Not everyone actually goes for the house they want.
I remember the dream house I envisioned when I was a child has significantly changed over the years as I grow in knowledge, understanding, and experience.
Many will argue that the difficult stage in owning a home is during the buying process, however, the greatest challenge in the home-buying process in Kenya is identifying what house/home you want.
In our previous episode of the Home-Haven series, we highlighted the importance of understanding what is driving you to want to buy a house in Kenya. Today we explore the challenges you may face when deciding on what house/home you want.
What stands between most of us and our dream houses is the challenge of affordability. Houses in Kenya may seem expensive, but there is always something for everyone. Additionally, there are affordable financing options including mortgages and flexible payment plans that you can opt for to get that dream home you want.
Limited Supply of Affordable Housing:
Previously, this was a prevailing challenge in Kenya especially in urban centers. However, as an initiative of the government and the private sector, the introduction of affordable housing projects has come to revolutionize the real estate market in Kenya. Therefore, this has opened up the opportunity for everyone to access affordable housing in urban centers.
Land Ownership and Titling:
Another significant challenge in the world of home-buying in Kenya is the credibility of land ownership details. We have had cases of land disputes, unclear title deeds, and fraudulent land transactions which make many people fear wanting to buy or own a house in Kenya.
Legal and Regulatory Process:
A lack of awareness of these legal processes can create challenges for potential buyers. The notion that it is a time-consuming and complex procedure pushes potential home-buyers from wanting to buy a house in Kenya. However, with the help of property experts like Axis Assets Limited, you can be guided through all you need to know about buying a house in Kenya.
Infrastructure and Amenities:
Before deciding on what house one wants to buy, one has preferences on matters of infrastructure and amenities available. The lack of awareness again, on which areas may support these preferences poses a challenge to potential buyers.
Property Market Volatility:
Property prices experience fluctuations in prices based on factors like economic conditions and market demand etc. This may discourage potential buyers from wanting to buy a house in Kenya. For instance, the current economic imbalance is discouraging people from dispensing money and wanting to buy a house for fear of what will happen tomorrow.
Maintenance and Upkeep Costs:
If you want to buy a house, remember there are additional responsibilities such as repairs, maintenance, taxes, etc. This factor discourages most people to want to buy a house and opt to go for rentals and have the Landlord incur all these responsibilities.
Limited Access to Financing:
Lastly, most individuals face challenges in accessing mortgage loans due to various reasons e.g. High-interest rates, strict lending criteria, etc. This may discourage one from wanting to buy a house in Kenya.
Navigating through these house-wanting challenges requires proper planning, due diligence, and seeking professional advice. Before deciding to “Want to Buy a House in Kenya” you can always count on us (Axis Assets Limited) to help you make informed decisions.
Check out Part 3 of the Home-Haven series, “Opportunities for Home-Buying in Kenya” as we continue to empower you through the world of home-buying in Kenya.