The asking price is only the first number in a property purchase.
A buyer who budgets exactly KES 10 million for a KES 10 million property can run out of cash before completion.
Stamp duty
Stamp duty can be one of the largest additional costs.
The applicable amount depends on the property and official assessment. See our stamp duty guide and land transfer costs.
Legal fees
Your advocate may charge for the sale agreement, due diligence, transfer work and completion.
Get a written fee note showing what is and is not included.
Searches and survey work
Depending on the property, budget for:
- official land searches
- surveyor work
- beacon confirmation
- plans or copies
- company or succession checks where relevant
These are not the place to save a few thousand shillings on a multimillion-shilling purchase.
Valuation and financing costs
A mortgage purchase can involve valuation, bank charges, insurance and registration of security.
Ask the lender for the full fee schedule before deciding what deposit you can afford.
Service charge and management costs
Apartment and gated-estate buyers should check recurring charges.
A low purchase price can be offset by a high monthly service charge.
Also ask whether the unit has arrears.
Immediate repairs
Budget for what you will fix in the first three months.
Common examples include:
- paint
- plumbing
- locks
- water storage
- electrical work
- roof repairs
- appliances
- fencing
Moving and setup
Furniture, moving, utility deposits and security changes are easy to ignore when focusing on the purchase itself.
Use an all-in budget
Create three numbers:
- purchase price
- transaction costs
- first-year ownership costs
That gives you a more realistic comparison between two properties than asking price alone.
