Owning a home in Kenya is a great opportunity, especially financially. The real estate market here is vibrant and dynamic. It is growing to cater to the changing needs of real estate clients in different sectors. People are increasingly searching for residential spaces, commercial property, and spaces for the hospitality industry. With a home in Kenya, you can try your hand at any of these things and make some money. You can even choose to contract the work out to an agent and direct your time and energy on a different endeavor.
The residential option is one of the simplest ways to make the most of your Kenyan home. You can prepare your house for rent by ensuring all the amenities and facilities are okay. Have your agent list the place online, like on Hauzisha. This website helps customers find homes for rent or sale in Kenya. Your home will appear on this listing page where people looking for a house in a particular location will see the listing—your chances of finding a tenant increase dramatically when you have your home listed on the site.
1. Make it a vacation rental.
Kenya receives thousands of visitors every year from around the world. Many stays in hotels, but some prefer apartments or houses. The reason is that houses are better for tourists traveling with their families or large groups. You can furnish your home with everything a short-term visitor would need, then advertise it as a vacation rental. With proper management, you stand to make a considerable amount of money.
2. Host guests
This is an excellent choice for anyone who wants to make sure of additional space in their home. For instance, you might have an extra room or two in your house, and you are open to having guests stay there for short periods. This is a way to make cash in a home where you still live. You will need to decide what the house rules are, as well as the kind of guests you feel comfortable hosting. For this idea to work, you must be hospitable and friendly.
3. Use extra space
You can use the additional space for a profitable activity if you have a large compound in your home. For instance, you can plant a kitchen garden and grow some food. You might also keep some domestic animals and profit from selling their products.
4. Rent it out
If you have a currently unoccupied home, say an apartment, renting it is a great idea. It will involve much less hands-on work, unlike the first two options. Depending on your target market, you can furnish or rent it unfurnished. Furnishing the house costs more, but it increases the home’s value as a rental space. Hire an agent to manage the home and professionally cater to the tenant.
5. Sell the home
Finally, you can sell your home. Selling is an intelligent way to make money in a relatively fast manner. Unlike long-term arrangements like renting, marketing is a single process with instant results. It might involve some renovations and home remodeling, primarily if the house has been used for a long time. Making these changes, however, will increase the value of the home and the selling price. After the renovation, have an expert appraise your house and determine its value.
Owning a home in Kenya is an investment. As a homeowner, you should make the most of this investment in the way that suits your home best. Some of these ideas may be perfect for you; others may not be possible to implement depending on your unique circumstances. Whatever you choose, ensure it works perfectly for you.