We all know how nice it can be buying a property for a half its value price and getting all the amenities on a bargain. Later on you can even rent it and enjoy your profits. But hold it first, are you planning to buy an off plan property? Consider the following 5 steps before you sign that cheque:
- Do your research, ensure the numbers work for you. Know the depreciation value, financial returns and growth. Many at times we Kenyans love to rush to good things with quite a good price tag on it.
- Read the contract thoroughly and if not sure consult your lawyer, make sure you get a cooling time to think about the idea first then go through the plan and agree if that is what you want or what can be tweaked. At this point you should have identified where you will be getting your finance therefore the deposit you make must be deposited in a legislated trust account and invested until settlement.
- Home warranty insurance – It is the responsibility of the developer to provide insurance for the off plan property and should cover any loss or damage. The certificate of insurance should be original and issued by the insurer.
- Do a background check about the developer – Today there are so many resources available for you to use in searching for such information, therefore never let the joy of owning the property overtake you. Make sure you know the developer’s track record before any meeting.
- The property suburb – Choose wisely how would you like the spaces? windows? parking etc You can get more with your money, just be sure on what you need and also do a check on the surrounding area how much do such houses cost? You developer may have been expensive on you. Also check availability of other amenities like hospitals, public transport and more.
That’s it folks, if you need more information, guidance on buying an off plan property do get in touch with Myspace Team today.