Why off-plan property in Kenya?
It means buying a new development lengthy before construction begins; The inkling is buying an off-plan property at current rates and when the development is completed a year or so later, capital appreciation will have made it worth much more. As we have freshly observed in Kenya, demands for off-plan property remains high with a projected profit of 10-15 percent per 10 percent deposit though sound like a risky business.
Nevertheless, before you obligate to buying an off-plan property in Kenya, you should contemplate both the benefits and the perils in this type of investment.
Steps in buying off-plan property
- Discover the right development in the right location
- Arrange for appropriate finance to purchase in advance
- Pay the reservation fees
- Arrange for a surveyor’s valuation of the property, which your mortgage lender will require after an offer has been made
- Ensure the mortgage paperwork is complete and ready
- Pay the deposit and exchange legal contracts.
- Conduct a gashing survey about 2-3 weeks before final completion and check the property for any defects.
- Be ready for completion that is, when the developers expect to have finished the building works and the date which they must have been done.
The buyer should rate the property market and find out how the Kenyan market will have performed over the last few months and gauge the direction of prices. Buying off-plan property in Kenya can be extremely rewarding.
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