This archive report was first published on 20 May 2020.
Off-plan buying has become a popular option for investors and homebuyers in Kenya, offering the opportunity to purchase properties at below market value. However, this approach requires careful consideration and due diligence to avoid potential pitfalls.
One of the key factors to consider is the developer's track record and experience in real estate development. A reputable developer should have a proven track record of delivering high-quality projects on time and within budget.
Transparency and Accountability ¶
Developers should be transparent about their projects, including information on their financial situation, project timelines, and payment plans. This transparency is essential for building trust with clients and ensuring that their investments are secure.
Project Viability ¶
Investors should also investigate the location of the project and the surrounding properties to ensure that it is prime and attractive to occupants. This will help to ensure that the investment will appreciate in value over time.
Payment Options ¶
Developers should offer flexible payment options that are clear and transparent. This includes specifying the amount of initial deposit, the payment schedule, and the completion dates of the project.
Due Diligence ¶
Ultimately, conducting thorough due diligence is essential when considering off-plan buying. This includes inspecting the project, reviewing the project design and management team, and verifying the developer's credentials.
By taking these steps, investors and homebuyers can minimize the risks associated with off-plan buying and make informed decisions about their investments.
