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Off-plan buying basically refers to buying into a property before its completion. The concept has gained traction in Kenya driven largely by the challenging financing environment faced by both developers and end buyers. Buying off-plan is a great way to purchase a property below its actual market value, which makes it a great investment opportunity. For investors, most are attracted to off-plan due to the promise of property appreciation. On the other hand, developers offer low prices at the beginning of a project to make sure they secure buyers and investors as soon as possible. However, there have been cases where the promise is not delivered by the developer either owing to financial constraints or simply because they are unscrupulous. As a result, many Kenyans have lost their money or ended up with poor quality products. In off-plan buying, the decision is based on a developer’s blueprints and artistic impressions.
To avoid being duped as an investor or homebuyer, below are five key things to know before committing your finances.
In conclusion, when going for an off-plan property, the experience, and expertise of a developer are paramount. Most importantly, before signing for the deal, it is important to conduct your own property due diligence. Inspect the project, the land title deed as well as the project plan approvals. Review the project design and management team, and their capabilities. When comes to off-plan buying, information is definitely power!
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