Off-plan homeownership is no longer a new phrase in Kenya with many people already living in their dream homes and others still waiting for the construction of their units.

Off-plan housing according to Wikipedia is a property before a structure has been constructed upon it. Pre-constructions are usually marketed to real estate developers and to early adopters as developments so that the purchaser can secure much better finance terms from their lenders.

Some of the reasons this trend is on the rise include:

  • It offers flexible payment terms even if the construction is ongoing. The buyer can make a deposit of 10 to 20 percent then agree with the developer on how he/she is going to service the rest.
  • By buying off-plan you get a chance to choose your design and how you want your exterior or interior part to look like as long as it is within the budget.
  • Value for money, buying when construction has not started gives you a good chance to buy it at a lower price and as construction heads to completion, the value of the property appreciates radically hence if you will want to sell it later you will reap big.
  • It gives you ample time to organize yourself before you move in, usually, construction takes 12 months or longer, this gives you a good time to prepare with no rush or stress.

However buying off-plan is not for the faint-hearted, it’s an investment that needs a thorough background check, patience and a good understanding of the property market.

That’s it for today. What would you like us to talk about next? Leave a comment below.