain regulations that may inhibit one's stay. They have also cautioned against buying properties without considering the future, such as the size of the family in the coming years, retirement plan, and kin moving in or moving out.
Other common mistakes include assuming extra costs, such as repair and maintenance and service charges, and failing to cross-check developers' credibility. Homebuyers have been advised to use registered real estate firms and government platforms, such as Boma Yangu, to search for affordable homes.
Additionally, developers have warned against buying properties based on promised infrastructure, such as access roads to the tarmac, which may take a considerable amount of time to implement.
As the demand for affordable housing continues to rise, it is essential for homebuyers to be aware of these common mistakes and take necessary precautions to avoid them.
