Real Estate has grown to be the most lucrative and less risky investment over time generating billions of money daily. However like any other business Real estate scams have gradually become common especially in Urban cities like Nairobi and Mombasa.
This has happened to you, your family or even your friends and therefore to avoid falling victim to such traps here are some of the real estate scams that have been common this 2018.
- Overrated Investments – Always know what you want from the start plus your budget, it is not unusual for realtors to hype their property for all kind of reasons but consider taking your time and access all the variables of the property keenly.
- Impersonator – Many reported cons come through this, a person impersonates the owner/agent or a developer to a said property. They even go ahead to get fake contracts, payments options and other papers. Be very careful on engaging any independent realtors or agents and do not carry private documents or share any private information with them.
- Exaggerated prices – We all love cheap things and some sort of bargaining right? But do we do this right on real estate? Scammers often reduce prices and use fake photos to entice easy targets. To avoid this do your own market research, know the prices of the said area and consult more before making a decision.
- Early booking deposit – Many at times people are convinced by good pictures of the property that they are told to book early to avoid it being taken by another client. Say no to this until you see the property and meet the owner or Landlord of the property in person, pay after signing a contract.
- Door to Door Realtors – Sometimes you can be relaxing at home with your family and suddenly a bell rings, who? Its the Realtor or contractor, they claim they have a huge list of good deals they never want you to miss out. They push this really quick and if not keen you will be already in. Again to avoid this do a thorough research of the property, find the credibility of the realtor or contractor and never make quick decisions.
In conclusion always do proper research, take your time and find a trusted Real Estate Partner.
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