In the vibrant and dynamic Nairobi property market, there are abundant opportunities for property investment. It is crucial for homebuyers to be well-informed about the various costs associated with homeownership.
Beyond the purchase price, and the mortgage payments, there are often overlooked expenses that can catch buyers off guard. As Home Buyers Agents in Nairobi, Koch Properties is dedicated to enlightening buyers about these other associated costs
We aim to empower buyers with the knowledge they need to make informed decisions and seize the best investment opportunities in the Kenyan real estate market.
These fees are paid to lawyers who handle the essential legal due diligence and facilitate the complex transfer process, ensuring a smooth and hassle-free transaction.
With their expertise and experience, these legal professionals play a crucial role in safeguarding your interests and providing guidance throughout the real estate dealings.
Usually calculated at an estimated rate of 1% of the purchase price, plus VAT, investing in the services of experienced legal professionals ensures efficient and effective transactions, giving you peace of mind in your real estate endeavours.
These fees encompass the various expenses incurred in the process of preparing and producing the necessary legal documents for the smooth and seamless transfer of the property ownership.
From meticulously drafting and reviewing contracts to ensuring compliance with all legal requirements, these fees cover all the intricate details involved in facilitating a successful and legally sound property transfer.
These expenses are directly associated with evaluating the market value of the property, encompassing various additional costs incurred throughout this comprehensive process.
This includes expenses such as conducting property inspections, hiring professional appraisers, analysing market trends and comparable sales data, and obtaining property valuation reports.
All these crucial steps contribute to a thorough assessment of the property's market worth and ensure a comprehensive evaluation.
These are the fees needed to register the property under a corporate entity, if purchased in that manner, which can be advantageous for tax purposes.
These advantages can play a crucial role in optimising financial strategies and maximizing returns on investment.
When purchasing an apartment or unit in a development, it's important to be aware of certain fees.
These charges cover the registration of the property's sectional plan and the acquisition of the title deed, which legally establishes your property ownership of the space.
This is a government levy, commonly known as a property transaction tax, that is imposed on property purchases.
It is typically calculated as a percentage of the purchase price, with an average estimation of around 4% of the purchase price.
The stamp duty payable is a significant amount that should be taken into consideration when budgeting for your property investment.
These fees cover the maintenance of shared spaces and facilities in the property, such as the upkeep of gardens, swimming pools, gyms, and common areas.
They are paid to the property management company who ensure the smooth functioning and cleanliness of these amenities. The rates can vary depending on the location and the level of services provided.
Additionally, many properties may require a deposit of five months in advance, serving as a security measure for both the tenant and the property owner.
It's worth noting that in some cases, this service charges are calculated based on the size of the property, ensuring fairness in cost allocation.
These costs cover the application and installation of water and electricity metres, which are essential for transforming a house into a comfortable and functional home. These metres enable homeowners to have better control over their resource consumption and make informed decisions regarding energy efficiency.
These are the additional fees that may be incurred when purchasing the property. These fees encompass various administrative costs.
It is important to consider these expenses as part of the overall cost of buying the property.
Are you ready to start your property investment journey in the Kenya's housing market? Avoid unexpected financial burden or surprises by staying informed about any hidden cost.
At Koch Properties, we are your trusted Home Buyers Agents in Nairobi, dedicated to guiding you through the complexities of the Nairobi real estate Industry. With our expertise, you can have a smooth and transparent homebuying experience.
From finding the perfect property that aligns with your goals and preferences, to negotiating the best terms and prices, we are committed to helping you invest wisely and make your homeownership dream a reality.
Don't miss out on the potential rewards of the Nairobi property market. Stay informed, empowered, and ready to take advantage of the opportunities that await you. Contact us today!
