Investing in land or any other form of real estate has eternally been a widespread investment alternative in Nakuru County. According to a report generated by Statista, the real estate sector had witnessed a 30 to 40 percent hike in the search for plots and residential property in Kenya especially in Nakuru compared to the figures of the previous year when the county was going through the covid pandemic.
The main reason behind this increased demand for investment in plots is because this is the kind of investment that initially requires a small amount and then provides you with massive returns on your investment later in life if invested in the prime location at the right time.
Several important aspects like cost of building, appreciation, financial assistance and income have to be assessed before taking any major investment decision. Buying a standalone plot means the sovereign option to build a house consistent with one’s taste and budget. Once you have your budget in mind, you can proceed by selecting the type of land you want to invest in – commercial, residential or agricultural. Along with these types of lands comes three types of land sellers – government authority, private developer, a private individual.
We have curated certain benefits of investing in plots in Kenya, read on below:
Did you know a plot is more beneficial than a ready to move-in house? However, each has its own drawbacks. The cost of land is comparatively lower in comparison to residential apartments, hence making it a cheaper sort of investment and good capital investment for those with a lower budget
Land or plots have always shown higher returns in Kenya. If you have land in an area with good infrastructure, the price of the land will be more appreciated. It is an excellent money-saving investment which will guarantee higher returns in the future.
A great way to build a house you want! You would be liberal to design and build your house suiting your tastes and preferences in order that you’d then sleep in it happily. Since people are likely to create houses to remain in them for an extended time, it’s good to possess a house one would really like everything about. If you don’t want to build a house, you can always sell the land to someone who is looking to construct a commercial place or residential property. The returns on land investment are alarmingly high.
4. No worry about competition
Investors need not worry about competition in plot investment. You can set their prices according to your leisure without much thinking. Investing in homes can be extremely tough competition due to variations in factors such as size, surroundings, materials used, and the amenities provided.
5. Fewer complications
Buying residential plots is much easier in every aspect as compared to buying houses. You can easily research to find a favorable and desirable plot for yourself within your budget. The legal procedures and paperwork are also less complicated in this case.
Important factors to keep in mind before you sign the deed:
- Verify the company’s ownership to sell the plot
- The title deed to use to establish the undisputed transfer and legal ownership of the land by the seller
- Collect the previous tax receipts from the seller
As a land investor, plots in Nakuru are on high demand and that should be your next destinations. Besides settling on buying the land, you need to ensure that the real estate company you are buying from can deliver the title deeds as the promise.