Houses for Rent | Nakuru Meadows

VALUE FACTORS FOR REAL ESTATE BUYERS IN THE NEW NORMAL

Jul 9, 2020 | Houses for Rent, Houses for Sale, Nakuru Meadows

The Covid 19 pandemic has changed our lives completely and continues to do. Some sectors have been affected adversely while some not so much. Today we evaluate how the pandemic has affected real estate values?

Do you think, Covid 19 will change your purchase decisions on property?

The Covid epidemic upheaval of social and economic norms and patterns may alter local market value patterns. As months roll on, the ways in which value is affected will become evident. How will you know where location value lies in your preferred real estate market?

Property value in residential real estate markets has traditionally been linked to four key location value factors:

1. Proximity to Work or Employment Opportunities

Traditionally, how close or easy it was to get to work determined so much where people choose to buy or rent homes.

Due to this pandemic, over 1 million Kenyan’s have lost their jobs. The ones with jobs are now working from home. This has brought about a need for people to invest in good homes as they now spend so much time indoors. The distance to work in no longer such a big deal as employers begin to change their minds, and allow employees to work from home as long as possible till a post- Covid 19 future.

2. Proximity to schools

This has long been a significant location value factor. Parent’s want to live in an area with good schools nearby. But with the stay-at-home strategy to fight Covid 19, education at all levels has moved online. As a post- Covid 19 future is unpredictable we can only wonder if this will mean a student may qualify for “virtual attendance” to a favored school without moving into that school’s catchment area or not.

3. Proximity to a popular shopping mall or business district

Shopping areas are an attraction for most buyers, but with Covid 19, businesses have been adversely affected and are struggling to survive. Some may end up closing down eventually. There has also been a shift to more home-delivery online ordering. It doesn’t matter where you live, business will now come to.

If an area becomes economically depressed and loses the ambiance of its entertainment businesses, fewer buyers may be attracted to the area, leading to a decline in property prices.

Well-known neighborhoods may change dramatically post-Covid, and buyers may no longer choose a location based on this factor.

4. Proximity to valued local amenities

As a result of the pandemic, proximity to progressive, state-of-the-art, and fully-funded healthcare facilities may become an important value factor. Will healthcare access become a significant location value factor?

Right now buyers are faced with more questions than answers. How will this pandemic affect the neighborhood you favor? Will changes to your chosen neighborhood make it less or more attractive to you? Will price rather than location matter more in a post-Covid future? To some extent, current buyers and post- Covid buyers may have a better bargain when buying a home due to reduced prices.

The Covid 19 pandemic has had serious economic ramifications around the globe. However, the Pandemic has not changed the way real estate value is determined, just the context of value.

So, what value does location hold for you and your family?

What do you want to be near? What do you want to be distant from? If what you want proximity to is what others value too, that location will carry more value and higher prices.

Perhaps your ideal location may be a less-dense, or a rural environment where social distancing from neighbors is a year-round lifestyle.

As you figure it all out, come check out Nakuru Meadows and its neighborhood, see if it’s a good fit for your family. Take advantage of our amazing offers and invest in a family home you will always treasure.

Learn about our current prices and offers:

3 bedroom Maisonette click here
4 bedroom Townhouse click here

To visit please contact us on 0708 822 583 or 0715 856 848. You can also email us at sale@nakurumeadows.co.ke

CAN’T BUY IT, RENT IT! 4 REASONS WHY RENTING IS A GOOD DECISION.

Jul 1, 2020 | Houses for Rent, Houses for Sale, Nakuru Meadows

Let’s face it, not everyone can buy a home! Majority of us cannot afford to buy a home upfront and don’t even qualify for a mortgage.

According to a CBK report, there has been poor uptake of mortgages in the market, reasons cited included:

High cost of housing/properties
High interest rate
High incidental costs (legal fee, valuation, stamp duty)
Low level of income

Today, we will be sharing a few reasons why renting is not bad after all. Don’t beat yourself up if you cannot afford to buy a home.

1. Rents are cheaper than mortgage repayments

Mortgages are generally not cheaper than rents if you were planning to buy a home as a first time buyer.

The decision between, renting and buying a home is a highly debatable one. The truth is somewhere in the middle, it depends with where you are. Whether or not renting is cheaper depends so many factors like where you live, the housing market, rental prices and so on.

2. Eligibility for a mortgage

We have all dreamed of becoming a homeowner at some point, unfortunately not everyone can take up a mortgage to realize their dream.

Currently, there are high numbers of unemployment in the country and across the globe, people are living from paycheck to paycheck; only a small fraction of the population can say they have a stable monthly income.

Remember to qualify for a mortgage, you have to prove to a bank that you have a stable and steady income to ensure that you will actually be able to service the mortgage. If your monthly income is a unreliable then you are better off renting and building up your credit profile.

3. Taking a mortgage ties you down financially

Here is a fact, mortgages are not cheap and it is no secret that the interest rates can be a little uncomfortable. More often than not, if you are able to take a mortgage, it may mean that you will not be left with any financial freedom to make any other investments.

Typically, most mortgages require an initial deposit of at least 20%, but you may find some banks advertising up to 105% mortgage financing. Whichever option you pick remember, taking a mortgage means you will be paying off a debt for as long as 20 years with the average rate of 10.5%- 18% annually varying from bank to bank. If you have a fixed monthly cash outflow, it can be very challenging trying to accumulate any savings for other investments.

Don’t get us wrong, owning a home is a great investment in the long run, but renting gives you the freedom to sink your money into other income generating investments. Investments that may allow you to accumulate enough finances to buy a home upfront in a few years or enable you to service the mortgage much easier.

4. Renting allows more flexibility

There is no doubt renting allows for more flexibility than a permanent home. For example, imagine if you had a mortgage and you got transferred to another town or got a much better job within or outside the country, relocation with a mortgage attached to your residential home can be a bit tricky.

Sometimes you may just want to upgrade to a bigger home, a better neighborhood, change scenery or simply to move closer to other amenities like your children’s school. Committing to a mortgage will therefore tie you down on where to live.

The decision between renting and buying, is a personal one and one that requires great thought. Whichever route you take, we would love to guide you through it. We have great buying and renting options at Nakuru Meadows.

Feel free to schedule a visit with us or contact us on 0708 822 583 or 0715 856 848. You can also email us at sale@nakurumeadows.co.ke

10 HOME BUYING STEPS FOR FIRST TIME HOME BUYERS

Jun 25, 2020 | Houses for Rent, Houses for Sale, Nakuru Meadows

Home buying is not only a life changing moment but also a risky one especially for first time home buyers. There are so many decisions to make, so much at stake and you probably know very little about the buying process. This guide will help you through the process from start to finish.

Step 1. Improve your credit score for a mortgage.

Very few people can afford to buy a home cash, and therefore prefer getting a mortgage. As with every other loan, getting a mortgage requires a good credit score. If you have not been paying your debts on time or paying at all, it’s about time you change and get back on track.

Step 2: Start saving for the down-payment

More often than not, when purchasing a home you will require a down-payment. In most cases it’s usually about 20% of the purchase price. There are a few lenders who can grant a 100% mortgage but it’s worth doing a quick research for yourself to see if you can find any.

Step 3: Decide how much house you can afford.

They say all dreams are valid, but a reality check is equally important if not more. Knowing you want to buy a home is one thing; knowing how much of a mortgage payment you can handle is quite another. Too often, dreams and reality collide: You may be yearning for a four-bedroom maisonette with a detached sq. like the one at Nakuru Meadows but given your income and debt owed to credit cards and beyond, the best monthly loan payment you can manage is for a two-bedroom bungalow in the outskirts of town. Don’t worry if you can’t buy it at the moment just rent it.

Step 4: Get pre-approved with a lender

Lenders help you determine what you can afford when you’re buying a home. A mortgage pre-approval is a lender’s commitment to helping you finance a home up to a certain amount.

Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount—basically, the stamp of approval that you have the money, credit history, and other credentials to buy a home up to that price.

Step 5: Go house hunting & Make an offer

With the advent of corona virus, we understand some of you may not be able to visit show houses. Possible because you’d rather stay home and keep safe or maybe you are in a locked down city. Whatever the reason is you can always have a virtual tour. But if you choose to visit the show house, kindly follow the government guidelines provided to keep yourself safe. At Nakuru Meadows, measures have been put in place to ensure visitors wash their hands while entering the property and are required to wear a mask throughout. The show house is also cleaned thoroughly and all surfaces disinfected daily.

Finally, things are starting to get real! You’ve finally chosen the house of your dreams, you absolutely love it, so what next?

Step 6: Get a Home Inspection

Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.

Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.

Step 7: Work with a Mortgage Banker to Select Your Loan

Lenders have a wide range of competitively priced loan programs to choose from, you want to select one that you can comfortable pay with ease. Selecting a mortgage is an important decision that requires precision. It’s important to have a trustworthy mortgage bankers assist you can make the process much easier.

Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again in just a few years.

Step 8: Have the Home Appraised

Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.

Step 9: Coordinate the Paperwork

As you can imagine, there is a lot of paperwork involved in buying a house. Get a good lawyer to handle all of the paperwork, conduct a title search and ensure that the seller is the rightful owner of the house you are buying.

Step 10: Close the Sale

At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the cheque is delivered to the seller, you are ready to move into your new home!

Feeling more confident to buy your dream home now?

We hope so!

Discover stunning Maisonettes and Townhouses in Nakuru ready for occupation at Nakuru Meadows! Our expert team looks forward to hold your hand all through the process above.

Learn about our current prices and offers:

3 bedroom Maisonette click here
4 bedroom Townhouse click here

To visit please contact us on 0708 822 583 or 0715 856 848. You can also email us at sale@nakurumeadows.co.ke

DISCOVER NAKURU FINEST PROPERTY, NAKURU MEADOWS

Jun 18, 2020 | Houses for Rent, Houses for Sale, Nakuru Meadows

Nakuru Meadows is located less than 15 minutes’ drive, on normal traffic, away from Nakuru town center. It boasts of exquisitely designed Maisonettes and Townhouses both for rent and sale. The first green community of its kind in Nakuru.

Direction Map

Nakuru Meadows has an array of unique features that no one would want to pass on. But first, let’s talk about the variety of homes you will find. One is a generously spaced 4 bedroom townhouse that is perfect for a large family. It consist of 4 bedrooms all en-suite plus a detached servant quarter. Second, is a 3 bedroom Maisonette, master en-suite with a detached servant quarter as well. All the homes come with a lush private garden both in front and at the back of the house, solar water heating, ample parking and are DSTV and internet ready. The cabro paved streets are named for easy access by the residents and visitors.

Solar Water Heating

Named Community Streets

CCTV

Private garden

The homes are safe and secure for you and your family. In close proximity is Mwariki police station. We have installed CCTV cameras, street lighting at strategic areas in the estate and an electric fenced high perimeter wall all-round the estate. We also have well trained guards managing access to and from the property 24/7.

One of the main concerns we get from customers is the availability of water for all the 70 units at Nakuru Meadows. We have ample water supply from the borehole and NAWASCO. There is also enough storage ranging from underground water tanks with a capacity of holding 300,000 litres, an elevated water tank that holds a capacity of 75,000 litres and individual house tanks that hold a capacity of 1000litres.

Water treatment plant system

Elevated water tank

We ensure that the water is safe for drinking and for other household needs and have therefore installed a water treatment plant system. The Reverse Osmosis Treatment plant purifies the borehole water to the standards of bottled water. The purified water from the underground water tank is pumped to the elevated water tank and then flows down to the individual house tanks through gravity.

Now, you must be wondering where will our kids play? We are pleased to tell you about a thoughtfully designed play area for both children and adults. How amazing is that? Even adults get a place to play, relax and exhale their worries away! This designated area is what we call ‘The Meadow’, you might have noticed the word in our name.

The Meadow(play area)

This beautifully grassed area we dedicated for you and your family contains a volleyball pitch, a children play area, a pergola and a gazebo (outdoor sitting areas that can also be used during the homeowners meetings and barbeque events). It also has an open area that can be used by any homeowner for a personal event with enough space to pitch a tent.

Now before you rush to give us a call to schedule a visit, let us tell you about our neighborhood. We are directly opposite the Citam Church, Nakuru. Just 21mins away is the lake Nakuru National Park, home to beautiful birds and wild animals. The fuchsia pink flamingos blanketing the shoreline are an amazing site to enjoy on a Saturday evening. It’s the perfect recreational area for your family when you want some good quality time outdoors.

Come pay us a visit and book your dream home. Our expert team is ready to walk with you through this wonderful journey.

To learn about our current prices and offers, kindly click here for the 3 bedroom Maisonette and here for the 4bedroom townhouse. To visit please contact us on 0708 822 583 or 0715 856 848. You can also email us at sale@nakurumeadows.co.ke