Buying rental property in Kenya is perhaps one of the most rewarding investments for foreigners. Whether you are planning to buy Kenyan property for a vacation home, rental, speculation, or retirement, you must find away to manage your units while abroad effectively. How you manage your overseas property can make or break your investment. Buying an overseas property comes with its fair share of responsibilities, such as sorting bills, keeping it clean, maintenance, and more. Today, our experts at Bomahut will share helpful tips to help you manage your overseas property.
Yes, foreigners can buy property in Kenya and enjoy all the legal benefits thatKenyan citizens enjoy. However, foreigners planning to purchase land in Kenya must be aware of various restrictions. First, the KenyanConstitution prohibits foreigners from buying or managing agricultural land. Furthermore, non-citizens can only hold land on a leasehold basis for up to 99 years.
Fortunately, foreigners are allowed to apply for an extension or renewal of the leasehold. If you want to get Kenyan citizenship, you can do so by registering or through marriage to a Kenyan citizen for at least seven years.
There is no doubt that Kenya is one of the fastest-growing economies in the continent and globally. Moreover, the country allows non-citizens to buy, rent, and manage property on leasehold for up to 99 years. Kenya is also a great country to invest in, thanks to its growing infrastructure, top tourist attractions, and perfect weather. The good thing is that some parts of the country have massive potential for returns.
The best rental properties to invest in Kenya include:
Investing in rental properties in Kenya can be a rewarding experience. However, how you manage your rental property will determine how much ROI you will enjoy. Effective rental property management will undoubtedly increase your ROI. Having said that, let's discuss the strategies you can embrace to manage your overseas property effectively.
The first step to successful rental property management in Kenya is thorough research.When conducting research, consider all issues that might hinder effective property management, including property location, tenant risk behaviour, associated costs, market rents, maintenance costs, legal requirements and building codes, and more. You will be better equipped to overcome these barriers and increase your ROI with proper research.
Once you decide to invest in a rental property in Kenya, you must set reasonable rental prices and consider your financial outlook. You can always get the best price to safeguard your investment and attract tenants by considering your construction costs, features, location, advertising costs, number of bathrooms, bedrooms, type of property, and demand.The goal is to strike the perfect balance between risks and optimizing ROI.
The only reason why you are investing in overseas property is to diversify your portfolio and increase your ROI. This will not be possible if you fail to pick the right payment method. When choosing a payment method, you must maintain the perfect balance between convenience and safety. To do that, you must consider your tenants, check the risks, compare costs, and compare different payment methods. The most popular payment methods in Kenya include mobile money payments such as Mpesa, online payments like PayPal, direct debit payments, cheques, money order payments, cash, and bank transfers.
The success or failure of your overseas rental property largely depends on your marketing efforts. No matter the location of your rental property, effective marketing can help you reach and attract the right tenants.Property owners and managers in Kenya can attract the right tenants by creating convincing rental listings. Property managers and landlords should also choose the proper marketing channels to maximize the ROI. Above all, it's vital to understand the rental market in Kenya to increase your chances of landing high-paying tenants. It is also essential to take advantage of social media marketing and SEO to share your rental listings to reach out to your targeted tenants.
Thanks to technological advancements, managing your overseas rental property does not have to be such a challenging task. All you have to do is invest in the best rental property management software to maximize your ROI and automate repetitive tasks. The Bomahut property management software has several features that make it easier for foreigners to manage their rental properties in Kenya. These features include:
Are you ready to get started? If you are, please contact us to learn more.
Book a demo with us to learn how Bomahut can help you improve rent collection and save time on property management tasks.
%401x.svg){kind=icon}
.jpg)
.jpg)
