Shared ownership in Kenya

With Kenyan Real Estate prices still souring it can be difficult for first time buyers to get their feet onto the property ladder. The prospect for many middle class Kenyans buying a home can seem very daunting due to high house prices, unachievable deposits and lenders looking for low risk investments.

But all is not lost. Shared ownership, (also known as Part Buy) is another option to consider if you cannot afford to buy your own home outright. These types of schemes allow Kenyan first time buyers who have not - until now - been able to buy a foot on the Kenyan Real Estate ladder!

The benefits of Shared ownership schemes

• The cash deposit is normally the most difficult to find, less deposit required than with an outright purchase.
• The secured mortgage needs to be only 25-50 per cent of the purchase price.
• Monthly costs can be up to 50 per cent less than buying a property outright.
• Many schemes allow you to buy a greater per cent of the property, but check at the outset and do not assume anything.
• Finally remember each scheme is completely different and to sell you need someone to take on the same agreed terms and conditions.

*"Propertyleo - Kenyas No1 Property website serving the Kenyan Real Estate
sector"*.