Factors to Consider when Buying Off-plan Property.

Are you looking to invest in real estate or even find a suitable affordable home for your family but don’t have all the money upfront? Well, off-plan purchasing is an option that has worked for many people and can work for you too. Off-plan purchasing means investing in a property just before the developer break grounds or at the beginning of construction. Developers give would-be off-plan purchasers very good deals to entice them to put in money that helps the developer finance the construction. The purchaser will then pay in instalments through the period of construction, which, in most cases, takes two to three years.
Here are some factors to consider before you commit to purchasing a property off-plan:

Check the credibility of the developer
Researching the background of the developer is important as it shows you how long they have been in the business, their track record and the projects they have undertaken including their success rate. A company with a good track record is worth investing in.
With Safaricom Investment Cooperative, you are assured that you are investing with a trustworthy and credible developer with a track record of more than five completed housing projects including Bluebells apartments in Syokimau, Ruaka Ridge, Rongai Royal Villas in Rongai, Kantafu Serene Homes in Kantafu and Kitisuru Villas.

Foundation works for phase 1 of the Miran Residence.

Conduct a background check on the teams involved in the project
Investigate the credibility of the members of the team. The typical professionals in the developer’s team would include the quantity surveyors, structural engineers, the architect, project managers among others who all have key roles to play. Find out how long they have been in the business, their history, their reputation, and the success rate of the previous projects that they have been involved in. If possible, you can check if they are members of their various professional bodies.

Fully understand the sale agreement before signing
The sale agreement is a legally binding document that requires a thorough review and the presence of a lawyer, if possible, to help with the legalities. It stipulates all the terms and conditions of the transaction, the initial payment deposit, the detailed specific dates on repayment options and the duration of the project. Ensure that the agreement you are signing exhaustively addresses key issues on insurance, completion, delivery, insolvency of the developer and termination. In case of any questions or clarifications, your lawyer will discuss them with the developer’s lawyer to address them.

Location of the project
When deciding to purchase your off-plan property, it is key to consider the location of the property and the surrounding properties. Analyze whether it is suitable for you and your family, or if it is an area with high rental yield, for those looking to purchase homes for renting out. A prime location ensures that there is a high probability that the property will increase in value.

When going for off-plan property, planning, researching, consulting, and inspecting are paramount. Planning your resources helps you meet payment deadlines. Researching more about the developer and consulting is important in ensuring you have chosen a valuable project. During the construction period, regularly check the progress of the project and let the developer address any concerns you may have. Most importantly, conduct your due diligence by inspecting the land title deed, as well as the project plan approvals.

Visit https://sic.co.ke/housing-projects/project/the-miran-residence to get an affordable off-plan property provided by a credible developer.