Owning property in Kenya while living abroad can be a great investment opportunity. However, it also comes with its own set of challenges. Here are some of the key factors to consider when owning property in Kenya while living abroad:
Legal requirements
Before buying property in Kenya, it’s important to understand the legal requirements and make sure the property is legally registered and transferable. This includes obtaining a title deed, which is the official document that proves ownership of the property.
Finding a reliable agent
Finding a reliable and trustworthy agent is critical when buying property in Kenya from abroad. An agent can help you navigate the legal requirements, handle negotiations, and ensure that the property is in good condition.
Financing
If you are financing the property, it’s important to understand the mortgage options available in Kenya and choose one that fits your financial situation. You may also want to consider using a financial advisor to help you make the best decision.
Maintenance and upkeep
Owning property in Kenya from abroad can also come with the responsibility of maintaining and upkeep of the property. This includes paying property taxes, utilities, and insurance. It’s important to have a plan in place for how you will handle these costs while living abroad.
Communication
Maintaining open and regular communication with your agent and other stakeholders, such as your bank, is crucial when owning property in Kenya from abroad. This will help ensure that everything is running smoothly and that you are aware of any potential issues.
Return on investment
It’s important to consider the potential return on investment when buying property in Kenya from abroad. This includes factors such as property value appreciation, rental income, and potential resale value.
Location
The location of the property is also an important factor to consider. Look for areas with good infrastructure, security, and potential for growth. This will help ensure that the property remains valuable over time.
Conclusion
Owning property in Kenya while living abroad can be a great investment opportunity. However, it’s important to consider the legal requirements, find a reliable agent, finance the property appropriately, maintain and upkeep the property, communicate regularly with stakeholders, consider the potential return on investment, and choose the right location. Wambui Kabiru Consulting & Co. offers help in buying property in Kenya while living abroad and can assist in navigating these challenges and ensuring a successful and profitable experience as a property owner in Kenya from abroad.