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Friday, 17 April 2015

Arranging the Finance for a Reselling Kenyan Property

Before you start to look for a property in Kenya it is vital to know your budget. How much money do you have? How much are you prepared to borrow? Can you obtain a loan for the amount you require?

Different regions of Kenya, and different parts of those regions, have varying prices for similar properties. Many local and national factors come into play in deciding the price of property across Kenya, as in any country. Until you know your price range it is difficult to start searching for the area that suits you.

There are many Kenyan banks, SACCO’s and building societies that lend money on Kenyan property; there are also Kenyan banks that lend to foreign buyers or you may choose to raise the funds on your current property.  You can search lenders out directly, use the services of a financial adviser or mortgage broker, or seek for help and advice from Kenyan real estate professionals.  It is important to be clear how you plan to raise the funds, the length of term, the interest rate, the type of mortgage, penalty clauses for early payment, the proof of income that will be required, the need for a medical and the length of time the mortgage will take to arrange.
Realtors have researched the mortgage market for many years and continue to do so constantly to ensure that our clients get the very best service and the very best deals. There are constantly new financial products on offer and it is the job of our mortgage partners to be up to date with all the latest information. If you choose to use one of our partners, all your financial research will be done for you and you will receive written confirmation of the maximum amount of money you can borrow before you travel to Kenya. Using one of the stakeholders approved brokers will save you time during the purchasing process.  Good properties do sell quickly anywhere in the world, and Kenya is no exception to this. You will be more likely to secure the house you want if you have organized your finances before going to Kenya to view properties. 

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