“The best investment on earth is earth.” – Louis Glickman
Real estate investment in Kenya has continued to provide great appreciation in value that meets and even exceeds other investment types. This makes it excellent for potential investors to generate profit through leases of differing lengths.
It is an attractive investment opportunity that however needs patience and interest. This venture can be complex but there are simple ways to approach it.
Start investing with the small amount of money
If you do not have large purchasing power, you can start with buying property in the outskirts then work your way up to buying in the large cities. You can buy land or houses in the outskirts then wait until the demand rises and the price appreciates before selling it.
This is where patience is needed, you must add it to your real estate toolbox.
You can also buy property then rent it out where in return you get a fixed monthly income. There are professionals who are better off advising on the areas and satellite towns with development potential. They will be of great help, making your work less stressful.
Build a house on your piece of land
It is more practical to sell a house than it is to sell a piece of land. This is because the margins are higher. If you have land somewhere, it is advisable to put a temporary structure before having it on the market. This will help increase your bargaining power and even property value when transferring ownership.
Join Investment Cooperatives that focus on Real Estate
This is a smart way to get affordable property. Members contribute small amounts to buy large sections of land in semi-developed locations. Buying as a collective is also a great idea as the purchased plots can be developed with the same speed.
You can then resell your piece of land or even develop it gradually as it goes on the market for lease or sale.
Cooperate with a trusted property developers in Kenya
Property developers have an eye for developing properties. Usually, the property developer holds the property for an agreed period of time to recoup his investment before ownership reverts to the owner of the property. If you have a landed property, it can be put on the market to earn some extra cash.
Have you tried any of these tips? How has it worked for you? Do you have anymore ideas on how to make money from real estate?