With interest rates on the rise and housing inventory still low, it’s important to keep these first-time homebuyer tips in mind if you intend to buy soon any of the available houses for sale in Thika Road Nairobi.
As a real estate agent in Nairobi, I regularly met many would-be first-time homebuyers in Kenya who shared the same misconceptions. Buying a house in Nairobi Kenya is an arduous task — no doubt — but I found a few assertions that unnecessarily thwarted home shoppers’ plans. From finding representation to financing to the inspection process, a bit of background knowledge can help prevent expensive mistakes.
As a weary and frustrated first-time homebuyer, myself not long ago, I understand how difficult the entire process can be. The tips below will help you navigate your first experience and make it as painless as possible. It’s especially important to be mindful of the pitfalls homebuying process as increasing mortgage interest rates compound costs. Here is my hard-earned advice on how to buy good and affordable houses for sale in Thika Road Nairobi.
1. Know what you can afford.
The problem with viewing beautiful houses for sale in Thika Road, is that it shapes what you want in a home. You can imagine yourself sitting on a beautiful white couch in front of a roaring fireplace, your marble-topped kitchen island in the background.
There’s nothing wrong with that vision, other than you may not be able to afford it. And with interest rates likely to rise this year, it’s more important than ever to know exactly what you can afford to spend on your dream home.
Start with the four key components of affordability: How much you have saved for a down payment; how much your household earns; what debt you carry; and your credit score. Your credit score will directly affect the interest rate on the loan, which has a multiplier effect on how much you can borrow. Your debt service (how much you pay each month) will be subtracted from the total amount you can spend on your mortgage, taxes and homeowners’ insurance.
Once you have a handle on these four components, it’s time to get preapproved for your loan.
2. Be flexible in your home search
With a good agent secured, search with an open mind — it’ll be easier than adjusting your expectations later. I’ve seen first-time homebuyers paint themselves into a corner by getting caught up in their idea of a dream home.
Most first-time home buyers are unlikely to get their top choice. The more flexible you are, the higher your chance of success. It may be helpful to rank the features you want most before you start your search –that’ll help you assess your options once you begin visiting potential homes.
If you’re priced out of one market, you may need to consider an alternative locale. This is where you can get more proactive and get an edge on other buyers by researching new construction on the outskirts of a hot market, or learning about upcoming local infrastructure projects along public transit routes.
Open and closed permits for residential work can give you insight into where commercial development may be going on. If you’re willing to wait out plans for a few years, you may be able to get a discount on a home. This approach can also help boost your equity over a short amount of time. This information is typically available through your city or county website. Your agent should be able to help you find this information, as well.
3. Get smart about the process.
Put together your home-buying team, including an experienced traditional real estate agent or exclusive buyer agent, professional home inspector and mortgage lender; if you’re buying investment property for sale in Thika road, add a tax expert and a real estate attorney, where real estate attorneys are customarily used. All these professionals should willingly and kindly share their knowledge and expertise. If not, find someone else.
Given that almost all residential real estate markets will stay tilted toward sellers for the foreseeable future, you’ll need to be as smart as you can to find a home you can love.
Are you looking for affordable properties & Houses for sale in Thika Road Nairobi? Contact us today on +254786772176 for a free site visit to our Thika road properties for sale!
Available properties for sale in Thika Road;
a) 2 Acres Land for sale in Thika Road at Jomoko touching Thika. Now asking for 95m per acre. The property is next to two petrol stations and has ready tittle deed. Contact us today on +254786772176 for more details
b) Huge blank Parcel of land for sale in Thika road with ready tittle deeds. The property is 1/4 acre along and touching Garissa road near petrol station. Asking 90M.Contact us today on +254786772176 for more details
c) Commercial Plot for sale in Thika town on 40×80 plot now asking for 95M.
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d) House for sale in Thika town for 110M on 50×80 plot.
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e) 1/4 Acre at section Two Thika town now asking for 75M with two houses. Contact us today on +254786772176 for more details