While buying property, it is important to do a physical site visit as a way of verification that the property really exists. Some people have lost millions buying non-existent land/property, and a site visit should be made to avert this.
Site visit is done after obtaining the property maps, and the visit should include the buyer, the seller, and the surveyor to verify the dimensions. The three also check the beacons, and if they are not there, they should be erected to avoid future disputes.
Individual sellers might at times not facilitate site visits so you might be required to make your own arrangements convenient for all stakeholders. As a company, however, we understand that it is important for you as a land investor to fully understand the area while gauging your option. For that reason, we offer free daily site visit Monday to Sunday at the convenience of our clients.
Our most common pick up points for the visit include but not, limited to:
- Our office, in Ruai town, Dune plaza next to lake oil petrol station
- Nairobi CBD, Kencom bus station
- Tumaini supermarket, Utawala
- Magunas supermarket Utawala
- Naivas supermarket,
One of the major reasons for conducting a site visit is to ensure that the information provided on the advertisement is true, including distance from the main road, water and electricity provision, social amenities among other issues. Also, for the simple fact that the land actually exists.
Check the distance from where the land is located to the nearest schools, police station, shopping center, and administrative offices. Also, monitor the transport system and its availability at all times.
It is important to tag along a second or third person to give you an independent opinion about the property, rather than depending solely on your opinion to make a decision. This could be your spouse or a real estate agent, apart from the seller.
Also, ask to speak to neighbors or clients who have bought land in the area. Most importantly, speak to your adjacent neighbors if possible, and also people who have lived in the area for long. If possible, get information about the land from the area government representatives.
Ask the seller for any other charges that could include legal fees, stamp duty, capital gain tax among other charges.
Questions to ask during a site visit
- Who are the original owner and the reason for selling it?
- How long it will take to process title deeds?
- what is the mode of refund in case one changes mind after paying a deposit?
- What are the zoning restrictions in the area?
- Are any portions of the land designated as wetlands?
- What is the type of soil and suitability for farming and construction?
What is Capital Gain Tax (CGT)
CGT is a tax that is levied on transfer of property situated in Kenya, acquired on or before January 2015. It is declared and paid by the transferor of the property. It is a final tax i.e. the Capital Gain is not subject to further taxation after payment of the 5% rate of tax.