The unfortunate reality that many Kenyans have been swindled out of their hard-earned savings by real estate developers is not lost on us. It is because of this reason that many investors now shy away from buying property off plan, even though off plan properties afford buyers a myriad of benefits. Partnering with a credible developer who has a proven track record of building and delivering quality developments on time, is essential in ensuring you reap the following benefits when you buy property off plan:
- Flexible payment plans – instead of paying a lumpsum, off plan properties allow you to stagger your payments in a manner that ensures you maintain your liquidity throughout the construction period. Most developers charge only a 10% deposit and permit the home buyers to settle the 90% during construction which takes between 24 and 36 months. This easens the burden of raising capital, allowing you to plan your finances.
- Capital appreciation – Off plan properties offer capital gains. How? You will be buying the property at its present price and because real estate increases in value over time, your home or your apartment will increase in value as construction progresses. By completion, your residence will be valued at a higher price than you bought it for, granting you significant capital gains.
- It is brand new – Off plan means you’ll eventually be owning a brand-new home, built with best in class materials, modern-day fixtures, and with up-to-date architectural provisions such as smart home capabilities or energy efficient appliances. Everything being brand new means you will not incur any maintenance costs in the immediate future, thereby saving you costs in the long run. In case you are buying property as an investment, brand new homes also attract tenants who are often willing to pay a premium to live in new spaces which translates to more rental income.
- First pick with custom finishes – Buying off plan grants you the leeway to secure some updates on your home in the pre-construction phase. Developers can allow changes in the unit layout, and you can determine finishes in advance, such as your home’s colour scheme, fittings, and your preferred type of furniture. With off plan, you also get first pick, you can choose the orientation of your apartment, to your liking.
- You have the opportunity to monitor the quality of materials the developer is using in building the property.
Whether you are looking to buy property as an investment venture or as a homeowner, off plan developments are a great option. What you need is a trustworthy and reliable developer that will enable you realize these gains.
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