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Buying plots in a development project.
Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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I am thinking of a buying a plot in an upcoming real estate development project. I’ve not invested in these projects before, but this one looks good and wanted viewpoints before proceeding. The developer is planning to put up houses of varying types (apartments, duplexes, cottages and so forth). How does this thing normally work once you buy the plot is it a buy-to-hold; do you have one to choose one of the developers’ houses and then finance it yourself or can you build something of your choice later on? Can you choose where you want your plot to be located (all the plots are priced the same)? Sehemu ndio nyumba
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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No view points or no interest? Sehemu ndio nyumba
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Rank: Elder Joined: 2/26/2008 Posts: 4,449
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Like you, waiting for an answer...
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Rank: Veteran Joined: 12/23/2010 Posts: 1,229
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MainaT, the developer of that particular project will have the answers to all your questions. Responses here would be at best an exercise in relating to other developments. I know one where the "rules" have been spelt out in advance e.g. live fence only, grass and flowers only (not maize and beans) and so on. The owners must develop their plots within a specified number of years. They have 3 or 4 types of houses to choose from. I'm sure modifications can be done here and there on consultation with the development team. For financing, they have the option of self financing or getting financing from a bank which the developers have already negotiated with.
The best answers will come from whoever is managing/developing the project you're thinking of buying into
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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For sport- tx. I was asking to get the experience others have had. One thing I didn't know is that if you buy a plot in the developments, the type of dwelling you put up is restricted to the project plans, but is also 2/3 times higher in cost compared to elsewhere. Sehemu ndio nyumba
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Buying plots in a development project.
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