Investing in a property is a significant decision, and the journey is as unique as each individual’s dream residence. One avenue that may be right for you is off-plan properties. Purchasing a property before it’s completed may seem unconventional, but this approach comes with a multitude of benefits that might align seamlessly with your vision for a new home.
Why Choose an Off-Plan Property?
1. Customisation Opportunities – Off-plan purchases grant a canvas for personalisation, allowing buyers to actively shape their future living space. “With some projects, you are able have a say in relation to the fittings and the finishing of the property,” says Evone Selvarajah, Eden Heights Founder and Sales Director.
This is a standout advantage of off-plan properties. From choosing interior finishes to incorporating unique design elements, buyers can infuse their personality into every corner. This process ensures that the property is uniquely theirs from day one, turning a mere house into a personalised home, and giving more control over the home’s end value.
2. Financial Incentives – Off-plan often offers a favorable financial landscape, presenting early buyers with lower initial prices and the potential for significant capital appreciation upon completion. According to Vini Shamji, Eden Heights Managing Director, “You literally save 10 to 15% on your purchase price. By the time your unit is finished, it’s more expensive. If it’s a two bedroom off-plan property that you are buying at KSh. 11 million, you would likely sell it at around KSh. 15 million. Reason being demand is growing, so you can increase your sales price.”
Early buyers benefit from lower initial prices, with installment-based payment plans easing the financial burden. This makes off-plan properties a feasible choice for those strategically approaching property investment.
3. Future-Proofing Your Investment – Planning for the future by securing an off-plan property positions you at the forefront of a neighbourhood’s transformation, ensuring not just a home but a solid asset.
Off-plan properties aren’t just about ‘now’; they’re an investment in the potential growth of a neighborhood. At Eden Heights, “The main thing is to advise buyers: why they should buy, why that location, and what value you’re going to get after the project is over,” says Shamji. As surrounding infrastructure develops, the property’s value is poised to increase, offering a forward-thinking strategy for those looking for both a home and a solid investment.
Is Off-Plan Right for You?
While the advantages of off-plan properties are clear, it’s essential to consider whether this path aligns with your specific needs and preferences.
1. Time Flexibility – Off-plan is for those with a vision beyond immediate occupancy, requiring patience for the completion of the property. The nature of the category means that you are purchasing something not yet built, and it is always wise to plan for potential delays, particularly in the wake of Covid, whose disruptions are still being felt in the industry. For those seeking immediate occupancy, off-plan might not be the ideal choice. However, if you are planning on a longer timeline and want a more tailored residence, the benefits may well be worth the wait.
2. Risk Appetite – Some degree of risk is always present in property ventures, and off-plan properties are no exception. Off-plan properties come with uncertainties related to construction timelines and outcomes, which makes it critical to work with trusted agents who are deeply connected in the industry and can offer candid advise. Agents like those at Eden Heights will also help ensure that you receive favourable terms and that your investment is secure.
“Everyone’s interest is protected by way of your legal team and contracts, so everything is captured in the agreements,” says Selvarajah.
3. Attention to Detail – Off-plan is a canvas – are you ready to paint? If the prospect of choosing finishes, layouts, and contributing to the unit’s design excites you, off-plan is an ideal fit. However, if you prefer the immediate gratification of a completed home without, other property options might be more suitable.
Sculpting Your Home, Your Way
Investing in an off-plan property is not just a transaction, it’s an opportunity! Shape your future abode or rental property from its – the canvas is ready, waiting for you to transform it into a personalised masterpiece.
At Eden Heights, “We do our due diligence,” says Shamji, “in terms of who we are dealing with, we work flawlessly with a good developer, a good contractor.” So, on your part, before embarking on this journey, consider your preferences, aspirations, and the thrill of crafting a home that truly reflects you. In the realm of off-plan properties, the blueprint is in your hands, and the possibilities are limitless.