Why buy a vacation home while you can rent? It’s human nature to dream of a better life, and knowing the benefits of this type of property, you cannot resist the eagerness to own one. Acquiring a vacation home can be an exciting and rewarding opportunity as it offers a retreat from the hustle and bustle of everyday life and the potential to earn extra income from renting. But, it’s essential to approach this decision carefully and clearly understand the associated costs and responsibilities. Therefore, lay down your plan and the factors to consider when purchasing a vacation property, as the following guidelines help you navigate the process and reach your dream.
Budget
Determine your budget before looking at properties. How much are you ready to spend on that property? Remember, you cannot spend what you don’t have. Before settling on any vacation homes, research and have a rough idea of how much they cost to determine whether you can afford one. If you have purchased another property, you know it is not all about the buying price but also maintenance and repair costs, property taxes, insurance, and utilities. Have a realistic expenditure plan on how much you can afford and how often you will use the home.
Furthermore, financing a vacation home can be more challenging than a primary residence. You may need a larger down payment with higher interest rates. Shop around for the best financing options, even if you can finance your purchase, as life is uncertain. You want a place to make lasting memories with family and friends, your paradise. But that does not mean you put yourself in a financially depressing situation.
Location
You’re buying a property you and your family will use twice or thrice a year, meaning you can rent out. Choose a location that you can enjoy and attract responsible renters. You can consider factors such as high-standard features and amenities, security near a police post, proximity to recreational centres, accessibility, shopping and restaurants, and good weather. Research the area comprehensively to ensure it is what you want for a vacation home.
Market
Real estate is evolving and expanding, so there’re changes in the market and new trends. Get some time to research and learn about the property market. This can help you to understand property values, sales trends, and availability in your preferred location.
Type of property
Do you want a single-family house, a condo, or a luxurious villa for your vacation home? Kenya has numerous vacation homes, and each property has benefits and drawbacks, so weigh your options carefully to ensure you settle for the right house. For instance, if you’re searching to buy or rent in Kitengela, this page has a few listings to get you started. The area has various properties that are in a good neighbourhood, have modern features and amenities, are accessible, and have several shopping and leisure spots nearby.
Hire a real estate agent
There’re various real estate companies and agents all over Kenya. You can hire a real estate agent with a good reputation, experience, and knowledge of vacation properties. Also, working with an agent from your preferred area would be best. This is because experience agents know more about the properties in the area in terms of which are in demand and why. Local agent understands the area market and its trends and knows when to present a deal. Besides, a real estate agent can provide valuable insights, negotiate and help you find the right property.
Home inspection
You can identify any potential problems that need immediate attention through property inspection. A comprehensive property inspection ensures foundation, water drainage, electrical and waste system, among others, are in order. And in case of defects, you can negotiate for a lower price or request for fixing.
Buying a vacation home is an excellent investment and a source of enjoyment for you and your family. Thus, before making any decision, do your due diligence and carefully consider all the factors involved to help you avoid frustration.
