Scams You Should Avoid When Investing In Kenya Real Estate
There has been a lot speculation on the Kenya real estate bubble. So many people have invested in land and a lot more continue to do so. Even with prophets of doom talking about the impending bubble, investing in land is a sure bet. However, there are common scams that a lot of Kenyans keep falling for due to lack of knowledge or just bad assumptions on their side.
This is one of the common scams people; especially first time property buyers fall for. You only realize you share the same title with 5 other people when it is too late. Due diligence is needed when purchasing any piece of property. Do a search and make sure the title is registered with the ministry of lands and that your lawyer can ascertain the same.
Property Investment Seminars
You may have seen the ads on the papers where they promise you millions if you invest in some kind of real estate. One common type of seminar is designed to hook buyers into “sure-fire” investments that are promoted by the seminar hosts. Potential investors may be invited to these seminars through an ad in a newspaper or magazine, a phone call, an email or other method. These seminars may include a motivational speaker, an “investment expert” or a “self-made millionaire.” Investing in Kenya real estate is not “get-rich-quick scheme”. You need to be strategic and very clear with your reason for investing.
It can Never Happen To Me
There are so many companies dealing with real estate in Kenya now that differentiating between the legitimate and the fake ones is a hustle. With the property market being investors’ favourite, anyone could fall victim to a bad scam. You have seen in the news of how some real estate companies have been caught in loan defaulting cases. Those who invested with such companies are likely to lose their property. It is important to research on the company first and know its genuine before you proceed. That is why you can always trust UIP when it comes to investing in Kenya real estate.
We are Open, We are True!