Rex Real Estate
Rex Real Estate is a real estate company based in Nairobi providing a wide array of real estate related services to individuals as well as business clients. At Rex Real Estate, we are passionate about property and it is our mission that we ensure everybody who interacts with us gets exactly the kind of home they have been dreaming about.
Regina Kanyiri: Founder Rex Real Estate
As a long-time banker turned Real Estate Specialist, Regina Kanyiri is able to find great deal and hidden gems among the Greater Nairobi including Kiambu, Mavoko & Kajiado Real Estate listings. Here are some of the newest and best homes for sale in Nairobi and the neighbouring suburbs.
Contact Rex Real Estate to find out more about these opportunities.
Delivering the Dream of Home Ownership
We are specialized in property search and sales for clients as well as post-sales services, which includes residential and commercial leasing and property management
As a professional Estate agent and property management company, our sole business is that of identifying able and credible buyers/tenants on behalf of our esteemed clients whose properties are in the market.
We also closely work with lawyers who tailor leases and agreements hence create a harmonious relationship between parties. The firm offers a wide scope of real estate with its main operation based in Nairobi and the neighboring counties.
To minimize our clients’ risk, expense and time in acquiring an appropriate property.
Buying a home, whether it’s your first, second, or third, is a serious commitment. This rings true even when you’re looking to purchase in one of the country’s hottest housing market today.
This guide is written for home buyers like you. With your real estate needs in mind, this will help ease the transition as you start canvassing for available homes for sale up to the actual day of moving in to your new house.
Everything you need to know about buying a home
Every home buying experience is different. Some only take a month or two to finish the whole process, while others take anywhere between 60 days to even a year from start to end.
I can help you ensure that you experience a home buying process as smooth and stress-free as possible. I’ve divided the whole journey into five segments that will get you your dream home. Let’s dive in.
First stage: Getting started
We start every home buying process with the proper research and preparation. Your checklist for this stage includes the following goals:
- Determine the type of home you want
- Determine where you want to live
- Find a local real estate agent to help you
Picking the perfect home
Before you look for a home, you should know the type of property you’re after. Is it a condo that meets your needs and preferences? Or is it a single-family home that fits your long-term goals?
To help you decide, consider the following factors:
- How much you can afford
Take into consideration your annual income, monthly expenses, and debt-to-income ratio, all of which will affect the mortgage loan you can afford.
List down features that you absolutely need to have in your new house. If you’re moving in with school-age children, you’ll want to find a home near good schools. A big yard, nice balcony, playgrounds as well as enough room for the rest of the family, can also be non-negotiable features.
Other considerations are proximity to your work and transport services, home size and number of rooms. This will help you determine the type of property that meets your needs best.
Finding the best location
In real estate, location is everything. It affects the value of the property and, in turn, home prices. Additionally, where you live directly affects your lifestyle. Living right in the center of the city allows you to be where the action is, while choosing the suburbs can give you some peace and quiet.
Factors you need to consider when choosing a community or neighborhood include amenities available, schools in the area, accessibility, and safety.
Finding a local real estate expert
Having an experienced real estate agent that gets your real estate needs and goals makes the whole home buying process easier. The question is, how do you find one that’s compatible with you?
Consider the real estate agent’s work and communication style.
It’s highly recommended to interview at least two to three candidates in order to help you find the ideal home search partner.
Second stage: Mortgage and pre-approval
A pre-approval letter in your hands can turn the home offers you make into irresistible invitations. So before you start looking for a home, getting your finances in order is crucial.
Like the first stage of the buying process, shopping for a loan and getting pre-approved are best done a month or two ahead of your home search. Sorting out your finances can take some time; more importantly, the application for mortgage pre-approval takes approximately 45 days.
Types of mortgages
As a buyer, you’re open to apply for different kinds of mortgages, so long as you meet the requirements. Some of the most common home loans in the market include the following:
- Fixed-rate mortgages– Buyers who prefer stable interest rates often get fixed-rate loans. They are usually paid off in a specific set of time (10 to 30 years) at a specific interest rate.
- Adjustable-rate mortgages– ARMs are attractive as they offer initial lower rates. Unlike fixed-rate mortgages, however, the interest rate is subject to market indicators after the adjustment period. There is no telling whether your interest rate will increase or decrease.
Talking to different lenders and examining your options thoroughly will help you find the mortgage plan that fits your financial capability.
Mortgage pre-qualification: Is it really necessary?
Not entirely. Getting pre-qualified for a home loan doesn’t mean you’re guaranteed to get the mortgage you want. These, however, can increase your chances of having your home offer accepted. For your part, getting pre-qualified tells you the kind of loan you can get, allowing you to set a more realistic price range. It’s however necessary to get pre-qualification from different lenders as they usually tend to have different criteria, then chose what is most beneficial to you.
Third stage: Shopping for a home
The home search is definitely the favorite stage for plenty of home buyers. After all, this is the time when you get to look at properties, attend open houses, and potentially find your dream home. There are many ways to narrow down the home search. The most effective would be to concentrate on these points:
- Your price range
- Your target neighborhood or area
- Your target property type
Adding your other preferences into the equation will fine-tune your search even more, increasing your chances of finding the home in a shorter period of time
Are you ready? Start your home search in Nairobi real estate by clicking here
Fourth stage: Making an offer and closing
Once you’ve found your dream house, it’s time to make an offer the home seller won’t be able to resist.
The elements of a great offer
A great offer has several components, some of which should already be in your arsenal. These include:
- The right price– Depending on the market, your offer can be below or more than the asking price. A comparative market analysis takes a look at similar properties in the area (called “comparables”) that were recently sold. It will help you set a reasonable offer.
- Write an earnest money check– Having an earnest money deposit strengthens your offer, giving the seller more confidence to accept it. And if that is the case, the money automatically becomes a part of your down payment.
The art of the closing process
Once the seller accepts your offer and a purchase agreement has been signed, it’s time to move on to the closing process. This can take up to a month or so, depending on what’s been agreed during negotiations. As the buyer, you have several tasks ahead of you: These include
- Finalize your loan application
- Meet contingencies stated in the offer which includes valuation
- Purchase title insurance which includes domestic packages etc
Before hand over, perform a final walk-through of the property with the seller and review all paperwork to ensure that all the tasks that were to be handled by the seller are completed. These would include major and minor repairs etc.
Fifth stage: Moving in
Congratulations on your new home! Now, it’s time for you to move in.