Land gains value with time, unlike many assets that are always depreciating hence the ever-increasing demand for land investments. Buying land can be quite hectic for most first-time real estate investors yet it should be joyful as the investor gets a share of the earth.
Key considerations before making the land investment.
Location
Depending on what you want to do with the land, you should consider how accessible the land is using different means of transportation. If you’re planning to develop the land for residential houses, you should consider the distance from town, shopping centers, and social amenities.
Available infrastructure
If you intend to build your own home, setting up commercial enterprises, or for buying and selling, you should consider the availability of good roads, water, and electricity as they greatly lead to the growth and development of an area.
Affordability
As a buyer, you should know your purchasing power. You should be able to pay for the investment without putting too much pressure on your finances.
Ownership history
Land buying in Kenya has become a very sensitive issue, where many buyers are duped for not having done due diligence. A land search should be done at the lands ministry of the county to identify the rightful owner and whether or not there is any claim on it. This could be the case where land is used as collateral for a bank loan.
Who are you buying from?
Comments
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