Formula to pursue whilst investing in Kisumu real estate
The buyer or investor should consult the real estate agency, land registry offices, investor on the grounds, land valuers, ground/land architect e.t.c. just to ascertain that procedure are followed. The buyers will then be directed to the agencies responsible for legally acquire property so that they can easily identify the rightful and legal owners.
The buyer will incur all the transaction costs of the property this is probably because at time doing a search for a particular land on sale is taking longer than expected or the land titles are seldom have verifications complexities. The legal fee for an agent who is helping the buyer to acquire a property is normally 10% of the entire cost of the property. These transactions are done and paid in Kenyan shillings after negotiations on all involved parties.
It is very advisable to deal with registered real estate companies or agencies within Kisumu city as far as real estate is concerned; this is because there have been many cases of fraudulent arising frequently resulting to various detrimental effects to both the buyer and the land owner. Currently I would recommend West Kenya Real Estate Company. It is a premier real estate marketing agency based in Kisumu city, Kisumu County. They have expertise required to assist you locate your ideal property. This company is registered and trusted by many not only of tremendous amount of industry experience that they have but also because of firm grasp of the opportunities currently presented within suppressed Kisumu real estate market. They will also walk you through the entire buying process free of charge, will take time to carefully listen to your real estate wish list then present you with several options, working in a proactive manner to enable you find the property that exactly matches your preferences.
Kisumu has a quite number of expatriates, majority being Asians most of whom lives just next to the CBD i.e. Milimani, Dunga, Patel flats, Robert ouko, Polyview e.t.c. These expatriates live in detached houses which are large and have both garage and gardens within their compounds. These lavish houses are normally owned, rented or leased. The leased and rented one’s yields a substantial rate of revenue to the investors.
For instance, you can buy an acre piece of land in Milimani at the range of 30M-50M (Kenyan shillings) then sub-divide the land into four and put up a Bungalow on each. When the building is completed, the bungalows can easily be sold out at a range of between 45M-65M (Kenyan shillings).
While for renting or leasing will determine the duration of leasing hence still returns huge profits to the property investors in Kisumu County.
Another venture to explore while thinking to invest in Kisumu real estates is that huge populations in Kisumu County do not own homes and there fore creates a good environment to explore and invests in Rental houses in Kisumu. Especially now that the expansion of the city is in progress where major roads are being expanded, buildings are being erected almost everywhere within Kisumu county. This is a very ripe opportunity for investors and developer to take advantage of the high renting situations within Kisumu precincts and utilize the chance properly.
As the city is continuing to grow renting residential houses within the CBD is becoming more and more expensive, this high increment is driving the common mwananchi away to the city as to try and find an affordable place within his/her pocket reach. Many residents can not afford building or buying their own houses which leave the majority with no other option than to go for rental affordable houses.
This trend has made a significant change on Kisumu real estate sector since investor are scrambling to utilized this prime opportunity to buy lands and build several affordable rental houses while the residents also scramble to acquire new an lavish rental houses hence in the long run the stakeholders in this thriving industry reaps a lot out of it.