What do statistics say?
Kenyans in the diaspora are now the biggest senders of digital remittances to mobile accounts back home.
As of June 2018, Kenyans in the diaspora had remitted over 26 Billion shillings back home.
With Diaspora remittances now accounting for 4% of our GDP, they could possibly be the country’s largest source of foreign exchange earnings.
Fears rise amidst swindling claims
Real estate continues to grow in leaps and bounds and this can be attributed to the fact that Kenyan citizens living abroad can buy a home at the click of a button.
If not for conmen, every single Kenyan living abroad would already have invested money back home. The challenge lies in the fact that there are so many fraudulent ghost companies ready to reap where they didn’t sow.
The most important lesson for Kenyans living abroad to learn is to work with trusted banks and credible real estate agents. There is nothing as bad as being swindled millions of shillings all because due diligence was not done.
Hire a realtor
A good real estate agent will negotiate on your behalf. S/he understands that offers and counteroffers are an extremely important part of a real estate transaction, as this can save you millions of shillings.
Research shows that the surest way for any Kenyan in the diaspora to navigate the real estate industry is to have a knowledgeable person homesearch different houses on sale on your behalf.
Know the legal procedures
If you have lived in the diaspora long enough, then you cannot downplay the significance of legal procedures when it comes to buying or selling a house.
At only kes 520, you can conduct a search at the Lands Registry to establish details of the land. This includes the registered owner of the land, acreage as well as any caveats registered against the title deed.
Further, you will need to pay a visit to City Hall if the property you want is in Nairobi county. Here, you pay Kes 7,500 to get a certificate of clearance.
You will then be required to get two maps from the Land Ministry. After doing this,you will go view the land accompanied by the seller to verify dimensions.
From there, you can close the sale once you’ve established that everything is In order. For someone in the diaspora, get someone you trust to go over the legal technicalities on your behalf.
