I have identified an apartment that I would like to purchase. The apartment is about 6 years old. I am wondering whether I should hire a valuer before plunging in. Will they be able for instance to check out structural issues e.g. Physical general structure, plumbing etc… How does the number of years left on a a leasehold affect value?
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Sure sure!
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Yeah. He may disclose something important about your venture that you didn’t know
How much to you want to invest? Samebody talked about the market going down and the sector crushing…tafuta hiyo thread
How much are you buying it for, how many bedrooms?
And location
17M - 3 BEDROOMS, VALLEY ARCADE AREA. Six year old apartment. Is this fair value?
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I don’t know about you, but you are better off buying one acre in the outskirts of Nairobi and building your own mansion with the rest of the funds.
but for that location, maybe 12M maximum
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@a4architect is the professional real estate guy plus valuer here.
Anyway, just out of curiosity, my former boss had a 5 bedroom all ensuite in Ruiru constructed at a total cost of 20m(including cost of small plot). Why not go down this route where you own property even though in a ‘less prestigious’ address
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whats the floor area size? send a few pics we see the quality of the construction finishes.
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This thing with construction is a direction I don’t want to take… I do not want the hassle of construction as I simply do not have time for managing that (and I am ready to pay a slight premium to avoid this hassle). I intend to live in the apartment as my primary residence…Location is VERY CRITICAL for me…I want to be near schools, malls etc. I want to have minimal driving to all the places my work and lifestyle revolves around- I will not compromise on crazy Nairobi traffic; I do not believe spending hours in the traffic in the morning and evening is a lifestyle I want…, Neither do I need a huge house (we normally assume big mansions equates happiness 
@a4architect[ sharing some pictures in a bit…
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212 sq. meters.
for 17 Million… SMH anyway every man makes his own decision, may you make a good one bro.
I think 17m for 6 year old 3 bedroom is on the higher side. I work those sides and if you are more patient and put your ear on the ground, you can get the same for a range of 12-14m.
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The pictures show the finishes are of high quality and the design is superior. The apartment is well planned, spacious and with ample parking.
kes 17m / 212m2=80k per m2. Thats below average pricing for such quality at kes 100k per m2. The price is right. Compare with this one in rongai at kes 65k per m2
https://www.olx.co.ke/ad/new-three-bedrooms-masters-ensuite-ID15NQ4k.html#a2260137f8
17m is a good deal. There is still alot of room for property value appreciation to the 100k to 120k per m2 range, 21m and above.
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what about for business? how much per m2
Just because it cost your uncle shs 20 million to build does not mean its market value is shs 20 million.
15 yrs latter you will be struggling with those stairs. You will be craving for a quiete life relaxing in your own garden enjoying simple things like watering your plants or reading newspaper under tree. You will dread going to crowded places like shopping malls or noisy clubs.
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Did you consider renting the apartment, and investing the money elsewhere. Then using the returns from the investment to pay the rent??With 17 million budget, you can invest in rentals and get at least 170k per month…at least. I am sure the rent for that apartment is high, but not 170k. You can pocket the difference (about 80k-100k as can be seen here https://www.olx.co.ke/ad/triffany-consultants-3-bdrm-flat-to-let-in-valley-arcade-ID15MGq7.html#a03ce898bd ) and compromise nothing i.e convenience etc because you will live in the same house, only as a tenant and not an owner. The advantage is that since you use earnings from real estate to pay for real estate, you will never fear that one day the rent you pay will exceed the rent you collect…they will move in tandem. Basically, you will never fail to afford living in that apartment.
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