This archive report was first published on 29 November 2019.
Buying Off Plan: A Growing Trend in Kenya ¶
Buying off plan has become a popular option for Kenyans looking to own their own homes or invest in real estate. This involves paying for a home before construction, usually during the design stage, and making installment payments as the project progresses.
Photo: Cytonn
Do Your Research ¶
Before committing to a buying off plan project, it's essential to do your research. This includes asking questions about the developer and the development, such as the returns on investment, the construction timeline, and the costs involved.
Research will help you determine whether the project is worth your investment and whether you can afford the installments.
Invest in Prime Locations ¶
Location is a crucial factor in real estate investing. When buying off plan, it's essential to choose a prime location that offers good access to infrastructure, growth potential, and resale value.
Consider factors such as proximity to schools, hospitals, and public transportation, as well as the overall safety and security of the area.
Plan Well ¶
Buying off plan requires careful planning to ensure that you can afford the installments and other expenses associated with the project.
Get your finances in order, and make arrangements for the length of the project. This will help you avoid missing payments and losing your deposit.
Consult Experts ¶
It's essential to consult with experts, such as lawyers and valuers, to ensure that you're not overcharged by developers and that your contract is fair and transparent.
Ask questions about the construction details, and have an advocate explain your contract to you before signing it.
Inspect the Site Regularly ¶
Regular site visits will help you stay informed about the progress of your home and identify any potential issues early on.
Ask your developer to address any concerns you may have, and be involved in the construction process to ensure that your home is built to your specifications.
DO NOT ¶
Do Not Trust Blindly ¶
When buying off plan, it's essential to do your research and not trust blindly. Look for information from a variety of sources, and verify any claims made by developers.
Be cautious of developers who make claims that cannot be verified, and stay away from them.
Do Not Sign a Contract You Don't Understand ¶
Contracts are legally binding, and it's essential to understand the terms and conditions before signing.
Have an independent legal professional review your contract, explain any unclear areas, and help you address any issues you'd like to amend.
Do Not Miss a Payment ¶
Missing a payment can be costly, and some developers may not offer a full refund or may take longer than expected to refund your deposit.
Plan your finances carefully to avoid missing payments and losing your dream home.
