Real Estate Moves to Avoid in 2023
Of course, you don’t want to be a failure in your property business. That’s why reading and implementing everything in this blog is important. We will explain real estate moves to avoid in 2023 onwards. They will help you run a successful property business in Kenya.If you want to be on the safe side, it’s important to avoid making the following nasty moves that can sabotage your real estate business.Failure to research,Allowing lenders to take advantage of you, Speculating the property market condition, Letting go of opportunities, and Skipping mortgage repayments.Keep reading. Don’t forget to subscribe for other free tips on running your property business in Kenya.
Moves to Avoid in 2023
1. Failing to research
Failing to research is one of the biggest mistakes you can make when buying a home. You may think you know what you want, but if you don’t take the time to look into your options, you could end up with a home that doesn’t fit your needs. Not to mention, you could also end up overpaying for your home if you’re not careful.
When you’re looking for a home, be sure to take your time and do your research. There’s a lot to consider, from the location to the size of the home to the amenities that are important to you. Don’t settle for the first home you see. Instead, take the time to find the perfect one for you.
2. Allowing lenders to take advantage of you
You should have time to research the best mortgage lenders in the country. Beware of adjustable-rate mortgages. These mortgages start out with low-interest rates, but the rates can increase over time, which could make your monthly payments unaffordable.
It’s better to apply for a fixed-rate mortgage because you’ll be sure of your monthly payments as they will be fixed.
Another move to avoid is refinancing your home with a lender who charges high fees. These fees can add up and eat into your equity. If you are not careful, lenders can take advantage of you and leave you in a difficult financial situation.
3. Speculating the property market in Kenya
The Kenyan property market is full of speculation. Some people believe the market is about to take off, while others believe it is about to crash. It’s important to take your time and study the market frequently.
Consider the political situation in Kenya since there have been a few instances of violence in recent years. If the political situation in Kenya deteriorates, it is likely that the property market will follow suit.
Kenya has a growing economy, but it is still very much reliant on agriculture. If the economy slows down or if there is a drought, the property market is likely to suffer.
You should also consider the population. Kenya has a rapidly growing population, which is likely to need more housing in the future. This could provide a boost to the property market.
4. Letting opportunities go
When it comes to real estate, it’s essential to be aware of the opportunities that you have available to you. However, it’s also essential to know when to let opportunities go. If you have the potential, never let opportunities pass because you don’t know when they’ll appear next.
However, different situations can force you to let an opportunity go.
For example, if you’re not in a financial position to take advantage of an opportunity, it’s probably best to let it go. It’s not worth getting into debt or putting yourself in a difficult financial situation just to buy a property.
Furthermore, if you’re unsure about a property, it’s also best to let it go. There’s nothing worse than buying a property and then finding out it’s not what you wanted. If you’re not sure, it’s better to wait and see if another opportunity arises.
5. Skipping mortgage instalment repayments
Debt pit is real, and you better not be the next person to enter it. It’s never a good idea to skip mortgage instalments, even if you’re struggling to keep up with repayments.
One thing is you start by damaging your credit score, making it harder to borrow money in the future. The other big shock will be losing your property to the lender. Your lender has all rights to repossess the property if you don’t repay your mortgage loan. As a result, you lose everything, the house and the instalments you had already paid.
However, if you’re having trouble making repayments, speak to your lender about your options. They may offer you a repayment holiday or a different repayment plan, but you never know.
The success or failure of your real estate business depends on how you plan to start and manage it. Remember that with the right guideline, you can benefit from your property business in a short while.
That is why we are there for you, and we create first-class content that we offer you for free at our site. Therefore, subscribe to our free tips on starting and managing your real estate business.
Frequently Asked Questions
1. Will property prices go down in 2023?
We don’t think so. The Kenyan shilling has been growing weak over the past few years. The cost of living has been high over time now. So if nothing happens to lower the cost of living, it will be difficult to get lower prices for properties in Kenya.
2. Will 2023 be a good time to buy a house?
Any time can be a good time to buy property in Kenya. However, if you are taking a mortgage loan, you should consider the current loan market in terms of interest rates.