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Mistakes to Avoid When Investing In Real Estate

Mistakes to Avoid When Investing In Real Estate

In Kenya today, the real estate sector is one of the biggest investment avenues with various investment opportunities such as land, residential, commercial, retail, industrial, and publicly traded Real Estate Investment Trusts (REITs). With the real estate sector being as profitable as it is, more investors are choosing to venture into it looking for profitable opportunities which at times may be accompanied by mistakes that could have otherwise been avoided.

Below are some of the common mistakes that one should avoid making when investing in real estate:

Not consulting a certified real estate professional

The most important but usually overlooked step before one starts their real estate investment journey is consulting a real estate professional. These experts possess in-depth knowledge of the market, including property values, trends, and legal requirements. They provide critical insights that help investors make informed decisions, help navigate complex processes, and identify potential issues that may not be immediately apparent. By leveraging their expertise, investors can avoid costly mistakes such as losing their hard-earned money to real estate frauds.

Not conducting proper research and due diligence

When it comes to investing in properties the need to conduct extensive research on a prospective investment is crucial. Over the years, we have seen investors being evicted from properties that were either termed as riparian or illegally sold. Proper due diligence helps investors identify any potential crises and avoid properties that may require costly repairs or face legal challenges. This comprehensive assessment determines the future performance and viability of the investment by examining for risks such as flooding, landslides and other possible problematic issues that could significantly impact the property’s value and usability. Without due diligence, investors may face unexpected complications and great financial losses. At SIC we offer properties such as our Bluebells Apartments Phase 1 in Machakos County which have undergone proper due diligence guaranteeing investors security in their investment.

Not having a clear investment plan

Not having an investment plan can lead to poor decision-making and overspending. It is important when investing in real estate to always have a plan to help guide the process and ensure decisions are aligned with long-term goals. The plan does not have to be complicated, but it should answer the questions, “What, Why, and How am I investing?”. This means identifying what type of properties to invest in, understanding why these investments align with your financial goals, and outlining the specific strategies and steps to achieving your goal. By answering these fundamental questions, an investment plan provides a clear framework for making informed decisions, avoiding common pitfalls, and maximizing returns.

Poor financial management

Two of the biggest pitfalls for real estate investors are poor financial management and overlooking hidden costs. While making a profit is the ultimate goal, failing to properly account for expenses beyond the initial purchase price can significantly impact your bottom line. Property management fees, property taxes, routine maintenance, and potential repairs all need to be factored in. By thoroughly analysing these costs and implementing sound financial practices, you can ensure your real estate venture becomes a source of steady income, not a financial burden.

Not diversifying your portfolio

Another significant mistake often made in real estate investment is the lack of diversification. While real estate does offer exciting opportunities, diversifying your portfolio is key to mitigating risk. Putting all your eggs in one basket exposes investors to heightened risk such as market fluctuations. Diversifying across different investment opportunities such as land or housing can help mitigate risk and create a more stable and resilient portfolio with a better chance of achieving your long-term financial goals.

At SIC, we can help you avoid these common mistakes and ensure a secure, profitable, and well-managed real estate investment journey. Visit https://sic.co.ke/ to get in touch with your investment partner of choice.

The Benefits of Using SIC Prime for Your Real Estate Investment Needs

The Benefits of Using SIC Prime for Your Real Estate Investment Needs

As the world embraces the new age of technology with Artificial Intelligence (AI) and new advancements in different sectors, the time for the real estate and property space to embrace this shift is now. As your investment partner of choice, we have identified this gap in the market and introduced our new business line, SIC Prime which is here to revolutionize how investors and developers connect with buyers, sellers, and renters through its one-stop property marketplace.

SIC Prime brings the power of e-commerce to your fingertips, making real estate simpler, faster, and more accessible than ever before. Some of its benefits are;

Virtual Tours

House tours can be time-consuming and tiring as you move from house to house. With SIC Prime’s virtual capabilities, this is a thing of the past as you move around your prospective home in 3D space, planning potential décor and getting a true sense of the space all from the comfort of your couch. These virtual tours give you access to our numerous real estate spaces in different counties from Bluebells Apartments Phase 1 in Machakos County to the upcoming Miran Residence in Kiambu County.

Streamlined Transactions

Acquiring a real estate property can be challenging, with an increasing risk of scams a trustworthy third party is necessary. SIC Prime allows investors to securely handle paperwork, negotiations, and even close deals online with the assurance that their transactions are not only secure, and transparent but also convenient.

Building services

Building a dream home or a commercial space can be a daunting task. But SIC Prime’s building services give developers and investors access to a team of verified and experienced professionals including architects and construction managers who are committed to delivering unparalleled building services. With its turn-key project management arrangement, we take care of everything to ensure that your project is completed exactly as envisioned.

 Personalized Search

SIC Prime offers a diverse range of curated property portfolios, powered by powerful filters and AI-driven recommendations that align with investor needs and aspirations. From cosy apartments such as the Blue Bell apartments phase 1 in Machakos County to luxurious studio lofts at the upcoming Miran residents in Ruaraka, SIC Prime provides access to lucrative opportunities and enables investors to manage their portfolios seamlessly and effortlessly.

Interior Design

We understand that a home is not just a place to live, but also a reflection of your style, preferences, and personality. That’s why with SIC Prime, we offer a wide range of interior design services, including space planning, consultations, access to skilled craftsmen, art selection, and installation to create a custom interior design that is unique to your tastes and preferences. Whether you’re looking to renovate your entire home or just one room, we are here to help you bring your vision to life.

Ready to experience the future of real estate? Visit https://sic.co.ke/ to get in touch with your investment partner of choice.

Tips for Selecting a Good Real Estate Property Lawyer

Tips for Selecting a Good Real Estate Property Lawyer

A lawyer is a professional who is qualified to offer law advice or represent someone in legal matters. Their roles vary across different legal jurisdictions. We have property lawyers whose role is to oversee legal matters related to real estate properties, such as buying, selling, leasing, or renting property. They also help clients in resolving disputes related to property ownership. Hiring a good property lawyer is crucial while engaging in real estate transactions.

Below are some of the things to consider when choosing a good real estate property lawyer:

Registration

When choosing a lawyer, be keen to confirm if they are registered by the Law Society of Kenya since this is a testament to their legitimacy. You can do this by searching their official names on the Law Society of Kenya website. Additionally, confirm that the lawyer has not been implicated in any malpractice cases or has not had complaints from the Advocates Complaints Commission as a result of unethical activity, since these might be red flags.

Experience

Consider getting a property lawyer who specializes in real estate law and has vast experience in the field. Look at the records of their past cases, the clients they have handled and the outcomes of those cases. Further, check their Linked In and company websites to get insight on who they are, and how long they have been dealing with real estate cases. This will help in ensuring that you are choosing someone with vast knowledge of what happens in the real estate industry and has experience in the services they are offering.

Knowledge of land laws and policies

In Kenya, we have laws and acts which regulate land ownership and other land-related issues. It is advisable to choose a lawyer who understands all these laws and policies and how they will affect you in future. This will also help you in making judgements that comply with local laws and standards.

Honesty and transparency

Honesty and communication create a good relationship between the client and the lawyer. A lawyer should provide you with all the information concerning your property and explain to you any matters that might be relevant to you. They should be clear about all the legal processes and provide you with extensive updates and should be willing to discuss everything with you and you should feel free to ask questions.

It is important that you select a reputable and honourable property lawyer. This guarantees that you resolve your real estate problems sensibly and cautiously. Always seek advice from real estate professionals who can guide you to a good and reputable lawyer.

SIC and Tower Sacco Partnership

SIC and Tower Sacco Partnership

SIC and Tower Sacco Partnership

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Enjoy 100% financing from Tower Sacco on all our products. Contact us at 0709-194100/1 or sic@safaricom.co.ke to learn more.

For any member who needs to acquire land or construct a commercial residence, Mortgage loan allows you to own a commercial home and pay it in affordable installments.

Requirements

  • Duly signed application form
  • Copy of Customer ID/PIN
  • Copy of Sale Agreement/Offer leer
  • Valid valuation report
  • Customer to raise 20% of value of property
  • Certified ownership documents to be submitted to the Sacco
  • Property to be charged to Tower Sacco for the duration of the loan period ¯ Terms and conditions apply

Features

  • Long and flexible repayment period of up to 10 years
  • Competitive interest rates (14.04% p.a) on a reducing balance
  • Swift processing on application.

Makao Bora

This is a product developed to give you and your family shelter and security. The product enables you to acquire property, acquire and develop or develop already acquired property. This product eases the burden of acquiring your dream home, frees you from tenancy, and easily transforms you into a property owner. All you require is save with us for at least six months.

Features

  • Long and flexible repayment period of up to 15 years
  • Competitive interest rates 9% P.A. on a reducing balance
  • Swift processing of an application.

Requirements

  • Duly signed application form
  • Copy of Customer ID/PIN
  • Copy of Sale Agreement/Offer leer
  • Valid valuation report
  • Customer to raise 20% of value of property
  • Certified ownership documents to be submitted to the Sacco
  • Property to be charged to Tower Sacco for the duration of the loan period ¯ Terms and conditions apply

If your desire is to be a land owner, get in touch with us today via 0729-121212 and we can advise you on the available land available for sale and even provide access to finance from our list of financial partners that will make your dream of owning land a reality.

Mortgage loan allows you to own a commercial home and pay it in affordable installments.

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The Benefits of Using SIC Prime for Your Real Estate Investment Needs

As the world embraces the new age of technology with Artificial Intelligence (AI) and new advancements in different sectors, the time for the real estate and property space to embrace this shift is now. As your investment partner of choice, we have identified this gap...

read more

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