Why Buying Off-plan Properties May be A Smart Move Today.
“Off-plan property buying saves you tones of money simultaneously skyrocketing the value of the property you buy at the current market price”.
Well, you may have your reservations about Offplan Property investments mainly because of the bad press out there of unfinished projects, funds embezzlement and what not.
However, it doesn’t have to be that complicated. All the drama can be avoided by you carefully handpicking developers with an excellent track record, history and experience of handling Offplan projects.
Additionally, get in touch with current homeowners or investors who have successfully partnered with these developers and happily received their end of the bargain.
Most importantly, also listen to those who fell victims of failed projects, what really happened and the red flags to pick to mitigate the risks. You would want to look at this 360° without bias.
Threfore, I highly encourage investors to do their own homework, ask a lot of questions and do background research before committing their hard-earned money into any real estate project.
In the course of my work as a real estate agent, I interact with property owners, lending institutions, property buyers, lawyers etc ever single day and we have been able to sieve the right partners to work with in the industry.
The Off-plan Secret.
Now, here is the bottom line ,….”Offplan property buying saves you tones of money simultaneously skyrocketing the value of the property you buy at the current market price”.
Buy a property from the developer BEFORE he finishes the building.
Offplan buying is cheaper because at that time the developer is looking to engage a certain percentage of the sale either due to his financial ability or to ease sources of his finance.
He’s happy to scale down his profit margin. Say a home he would have sold for Ksh6m market price, if you buy it Offplan, he can give it to you at Ksh4m only, that is, you are buying as he’s building it.
If you are buying the property when it’s has been completed, advertised, and some guys have moved in already then you will be buying it at the top line price of the market…NOT so good news for you.
However, if you buy it upfront or when the developer is just about to commence building you will be buying it at the lowest possible price…better news for you.
Bottom line 1;
Offplan buying allows a lower deposit usually about 30%, monthly installments and a small percentage usually about 20% on handover.
Bottom line 2;
In the Offplan strategy, whether you are buying a home either to live in or rent it out, you need to factor in time. You will need to give the developer time about 18 to 24 months to complete the project.
Bottom line 3;
In terms of capital gains and capital savings, Offplan may be better than buying already completed projects at the market price.
Bottom line 4.
Our work is very simple. We help people by mapping out the best deals in town near them, We candidly tell you the good, the bad and the ugly about them.
We advise you based on our research, everyday interaction with the market and our experience. You make your own decision. Only that, you become MORE informed. Sounds good?, YES.
At Edgestone Real Estate we partner with reputable developers who have a proven track record in delivering state of the art and modern property solutions in today’s market.
Call us anytime, We’ll give you some useful insights, consultations and tips.