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HOW DO I CONDUCT DUE DILIGENCE ON PROPERTY IN UASIN GISHU COUNTY

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Due diligence in Real estate is defined as the duty or responsibility of the property buyer to conduct a research on the property to govern whether they (property buyer) are contented.  Basically, in simple words, Due diligence is also doing your homework before buying any real estate property.

What are the factors one should consider when carrying out due diligence on property?

The following are the factors to consider when carrying out due diligence in Kenya;

1. Market equilibrium.

When conducting Due diligence on property, it is very necessary for you as the property buyer to understand the market so as to avoid instances where you will be overpriced. Equilibrium is the state in which market supply and demand balance each other, and as a result, prices become stable.

2. Property review.

After you have confirmed that the property exists, scrutinize that property thoroughly to ensure that there isn’t any fault. You can choose to hire a home inspector for professional consultation.

3. Valuation and Evaluation of the property.

Valuating property means that you estimate the market value of the property. For you to measure the value of the property, consider things like; the property's location, neighboring social amenities, Are they close to the property or far? What about the legal description of the property? On the contrary, evaluation of the property entails assessing the property to confirm whether the property price is worth the selling price.

4. Title deed and Sales agreement.
5. The government’s regulations (zoning laws of the area)

How do I conduct Due diligence in Uasin Gishu County-Kenya?

The following are the 7 steps to put in consideration when conducting due diligence:

1. Conduct a title review.

Ensure that you get a prior title report on the property that you want to buy.  Look for any secondary liens or tax liens. Confirm that there isn’t any hidden encumbrances on the property that will blossom into unpleasant surprises later.

2. Thorough inspection of the property.

With the help of a licensed professional inspector, carry out thorough inspection of the property. He or she will confirm to you that the property has no red flags such as structural defects and so on.

3. Consider the surrounding property and neighborhood.

Check out the surrounding neighborhood because its condition can affect the value of your property. How is the ownership of the neighboring homes? Note that abandoned houses is a problem in pathetic neighborhood.

4. Examination of recent sale activities. 

Examine how long a certain property has been on the market. Are they being sold fast or are they languishing? How are the rent trends in the neighborhood?

5. Review of price trends. 

Are the price trends increasing or are they going down? What is the comparison between the last peak and now? Conducting Due diligence will equip you with information on the value of the property. Is the property value appreciating or it is otherwise?

6. Look at the upside potential. 

Are you close to any educational center? Can you access good roads easily? How about developing businesses? 

7. Research zoning requirements. 

Consult with the ministry of land to find out if there are any local ordinances or laws that might make it difficult to be the owner of the property.

If you are purchasing a property in Uasin Gishu County, it is  critical to ensure that the due diligence associated with the purchase is conducted in a complete and thorough manner. The due diligence steps if conducted properly, it should provide the buyer with a complete understanding of what he or she is buying.

Looking for property (land, house or plot) to buy? We believe in a win-win situation where Parties involved in property transaction (our sellers, Baoriat Agencies and buyers) win by getting the best deal ever. For this reason, over the last three years we have had customers who seek for our services repeatedly. We will actively work with you to help you find criteria that works best for you. All you have to do is, call 0721-554-937 or visit Juma Hajee Building room 16 in Eldoret town, Uasin Gishu County.

Find Property in Uasin Gishu County


Baoriat Agencies

Call: +254 721-554-937

SEE ALSO:

  1. Effects of Covid 19 on Property
  2. How to succeed as a first time Real Estate Investor
  3. Architectural Home wall decor ideas in Kenya
  4. Things to consider before buying a home in Kenya
  5. Factors to consider when renting office space
  6. 6 Innovative ways of cutting building cost
  7. 6 Red flags to look out for when house hunting



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Comments

  1. UnknownOctober 7, 2020 at 11:43 PM

    Powerful article. Thanks for the information. Am now sharper!

    ReplyDelete
    Replies
    1. Doreen AndisiOctober 8, 2020 at 11:07 AM

      Anytime for you. Thanks too for creating your time to go through the blog.

      Delete

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