Frequently Asked Questions
- What factors determine the purchase price of the property you are buying?
- In Kenya the location of the property affects its value. Properties located in areas where population is fast growing will appreciate better in the long run compared to properties in areas with less population.
The other factor is the value of land on which the property is built on, if the land is priced highly then consequently the purchase price of the property will be high.
- I am considering employing a property agent to help find ideal property. What exactly is their role and how do they get paid?
shortlisting and negotiations
A property agent is employed by a buyer to establish a shortlist of properties that meet specific requirements or preferences. Once this list has been developed, the agent takes the client to inspect the selected properties and negotiate the purchase price on the buyer’s behalf.
There is a fee for using a property agent in some cases paid by the developer (Vendor) or the buyer (Purchaser) but the main advantage is that it saves the buyer from having to spend lots of time looking at unsuitable properties.
- Why should I carry out a final inspection on the property I am buying?
- No matter how excited you are about purchasing your new house or unit, it is prudent to undertake a final inspection to ensure that the property is still in the same condition it was when you negotiated the deal.
You should check that all the fixtures and fittings included in the contract are still present and that the previous residents (for used properties) did not damage when moving out of the property.
- How many offices should I inspect when looking for a property?
- A. We recommend looking at enough properties to gain a comprehensive understanding of the market place.
This will provide you with the required knowledge to work out if the property you are interested in buying represents the value for money, while also helping you determine which location appeals to you the most.
- What is the “cooling off period” in a contract
- A cooling off period is usually where one party – usually the buyer – is given a short amount of time after signing and exchanging the contract to decide if they definitely want to proceed.
The seller is generally bound to the contract and prohibited to sell the property to anyone else during the cooling off period.