The Pros of Buying a Home off Plan in the Kenyan Market cannot be underestimated. This is an arrangement where a home buyer buys a property before it is constructed or complete. In a lot of cases, the purchase is in form of a 10 to 30% deposit towards the total sale price.
Off-plan purchasing is a trend that has seen many aspiring homeowners acquire their dream properties by putting their money on nothing more than an architectural plan and a good vision.
Buying a Home off Plan can be somewhat daunting especially if you have never done it before. Moreover, it is a route to homeownership that some consider risky, but one which has proved very rewarding for others. This is especially so if the project is located in a high growth area.
For many, the appeal of an off plan is that the property is brand new and buyers can secure a unit on the day of launch simply by putting down a relatively small deposit. Here are more Pros of Buying a Home off Plan in the Kenyan Market.
Property value goes up
When Buying a Home off Plan you’re locking in today’s price. Therefore, from the moment you sign the contract, you don’t have to worry about inflation or property prices soaring skywards. This potentially results in a quick profit.
Some of the smartest investors buy buildings off plan when they are still in construction then resell once construction is complete. This leads to huge profits easily since they only use the initial 10 to 30%. They then resell to new buyers when the price is high after completion.
This is one of the easiest ways to make millions of shillings in Kenyan real estate. After a building is complete, naturally, the property demand becomes higher hence higher prices.
High Discounts When Buying a Home off Plan
There’s one thing you can be sure of when it comes to a developer – they want to sell. In the early stages you are likely to find that there is a bit of room for haggling.
Off plan sale prices are usually set at the break-even point. This means that the developer will not get a huge profit markup. In the first stages, developers will set up low prices to attract buyers. From this, they will attract the rest of the buyers, thus setting up the low sale price.
You Lock in a Price
Buying a Home off Plan allows you to lock in the price. This saves you from any future market trends that may see the rest of the houses in the area go up in price. For this reason, in case your property’s value goes up, you will not have to pay an extra amount. You can then invest in another property. By so doing, you slowly start or continue growing your property portfolio.
You Get the First Pick
With buying off plan, you get the chance to pick your apartment first. You also get to choose what you want to be changed or improved as long as it is within the set price. Since most people wait for fully constructed houses to buy, buying yours off the plan allows you to choose the best location and the one you believe is ideal for you.
Another big advantage of buying off plan is the selection you get. Unlike purchasing an existing property which only becomes available when the owner’s ready to sell up, with an off plan, you can pick from a range of different houses, apartments or studios, and even the exact location of the property within a development block.
Your Property is New
One of the main Pros of Buying a Home off Plan is the fact that the property is brand new and unused and you can have an input into the interior decor, fixtures, and fittings. You will also be the very first owner. Therefore, you can choose to live in it or rent it out. And everyone likes new things!
More Preparation Time
A great aspect of buying off the plan is you’ll have 1-2 years to prepare yourself financially. All you’ll need to do upfront is come up with a 10% deposit, get your solicitor to look over the contract, sign on the dotted line and the waiting game begins. During
Reasonable Control and Say
Buyers can also have a say in colour schemes and are often given an option of packages for the quality of the finish based on their budget. This is one of the Pros of Buying a Home off Plan.
