Imagine owning property in Kenya while you are in the diaspora. It’s a dream of many Kenyans living abroad.
According to the Central Bank of Kenya, a total of USD 363, 581 million was remitted back home in 2021, more than 10% went to real estate investment.
But stories of losses to relatives and con artists in real estate prevent many Kenyans living abroad from buying properties. Many of these losses occur due to a lack of proper due diligence or a designated property purchase process.
If you want to purchase a property while abroad, you must follow a particular process.
This post walks you through the process of buying the Mi Vida Homes and apartments for sale in Nairobi’s Garden city while living in the diaspora.
First, What is your Investment Goal?
Before you take this big step of buying a property, you need to consider certain things.
One of the key considerations is your investment goals.
Are you looking to buy a home where you’ll settle when you come back from the diaspora, a home to resell or rent out as a passive revenue stream, or a mix of the two?
Mi Vida Garden City homes offer mixed-use apartments that can benefit your investment goals.
Steps to Buy A House At Mivida Homes If You Are In Diaspora
If you wish to buy the Mi Vida Garden City Houses, follow these steps:
1. Hire a lawyer
Since you won’t be present in the negotiations, you need someone to represent you. A lawyer is your best bet to represent you and help you understand the legal procedures. The lawyers will also be pivotal in conducting due diligence and property negotiation.
2. Conduct a thorough search
It’s important to conduct a thorough search, which encompasses :
3. Company search
You should do the company search using government regulatory agencies such as GoK’s Business Registration services (BRS), Estate Agents Registration Board (EARB), or county council registrations.
A company search will help you identify: i) its proprietors, ii) its location, iii) the properties it deals with, iv) online reviews, and v) customer experiences.
You can also search Mi Vida Homes on its website, social media, blogs, and different platforms to see what they offer and if that is similar to what they say.
4. Property Enquiry
Contact the company directly to inquire about their properties.
For example, if you saw the Mi Vida apartments for sale in Garden City, you can inquire about them through a call, email, or social media and have the company explain them to you. This is also an opportunity to confirm if the information indicated on the company’s website is true.
5. Investment catalog and project map
You’ll talk with the company about your investment goals during the inquiry. The sales representative will then share with you the best investment fit through an investment catalog, including the types of properties available, their prices, benefits, amenities, financing, and other information.
In the investment catalog, you’ll also have a project map from which you can choose your preferred house or apartment.
6. Property valuation and appraisal
Valuation and appraisal are an important part of the due diligence process to estimate or opinion of the property’s market value and worth. With this information, you’ll know what to pay for its ownership. You’ll need a licensed appraiser and valuer to conduct the appraisal and valuation.
7. Property or title search
Your lawyer or surveyor will conduct a title search to confirm the property’s identity, owner, and location as in the national registry index map. You’ll also investigate the title and confirm it’s in the real estate company’s name.
Property search also includes a physical visit to confirm that the property exists and is in the said location. This is also a great opportunity to examine the property’s physical structures and understand whether it’s complete if it was under construction.
You can have your friends or relatives accompany the lawyer to the site during a physical visit. But don’t engage them in any financial transaction.
During the physical visit, check to make sure that the property sits on legal land and won’t have potential issues in the future, such as riparian, flood zone, or renovation issues.
8. Financing and Payment Process
After the due diligence process, you will discuss the terms of payment you’re comfortable with, depending on your budget.
Mi Vida Home has different payment methods, including cash buying and mortgage arrangements. If you choose mortgage financing, the company has partnerships with different local and international banks to finance your property.
9. Offer letter
If everything is agreeable to the financing, the company will send you an offer letter with the property’s price, details, and financing agreement.
Your lawyer will help you go through the offer letter. If you agree with the terms, you can accept the offer. Otherwise, you can decline.
10. Sale agreement
If you agree with the company’s offer or renegotiate it, the company will again send you a sales agreement and transfer of ownership forms. You and your lawyer will verify that all the information is available and accurate, cross-check the details and title, confirm that everything is right, and then sign the sales agreement.
You’ll then send the signed agreement back to the company and keep a copy. Your lawyer can keep a copy.
11. Transfer of property title and ownership
Voila, the property is now yours! Mi Vida Homes will transfer the property to your name, including the title, registration, and documents at the land registry. You may wait for some time as the transfer is completed in the government registry database.
12. Title deed issuing
Once the title deed transfer is complete, the company will send you a copy through your lawyer. You (through your lawyer) will collect the original title deed at the company’s office premises. Your lawyer can then send it to you abroad via international courier services or keep it until you return.
In Conclusion
Investing in real estate is a smart move with much potential.
If you’re in the diaspora, investing in real estate can help enhance your wealth portfolio, give you a home, or diversify your income stream. But you must only engage a trusted company and do proper due diligence to avoid cons and scams.
Kenyans living abroad and looking to invest in real estate can do so through Mi Vida Homes and experience the Mi Vida Lifestyle.