An asking price is the seller’s opening number. It is where the conversation starts, not what you will pay. Before you compare two prices, ask these five questions.
1. What exactly is included?
Ask for a written list. Is it the unit only, or the unit plus parking, a servant’s quarter or a share of the common areas? Two flats at the same price can be very different buys.
2. Is it the price for today, or a launch price?
Off-plan prices often rise in stages as a project is built. Ask which stage this price belongs to, when the next rise is, and get the payment plan in writing.
3. What will you pay on top?
The asking price is not the total. Budget for stamp duty (set by law: 4% of the value in a city or municipality and 2% elsewhere; confirm the current rate with your advocate), your advocate’s fees, valuation and bank fees if you borrow, and service charge once you move in.
4. Who is quoting it?
A price from the developer, from an agent and from a video can all differ. Check that an agent is on the EARB register, and ask the developer directly for their current price list.
5. How does it compare with what is really on offer?
Watch verified tours of similar homes in the same area on Space Kenya, and note the prices their own videos state. It is not a valuation, but it tells you whether a number is far from the rest.
Before you pay anything
Pay only into your own advocate’s client account, never straight to a seller. If you would like someone independent to check one project for you, the first call is free.
