6 Things To Look For In Land For Sale In Kisumu
When searching land for sale in Kisumu, you need to be alert to several things. These things will help you in future when it comes to carrying out a project in the area. If you take care of them, it may make it difficult to recover your investment or reduce the return on investment.
What are these things to look for in a property to sell in Kisumu?
Location of land for sale in Kisumu
The location will influence the return on investment. When searching for property for sale in Kisumu, you need to understand that Milimani will attract the highest price for a similar property and Manyatta, Obunga or Nyawita will attract the least. This will help you planning resources or pricing if you want to sell your property.
Price of land for sale in Kisumu
Several factors drive the pricing of any asset. When looking for houses for sale in Kisumu, you need to appreciate that due to location, a similar property will attract different pricing in different estates of the city or deed in any other location.
Having said that, you need to know that properties can be overpriced or underpriced. This calls for a valuer or a real estate player like an agent company or broker to help you with the pricing. If you know the price range, it will help you to estimate the overall cost of the project versus the expected return from the investment. It will also help you in handling negotiations.
Who is pricing the property? It’s the owner or an agent? Is the agent dealing directly with the owner or it’s through another person? The closer it is from the owner, the less chance of it being overpriced. A property that is sourced from several agents tends to be overpriced as the ‘agents’ tend to load a margin on the communicated price. However, if you deal with an institution agent, chances are that they will just communicate what the property owner wants as their commission arrangement tends to differ with the “freelance agents”.
Who are your Neighbors?
Look for property where the neighbours are also into something close to what you are doing or the environment is conducive for your intended project. For example, don’t buy land for sale in Kisumu expecting to build an apartment deep in a rural setting where you will struggle to recover the investment.
Each estate can only achieve a certain level of return on investment. This should guide you when planning to invest. Don’t pump in a lot of money in a project expecting to charge a rental rate of saying Kenya shillings fifty thousand while the said area highest rental rate is nearly thirty thousand Kenya shillings.
County Plans for the region
You should visit the planning department of your county to establish if something is coming up in the area of interest. The activity of the county government or national government can have both positive and negative effect on the project you plan doing in an area. Some properties are in the market because the owners know the coming activity in an area will cause some irreparable damage to the prospects of their properties hence selling.
Status of title
Before entering into a sale agreement for land for sale in Kisumu or anywhere, you need to check if the status of the title. Some titles are processed others are due for the succession process. Some titles are due for succession and subdivision. Some titles are used as collateral and are in the hands of financial institutions. What is the status of the title?
Some people prefer titles which are held by the bank because of financial credit extended. In all cases, such titles have been researched and cross-checked by the financial institutions so your work as a buyer is made easier by the institution holding it.
Who is soliciting buyers?
Anytime you see a property for sale in Kisumu or Vihiga or anywhere, check who is selling it. Is it the owner or the agent? If it’s the agent, it is an individual or a company. From experience, we can advise that you work with a company agent. No company will list a property they suspect to be having issues. The so-called “freelance agents” with no office don’t mind, they can solicit a buyer for what doesn’t exist. Some sellers are also fraudsters who are selling “air” or fake non-existent land or property.
We have seen non-existence houses for sale in Kisumu Milimani listed by fake people on classified sites. Whether it’s an apartment for sale in Kisumu or just a property for sale in Kisumu County or just anywhere, try to check with a registered legitimate company agent to see what they have or what they can get you. They will advise you as well as do some minimal due diligence before you take up the due diligence process.
To minimize mistakes when engaging in property acquisition or sale, its better you look for a registered and legitimate company agent to help you. You will pay some little consultancy fees but in the end, you will realize it’s worth it because you will not risk your hard-earned money.
West Kenya Real Estate Ltd is a registered limited liability company offering real property letting, Selling, Marketing, Property Management and Construction services. We have our office network covering Kisumu, Vihiga, Kakamega, Bungoma, Busia, Siaya and Homabay Counties. We can sell and manage your property anywhere in the County.