Getting a good deal on property is not often easy. Being a potential victim of real estate fraud is an unfortunate reality for many homeowners. It is said when the deal is too good, think twice.
It’s important to check things out thoroughly before you make a decision, and avoid being conned by dodgy dealers.
Here are 5 tips to help you avoid being conned into spending so much money that it could cost you your home.
Ask the developer for the property details
Many people love to buy property, but they don’t realise it may cost them a lot of hard-earned money.
Before you invest in a property, you should always do your homework and visit the developer’s office.
Before you sign a contract, ask for the property details and make sure you have put everything in writing.
If the seller is not forthcoming with these details, it could mean that there is something dishonest going on.
Get expert advise
Professionals will be better placed in advising you on the different aspects of the project you are looking to purchase.
A property valuer will access the property and advise you if you are getting it at the right price and its potential return in the event you want to sell it in future.
If you are buying house ,an architect will check if there are any faults or cracks to the house that you may not see with your naked eye.
A property surveyor will access the land or the property in which the land is in and advice if it is in riparian land or a road reserve or a main water catchment area or not.
Do a land and title deed search
Visit the Ministry of lands offices in the county the property is located in or their desks at huduma centres countrywide and search for its details to ascertain that indeed the right owner is the one selling if it has a title deed or if the land has any caveats.
Don’t trust the word of the developer as his main purpose it to sell the land thus he will not be objective.
Ask for the sale agreement
Don’t sign any contract without reading them first.
Scrutinize the sale agreement keenly and don’t leave it just to the lawyer because most of them are not real estate experts thus may miss out on some jargon.
The sale agreement should have construction details such as square footage of the house, project completion details, finishing details and how the payments are structured.
If you purchasing a house on offplan, ensure that payments are structured according to milestones, so that in the unlikely event construction stalls, you will have paid payments equivalent to the position of the project thus saving you some money.
Always have some balance to be paid at the project completion.
Be a regular visitor to the project or the land.
If you are buying an offplan house visit the project monthly if possible so that you can access the risk and identify any potential problems before hand before it too late to change anything.