WHAT TO LOOK OUT FOR WHEN BUYING PROPERTY OFF PLAN

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Whether you are buying for yourself or buying for investment the number one key to property investment success is to buy the “right properties, in the right areas, at the right time.

By Waridi Ajambo
Owning property is an essential need for every single person and getting to that realization that one needs to invest in property ownership can take a while.

Buying property off plan is technically buying into a promise that you hope will be fulfilled as well as investing your money on nothing more than an architectural plan.

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From a financial point of view buying off plan is actually recommended because the price is still at its introductory root. The off-plan purchase idea is considered a smart way of buying a house because of the packages that come with it at the conception stage. However, as the project progresses’, the demand of the property increases steadily hence the hiking price over time.

In order for one to navigate their way in buying a house, it needs a person who has a clear picture of what they want and how the real estate system works. Getting into the property market is a long term investment on which buying off-plan works well for investors since it assures returns once the project has been completed.

So what are the steps that one needs to take when they opt to buy property off plan? Get to understand the developers dream with the project. Have healthy criticism, do your own due diligence. This will help you get the finer details of the project.

Work with developers who have a trusted track record. Obtain detailed information on everyone involved in the working of the development in order to gauge their worth ethic and the quality of their product. You can also do onsite visits for the proposed project, if they have not broken ground yet ask to see other developments under their belt.

Check your finances before committing yourself to paying the deposit for the house. This counter checking of your numbers will help you know how much you are expected to pay during the construction period.

This also means that you should do your market research in order to gauge the capital appreciation in that you should find out how much a similar investment will sell or rent out for.

buying-off-the-plan1Consult a lawyer once you are given the contract. Most of the contracts are basic but you should be keen to note the completion dates and action to be taken in the event that the developer does not adhere to the parameters provided in the contract.

The key note is to be very keen not to sign any contract or detail(s) no matter how simple it may look before consulting your lawyer property lawyer. This will save you from committing to mistake that can be regrettable in the future.

Risks are involved when buying property off plan that’s why you need to be vigilant when you opt to use this method to purchase your property.

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