When buying property land in Kenya, location is one of the three important factors to consider. The other two are location and location.
Importance of location in real estate purchase always seems to be underestimated. The reason is that the location is what translates into profitability for the investment. Location, primarily, creates the desire for purchase and the desire, in turn, creates demand which causes a rise in price.
Below are a few areas to consider when thinking about the location of a property.
𝐏𝐫𝐨𝐱𝐢𝐦𝐢𝐭𝐲 𝐭𝐨 𝐬𝐨𝐜𝐢𝐚𝐥 𝐚𝐦𝐞𝐧𝐢𝐭𝐢𝐞𝐬
Whether you are buying land to invest on buildings immediately or not, it is very necessary to consider the social amenities. Lands closer to social amenities like schools, hospitals and recreational facilities tends to be of higher value than those far away from such facilities. As much as the value is higher, you may consider the fact that it will be people occupying the piece of land and may be of need to such facilities. A land that is far away from such facilities may take time to regenerate value or might be harder to even resell it. However, if there is a potential of amenities being built in a certain region, then it is good to purchase such a piece because the value will greatly go higher. For example if a tertiary institution is to be built in an area and you are sure of it, then it is very advisable for one to purchase a piece of land in such an area because it comes along with amenities such as recreation centers as well as hospitals. The piece of land will automatically fetch a higher value in given duration of time.
No one wants to live in unsafe places or rather buy a piece of land and in a few months, you find out that someone occupied the piece of land. Once you decide to purchase a piece of land in this real estate business, make sure that it is in a secure place. Insecurity could also rise tribal issues as well aa community values. Before you purchase the piece of land, kindly make sure that such factors won’t cause an issue in future and compromise the security of the area you are purchasing from.
This ranges from water to roads to different views from the potential piece of land you need to purchase. Depending on the type of real estate investment you want to put up in place, then how accessible to water and road matters. It will be expensive to get water from a far distance to serve maybe tenants when you decide to have apartments in the piece of land you invested on in later years. It will also be important to consider roads because getting to that piece of land maybe hectic if placed in regions where roads are in accessible or unbearable during the rainy seasons. It may take long to recover if the piece of land you are about to buy is inaccessible
As much as the available amenities matter, the future also matters. You may consider the fact that future developments may be of value to your piece of land. Consider buying a piece of land where there is promising development/growth. A plot worth 1 million today maybe 5 million in a year’s time if it is a promising piece of land.
Services and facilities such as good roads and transport networks, sewerage systems and availability of water, electricity, network and internet access are just a few things that could make a buyer pay more for land or a house in areas that have them. Even so, while it may have a bigger price tag, the value to be gained from having property such places is immeasurable.
If you need to buy a piece of land around Nairobi as well as its neighboring areas, you can contact us and we will connect you to real estate agents that will help you through the process.