What are the payment terms for properties?

For most properties, payment is in form of a 10% deposit and the balance within 60-90 days. Payment can be in form of cheques, banker's draft or telegraphic transfers.

How can I obtain financing in Kenya?

Financing for purchase of a property can be obtained from Banks, Building Societies or Mortgage Companies in Kenya. Details on interest rates and repayment terms can be obtained directly from these addresses.

How does a non-resident buy property in Kenya?

The best and the easiest way to buy property as a non-resident is to appoint a lawyer in Kenya who can act on your behalf. Your lawyer will arrange to have the sale agreement signed by you and will also undertake to get the title of the property transferred into your name.

What is the difference between a freehold and a leasehold title? What effect does this have on the property or the purchaser?

A freehold title gives the owner absolute proprietorship over the land in perpetuity. Leasehold property is held on a government lease for a specified period, usually 50 or 99 years. At the end of this period, the landowner applies for an extension of the lease, which is usually granted. The extension process takes approximately 6 months. Both freehold and leasehold land is subject to City Council Rates which is usually a fraction of the unimproved site value. However, leasehold is further subject to Land Rent, based on the size of the land. Although a freehold title would be of distinct advantage, a leasehold title bears no specific disadvantage to the purchaser. However, in applying for loans or mortgage finances, most financial institutions require a remainder of at least 50 years on the leasehold. This may be something to watch out for.

What's the best way to make changes to our property on www.housing.co.ke?

You can make changes at any time. Simply go to member login under "Property Owners" and enter your username and password. You will be taken to a secure section of the site allowing you to make updates to all aspects of your property including pictures, details, features and prices.

"Why am I not getting hits/enquiries?"

The primary reason for this would be using poor pictures for your property. In our experience pictures are a property's most important seller. It is important to submit pictures which are larger than they will be displayed on the website (when they get resized to be smaller they will always look better). Remember that a very bad quality picture can, in some cases, be worse than having no picture at all.

How much house should I buy? How much can I afford?

The answer to this has a lot to do with your income and the amount of your debt load. In some areas, there may not be houses available within that range, so you may need to spend a bit more. In general, however, your monthly mortgage payment cannot exceed approximately 28%-29% of your gross monthly income.

What First Time Buyer Programs are available?

There are literally hundreds of different programs available, depending on your location (city, state, or province) and the mortgage source that you use. The requirements and benefits vary greatly from program to program. Consult your Agent or your local housing authority for more information.

How much will my closing costs be?

The amount of closing costs will depend on what items are customary for buyers and sellers to pay for in your area. Traditions vary greatly from one area of the country to another. In some areas, for example, the buyer pays for title insurance. In other areas, it is the responsibility of the seller. In still other areas, the cost is split between buyer and seller. Your Agent can give you specific information on the items that are customarily paid for by buyers in your area. In addition, the amount of closing costs will depend on the amount of points you will be paying with your mortgage loan, since these are generally paid for up-front. (A point is 1% of your mortgage loan amount).

How much should I offer for a house?

There is no simple answer to that question, since each property stands on its own. A particular house may be overpriced (you should make an offer BELOW the listing price), "on-the-money" (you should make an offer at or just below the listing price) or under priced (you should grab it before someone else does!)

What about foreclosures? Can you save a huge amount of money here?

Save money, usually. A huge amount of money, occasionally. In many cases, though, these will be homes that need work.

Should I spend the money to have a home inspection?

Absolutely. The ksh.13, 000 to ksh.32, 500 that a professional home inspection costs could be the best money you ever spend on your house. Not only does the home inspection seeks out any defects (and gives you some peace of mind), the home inspector will often give you tips on maintaining and repairing your house.

What is an appraisal? Will I need one?

An appraisal is an opinion of value of the home you want to purchase. Virtually every lender will require some sort of appraisal before the loan is approved.

Why should I buy, instead of rent?

A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.