VALUABLE TIPS FOR NEW BUYERS TO BUY PROPERTY IN KENYA AMID CORONAVIRUS OUTBREAK
July 2, 2020
The coronavirus disease pandemic has caused major disruptions to the real estate market amongst other industries locally and globally. This has affected all parties involved in the property selling/rental process such as Landlords, real estate consultants, Buyers, tenants’ and banks that offer mortgage facilitation. The corona virus pandemic (COVID 19) has affected buyers and sellers who were in various stages of the negotiation process be it the initial viewing stage or nearing conclusion stage, most deals that were promising to go through successfully have halted due to the pandemic as a result slowing down the process drastically and/or even resulting in the process failing to go through at all. With the coronavirus disease still in effect, buyers can take the following tips as a helping hand on ways to buy properties in Kenya.
In the event a viewing was to be conducted between a potential buyer and seller of a property prior to the Coronavirus disease pandemic, some real estate consultants that act on behalf of the landlord have developed systems that enable digital viewing for clients that are not comfortable in physically going to the property due to fear of exposing themselves to the disease. The digital viewing system allows an in depth look at the internal and external aspect of the property enabling the client to literally view every room within the residential property as a result getting a much better perspective of the property without physically being there. This is a concept that will be common in the near future with most real estate consultants taking the feature into consideration.
The corona virus pandemic has massively put off potential buyers into spending funds for a property, rather, most potential buyers prefer to save their funds due to the uncertainty of what the future brings. However, what most potential buyers need to know and act on is that during this trying times, it is actually the best time to negotiate for a property be it through negotiating directly with the landlords or through real estate consultants. Sellers have been greatly impacted by the corona virus pandemic placing them in an unfavorable position as market forces are more in favor of potential buyers. The reason why this is the case is due to a fall in demand for residential properties leading to a fall in price of residential properties. Residential property owners are more willing to take into consideration an offer they receive even though it may fall short of their asking price which was prior to the corona virus pandemic. Every enquiry and offer during these difficult times are taken seriously by landlords as well as real estate consultants. Potential buyers should seriously consider progressing with property viewings and negotiations during this pandemic as they might just get hold of a property at a mouthwatering price.
As a potential buyer, if you are still reluctant in proceeding with a property deal and prefer waiting for the corona virus pandemic to reduce drastically or completely vanish, you can use this time to carefully consider other residential property options by conducting a thorough research on the type of property interested and various other aspects of the property so as to make a final and careful decision on the best residential property suitable for you after conducting intensive research on the availability options. The pandemic allows potential buyers to use this time effectively by identifying other residential properties that may even be more appealing than the initial property deal the prospective buyer was willing to go ahead with.
Residential properties and commercial properties are constantly being developed in surplus in various locations within the country. Due to the COVID 19 pandemic, it is less risky to purchase a fully developed and complete property rather than buying a property whilst the construction is still ongoing (off plan developments) as the development risks are fully mitigated. The last thing you want to do in such a situation is to deal with a rogue developer.
The COVID 19 Pandemic has caused major disruptions in various industries however it also creates possible scenarios that may be of benefit to a potential property purchaser.
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