Dissecting Hidden Costs
For many Kenyans, buying a home is one of the biggest financial commitments they’ll ever make. Unfortunately, the journey doesn’t end with paying the purchase price. Hidden costs can quickly add up and catch unprepared buyers off guard. Understanding these expenses before committing ensures smoother, stress-free ownership.
Legal and Registration Fees
Every property purchase in Nairobi comes with legal and registration expenses. Buyers need to account for:
- Lawyer fees: Legal representation is critical to ensure proper conveyancing.
- Stamp duty: Charged at 4% of the property’s value in Nairobi.
- Title registration costs: Fees paid to officially transfer ownership.
These expenses are non-negotiable and must be budgeted early.
Taxes and Government Levies
On top of legal fees, buyers face various levies such as property taxes and valuation charges. While these may seem minor individually, they significantly increase total acquisition costs if overlooked.
Moving and Set-Up Costs
Many buyers forget to factor in post-purchase expenses. These include:
- Utility connections for electricity and water.
- Service charges in gated estates, which cover maintenance and security.
- Furniture, fittings, and finishing touches to make the house livable.
How to Budget Wisely
Successful buyers plan ahead by estimating the total cost of ownership, not just the sticker price. Transparent developers like Mi Vida provide breakdowns of likely expenses, ensuring no last-minute surprises.
FAQs
- What is the current stamp duty in Nairobi? 4% of property value.
- How much extra should I budget beyond the purchase price? At least 10–15%.
- Do developers include service charges in pricing? Typically no, but Mi Vida clearly outlines these costs.
Own a Home with Us
Home ownership doesn’t have to come with financial shocks. With proper planning and a trusted developer, hidden costs are manageable. Visit our Mi Vida website and let us make your home ownership process a seamless one.