Buying a house is a smart investment for anyone with extra cash. It’s super popular, especially in Nairobi where lots of buying and selling happens daily. So, you’ll never run short of options here.

Nairobi is a bustling city with tons of opportunities to make money by investing in property. But, not all decisions are winners. Some buyers end up choosing poorly.

The house you pick can either bring in extra cash or cause you losses down the road. It all depends on your choice. So, take your time to decide wisely. Consider factors like location, condition, and future potential of the property. A good pick could mean a steady income stream through rent or a profitable sale later on.

Always do thorough research before diving in. Don’t rush into buying the first house you see. Take a close look at the market trends and consult with experts if needed. With the right choice, owning a house in Nairobi can be a rewarding investment.

1. What are some tips for first-time home buyers?

Preparing to Buy Tips:

• Start saving early for upfront costs like down payment, closing costs, and move-in expenses. Think about initiating automatic transfers to savings.
• Decide how much home you can afford by considering factors like income, debt, and location. Use tools like Nerd Wallet’s home affordability calculator.
• Check and improve your credit score by reviewing credit reports, paying bills on time, and keeping credit card balances low.

Mortgage Selection Tips:

• Explore mortgage options including conventional, FHA, USDA, and VA loans, as well as different mortgage terms like fixed-rate and adjustable-rate.
• Research first-time home buyer assistance programs for potential grants, forgivable loans, or tax credits.
• Compare mortgage rates and fees from multiple lenders to find the best deal.
• Gather necessary loan paperwork including proof of income, bank statements, and records of debt payments.
• Get preapproved for a mortgage to show sellers you’re a serious buyer and gain an edge in negotiations.

Home Shopping Tips:

• Choose a real estate agent carefully and interview multiple agents before making a decision.
• Narrow down your ideal type of house and neighborhood based on lifestyle, budget, and long-term needs.
• Stick to your budget to avoid financial stress, even in competitive markets.
• Make the most of walk-throughs and open houses to thoroughly assess potential properties.

Home Purchasing Tips:

• Don’t skip home inspections to uncover any potential issues with the property.
• Negotiate with the seller for repairs, price reductions, or seller-paid closing costs.
• Buy adequate home insurance to protect your investment and belongings.

2. What should I plan for while buying a home?

Plan for property taxes, homeowners insurance and maintenance.

3. What should I consider while buying a house?

Put in mind the amount you want to spend, where you would want to live and what is important to you as a purchaser.