IS BUYING PROPERTY OFF-PLAN A GOOD IDEA?

With the Kenyan government under pressure to build more and more homes under the ‘affordable housing scheme’ project, new build properties are springing up everywhere. Alongside this rise in newly built dwellings hitting the market comes an increase in properties being offered off-plan. But, what does
buying off-plan actually mean…and is it a good idea to purchase property in this way?

What does buying off-plan mean?
Buying off-plan property basically means you will be purchasing your new home prior to building work being finished. This could mean the home is currently being built or construction is soon to commence.
Either way, you are putting your money down on the developer’s architectural plans rather than physically viewing the property, hence the term ‘off-plan’.

Here is why you need off-plan

• Should property prices increase while your home is being built, you may end up with a home worth more than you paid for it by the time moving day comes around – Remember we don’t have
  interest charged across your payment period. This means an increase in property value.
• Your new home will be exactly that: new and unlived in – I mean, isn’t this what we are all looking for?
• The developer (we) will allow you to choose your own white goods and other fixtures and fittings, allowing you to put your own stamp on the home. The final décor of the house matters to you.
  As soon as the house is complete, you can then customize your home in the best way possible.
• Buying property off-plan can often be more straightforward than purchasing a second-hand home. The feeling of getting anything new to your name is refreshing. Its beautiful too to see your home coming up from the groundbreaking to finishing stage.
• Greater Breathing Space. When many people think about off-plan property, they often think of the time they have to wait for the build to complete as a negative. In reality, though, this is a major
  advantage for nine out of ten investors, as it gives you plenty of time to organize your purchase. This eliminates the mad rush to complete all the paperwork that usually comes with purchasing
  property. This is especially useful if you need time to restructure your existing portfolio and sell other properties.

Questions to ask when buying off-plan
Buying off-plan property is a big decision, so you’ll want to ask plenty of questions before you commit. Naturally, you’ll want to ask the developer things, but you should also pose a few queries to yourself, too. Doing your own homework is vital if you want your move to be successful and stress-free.

If you are considering buying off-plan in Kenya especially Nairobi Metropolitan Area, keep an eye on our New ‘Homes’ page, as we occasionally have opportunities to do just that arise from time to time.