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How To Buy An Apartment In Nairobi | The Legal Steps Of Buying An Apartment In Kenya | Real Estate

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To contact Monica Wamuyu for conveyancing services:
Wamuyu Kanyiri & Associates Advocates
View Park Towers, 8th Floor
Email: wamuyukanyiriadvocates@gmail.com
Phone No: 0715934413
Is buying an apartment in Nairobi, Kenya a good investment? What is due diligence when buying a property in Kenya? In this video, we discussed what Kenyans should know before buying/investing in apartments. Includes:
✅ How to buy a property in Nairobi
✅ Methods of buying Apartments: off-plan vs completed apartments
✅ Risks of off-plan real estate investments
✅ The legal steps of buying property in Kenya
✅ Best way to buy an apartment in Kenya
✅ Legal fees while buying an apartment in Kenya
✅ Step-by-step guide to buying an apartment in Kenya
✅ How to buy a property on mortgage in Kenya
✅ The process of buying a house/apartment in Kenya
✅ Important steps to buying an apartment in Kenya
✅ How to buy real estate in Kenya
✅ The biggest mistakes Kenyans make when buying property
✅ What is the cost of building an apartment in Kenya?
✅ What is the difference between a flat and an apartment in Kenya?
✅ How much deposit do you need to buy a house in Kenya?
✅ What you need to know before buying an apartment in Kenya
✅ How to protect yourself when buying an apartment in Kenya
✅ Offer letter vs Sale agreement while buying a property in Kenya
✅ Factors to consider when buying a property in Kenya
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Опубликовано:

28 авг 2024

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Комментарии : 57

@johnvictorongola 9 месяцев назад

I had the opportunity to work with Wamuyu on finalizing a sale agreement, and I am content with the service I received. Wamuyu's commendable expertise and attention to detail were evident from the initial consultation to the completion of the sale agreement. I am anticipating a positive conclusion as we move forward to the completion of the apartments!... Thank you again, very helpful lawyer despite me being in the diaspora!

@TheWealthTribe 9 месяцев назад

Thank you for take your time to leave this feedback! 💪

@monicahwamuyu6347 9 месяцев назад

Thanks John. I am glad you were satisfied with our services. I look forward to us completing well.

@monicahwamuyu6347 9 месяцев назад

Thank you so much Agatha for having me on the Weath Tribe. It was fun having this conversation.

@TheWealthTribe 9 месяцев назад

Thank you for educating us!

@canucksfan8051 7 месяцев назад

Hi! Are you a realtor? If so, I’d like to hire you for a preconstruct apartment in Nairobi.

@TheWealthTribe 7 месяцев назад

@@canucksfan8051 What's the nature of work?

@NyandukoGetrude Месяц назад

Thank you for this detailed and enlightening discussion. Keep up the good work Agatha, the video will help many make informed decisions.

@patiencebarasa550 21 день назад

Please recommend a good developer for offplan/already completed projects dears…thank you so much!!! Thank you for this information ❤

@wealthwise247 12 дней назад

Off plan means the project is not completed. You actually finance the developer to develop your property reason they're sold cheaper than the selling price of the same property upon completion.

@jesse_kihara 23 дня назад

Thank-you Monica

@sirprestige8803 8 месяцев назад

Really enjoyed this conversation. Very informative and obviously not every could be covered in full detail. However worth also highlighting that the 4% Stamp Duty discussed at 1:00:17 is actually based on either the purchase price or the official government valuation - WHICHEVER IS HIGHER! Thus, u can a good purchase price offplan but the official valuation will be post completion and based on the marketvalue at that point when the stamp duty is due. This could be a significant difference if the value of the apartment increases considerably during construction due to other factors like local development, house/land prices, demand of said apartment etc.

@monicahwamuyu6347 8 месяцев назад

Absolutely 💯. Something else Purchasers and especially off plan Purchasers should bear in mind. Thanks for the contribution.

@TheWealthTribe 8 месяцев назад

Thank you for teaching us!

@mariamuriithi5149 7 месяцев назад

Well done Wamuyu. This is very informative. Many people loose their hard earned money due to ignorance. I appreciate your sharp eye for details which is not obvious with most of your learned friends. This reminds me how well you took me through the process of converting our title, explaining every step and detail. I would come back to you any time for professional services. Keep it up.

@TheWealthTribe 7 месяцев назад

Such a beautiful testimonial 👏 👏 👏

@monicahwamuyu6347 7 месяцев назад

Thank you so much Mrs Muriithi. It's always a pleasure

@CryptoRudyP 7 месяцев назад

I’m flying to Nairobi next week to look at investment properties. I need to find a lawyer asap.

@TheWealthTribe 7 месяцев назад

Call Wamuyu

@norahger193 Месяц назад

This was very informative. Thank you

@TheWealthTribe Месяц назад

Glad you enjoyed it!

@user-gf8vg1lw7z 9 месяцев назад

Hello Agatha, this video could not be more timely. There is a boom in the real estate industry right now as numerous people are looking to purchase flats/ apartments. I have two questions: 1. Could you do a separate session for complete developed properties. I feel like you focused so much on off-plan. 2. When one buys an apartment do they get a title deed?

@monicahwamuyu6347 9 месяцев назад

Thank you for your feedback. Yes, we shall ultimately have a conversation on the two options. Keep tuned for that. When you buy an apartment, you get a document called a Lease which is the title for the Apartment. However, there was a change in the law that regulates ownership of Apartments in 2020. Moving forward Developers will be required to give apartment owners a title know as a Sectional Title.

@TheWealthTribe 9 месяцев назад

😊

@mohamedafdup 9 месяцев назад

Much informative and relatable to many purchasers, as podcaster and attorney laughing at the matter when discussing people's vulnarable moment is something to not bring it in a video when giving consultation and advise on things to avoid. Other than much appreciating the context.

@TheWealthTribe 9 месяцев назад

You must be fun at parties!

@gracemwangi8734 8 месяцев назад

Thank you for this.. People should also know that you should own sectional title of the apartment.. As a surveyor, I've realised thru my clients that it is important as it seals your proof of ownership.

@monicahwamuyu6347 8 месяцев назад

Absolutely. The registered Lease or a Sectional Title is a must have.

@TheWealthTribe 8 месяцев назад

Thank you for teaching us!!

@ryank9719 7 месяцев назад

Once again, thanks for the video Agatha.😄

@TheWealthTribe 7 месяцев назад

My pleasure 😊

@jimi94u 8 месяцев назад

Thanks for this informative video. I received an offer letter for an off plan and would most certainly contact Monica and keep coming back for more info from your channel, Agatha. Also, I found your ROI rate for your rental low (at less than 5%). Is it because of your location, or you had to face some unexpected expenses? I hope to be between 7 or 8% annual.

@monicahwamuyu6347 8 месяцев назад

Thank you for the feedback.

@TheWealthTribe 8 месяцев назад

My ROI is 6.5%, which is okay because most rentals return 4 to 7% in Kenya. The location is okay.

@esthermwikali616 8 месяцев назад

Thank you for the good conversation. Kindly clarify on the issue of Stamp duty and VAT for purchase of commercial properties like ashop etc

@monicahwamuyu6347 8 месяцев назад

Stamp duty is payable in all cases where property is being transferred. The rate is 2% for rural areas and 4% for urban or generally developed areas. There are very few scenarios where it is exempt for example transfer of property as a result of succession or division of matrimonial property after divorce. For VAT, it applies when selling commercial property for instance shops, commercial buildings and warehouses. That means when purchasing a commercial property you pay both VAT at 16% and stamp duty at 4%. Incase you have any specific questions you may contact me directly.

@TheWealthTribe 8 месяцев назад

👏🏾

@esthermwikali616 8 месяцев назад

@@monicahwamuyu6347 Thank you very much

@Martin-oo6dq 9 месяцев назад

I really enjoyed this. Please can you share the contact of this conveyance lawyer? I am interested in buying an apartment and I need someone who can guide me with due diligence. Thanks for this video

@TheWealthTribe 9 месяцев назад

Wamuyu Kanyiri & Associates Advocates View Park Towers, 8th Floor Email: wamuyukanyiriadvocates@gmail.com Phone Number: 0715934413

@karenmuka2059 9 месяцев назад

Thanks for sharing. Very informative conversation.

@TheWealthTribe 9 месяцев назад

Our pleasure!

@Rhee_The_Explorer 9 месяцев назад

Hello Agatha Thanks for the great video. If I must look for my own lawyer to process the sale agreement, must I additionally pay the developer’s lawyer? What would be the role of the two?

@monicahwamuyu6347 9 месяцев назад

Hello Rhee, thanks for your feedback. Ordinarily what happens is that Developers load on all the expenses for conveyancing on the Purchaser. The same way banks load on all the expenses of a mortgage process on the Borrower. It is a bit unfair but that has been the long standing practice. However, the Developer's lawyer protects the interest of the Developer notwithstanding that their fees is paid by the Purchaser. That is why you have to have your own lawyer on your side.

@TheWealthTribe 9 месяцев назад

Very insightful questions!