MAKING THE RIGHT PURCHASE
Land ownership is a major life goal for many Kenyans. Being a land owner brings about a sense of pride and achievement that can’t be easily quantified. The prospect of land ownership however is a tough undertaking it requires prior planning and determination to achieve.
There are several considerations that the buyer needs to seriously and carefully weigh to ensure making the right decision in land buying. When buying land, to guarantee the best purchase, a buyer must have a specific plan in mind to enact post purchase in order to determine the type of land they want to buy. The land bought could either be classified as commercial, residential or agricultural.
Land could be bought for
- Speculative Purposes – This is where an investor buys a land at a lower value and leaves it raw with the goal of selling it later on in time when the value of the land will shoot up,
- Development Purposes – The buyer might decide to develop the land bought by setting up permanent structures such as apartments, residential homes or warehouses depending on the zoning of the land bought by the survey map . When buying property zoning considerations are important since they will influence the type of develoment Getting permits and licenses to develop your land will depend on the nature of zoning restrictions.
- Own Use – Some buyers fall in love with the land and its location so much that they decide to set up their permanent home. This is usually on a person to person preference, some like the hustle and bustle of cities while some prefer a serene and tranquil location with greenery in their surroundings.
- One could alternatively buy a finished product – Some buyers opt to buy into a project when it is already developed to avoid going through the daunting task of construction. These buyers have the option of buying a standalone house or buying into an apartment complex.
Depending on your plans for the land post purchase, these are some of the things to put into consideration when looking for a property to purchase.
For speculative purposes, one of the major consideration to have is the rate of appreciation of the land. Appreciation rate of the land is calculated depending on the rate of development in and around the areas including human settlements, social amenities like schools, hospitals, malls, government projects like dams, road works and railway lines. In Kenya, land in Kisumu currently has the fastest appreciating rate of any other land in the country.
This is because of the large number of government projects being undertaken in and around Kisumu county. One of the most sought after piece of real estate is in Kisumu at Riat hills. Developments around Riat hills include a huge development project by home Africa which is one of the leading real estate companies in Kenya.
Mhasibu housing company limited has recently launched a project neighboring that of home Africa. Our former prime minister Raila Amollo Odinga also recently commissioned a retirement home to be built at Riat hills.
For development purposes, the first consideration is the zoning restrictions put up by the survey map. Once land is bought raw, a surveyor is given the task of subdividing and zoning the land to achieve a level of uniformity throughout the entire project. All of Mhasibu housing projects are usually classified under commercial or residential.
At our project in kitengela, we have in close proximity, K.A.G UNIVERSITY, EAST AFRICA UNIVERSITY and the due to be completed KAMPALA UNIVERSITY, this therefore makes this project ideal for someone looking to set up
an apartment complex for student’s hostels.
With this in mind the buyer then has to select and buy a plot in a commercially zoned location. Alternatively, the buyer can still purchase land the residential zone and ensure they meet the requirement for the type of structure allowed to be developed then rent it out to a secondary tenant.
When it comes for own use, the buyer decides to set up a permanent home for himself and his family. The buyer has to input with several considerations like proximity to their workplace, types schools available in the area for their children to enroll, the type of environment and scenery type of project s/he is buying for example is it a gated estate. Mhasibu housing has the most ideal property for a buyer looking to set up their own home called the Kijani hills project.
It offers a spectacular panoramic and captivating view of famous mua hills. It is surrounded by lush green vegetation, in a quiet, serene, peaceful and tranquil environment of the Mua hills at kitanga. it neighboring the current embattled governor of Nairobi mike sonko’s mua hills home.
It offers a spectacular environment for anyone looking to wake up to birds chirping away and calm wind blowing away to serenity. It is also within driving distance to Nairobi and has a number of good schools in the vicinity.
A good post purchase plan puts into perspective your ideal type of purchase. Contact us for more consultations on your ideal investments in land.
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Head Office: Maendeleo House, 5th Floor, Along Monrovia Street
Postal Address: P.O. Box 47427 – 00100, Nairobi, Kenya
Tel: +254 722 668700, +254 722 668887