Questions to ask before investing in Kisumu properties
Before investing in any Kisumu properties here are some questions you need to address.
Is the Property affordable?
Investing in Properties is a risky venture that most financial institutions may not be willing to fund. You may need to look at other valid sources or avail collateral needed by banks just incase you have to present it. Buy only what you can afford.
Will the rent pay for the mortgage?
You need to calculate the amount of rent you need to receive so that you may favorably settle your mortgage. If the prevailing market value of such properties can not allow you to settle your mortgage then you should not invest in the project at all.
Is the structure of the house good for renting?
Every country has a given code that regulates the kind of structures that have to be met before you rent out a house. Before buying any Kisumu property know the laws of the land and check if the structure of the property is legally permitted to rent out.
Are repairs necessary before renting it out?
Don’t just look at the price tag on the property as is. You have to also consider any additional money you’ll need to put into the investment for upgrades. This could be anything from as small as changing the locks to as big as gutting the place and rebuilding the insides. You have to consider every cost so you can determine if it truly is a smart investment.
Is the neighborhood of the property safe?
Safety and security are always top concerns for renters, particularly if they have children. If the property itself doesn’t seem secure or it’s in a particularly unsafe area of town, you’re probably going to have a hard time renting it out and seeing a return on your investment. Look online for reviews on neighborhood safety, check crime statistics, and take a drive around the area at night. Make sure there is plenty of lighting, and change or add locks to the doors and windows.