What to Look for When Buying an Apartment Under Construction in Addis Ababa
Buying an apartment under construction is a popular choice in Addis Ababa, as it often offers flexible payment plans, lower prices compared to completed units, and opportunities to customize finishes. However, this process comes with its own risks and considerations. To make an informed decision, here’s what you need to look for when purchasing an apartment still under construction in Addis Ababa.
1. Reputation of the Developer
Start by researching the developer’s track record. Established developers with successful projects are more likely to deliver on their promises. Check reviews, talk to previous buyers, and visit completed projects to assess the quality of construction and timeliness of delivery. A reputable developer reduces the risk of delays or low quality construction.
2. Location and Accessibility
The location of your future apartment is crucial. Consider its proximity to essential amenities such as schools, hospitals, grocery stores, and public transport. Neighborhoods like Bole, Sarbet, Hayahuletor Kazanchis offer excellent connectivity, while areas like out side from centers are more budget-friendly. Think about your daily commute and long-term property value when choosing the location.
3. Legal and Regulatory Compliance
Ensure the project complies with all legal and regulatory requirements. Ask the developer for copies of permits, land titles, and building approvals. It’s also important to confirm that the land belongs to the developer and is free of disputes. Working with a real estate agent or lawyer can help you verify these documents.
4. Payment Terms and Financing Options
Apartments under construction in Addis Ababa are often sold with installment payment plans. Review the terms carefully and understand the payment milestones tied to construction progress. Ensure the payment plan aligns with your budget. Also, check if the developer partners with banks for options, as this can make financing more convenient.
5. Construction Timeline and Delivery Guarantee
Delays are common in construction projects, so it’s essential to ask the developer for a realistic timeline. Request a delivery guarantee in writing and understand the consequences if deadlines are not met. Some developers include penalty clauses in contracts, which can offer peace of mind.
6. Design, Layout, and Customization
Review the floor plans, layouts, and design features of the apartment. Consider factors such as room sizes, orientation, and natural lighting. Some developers allow buyers to customize aspects of the interior, such as flooring, paint, or kitchen fittings. This can be an added advantage for tailoring the apartment to your taste.Here especially you shall be well informed on net area and gross area of the apartment you are buying.
7. Construction Quality and Materials
Visit the construction site to assess the materials being used and the quality of work. Inquire about the structural integrity and finishes promised by the developer. Ask for specifications of flooring, windows, and other fixtures to ensure the materials match what is advertised.
8. Amenities and Infrastructure
Many modern apartments in Addis Ababa offer amenities such as parking, elevators, backup generators, and recreational facilities. Confirm what is included in the project and check the quality of these features. Ensure there is adequate water supply, drainage, and electricity infrastructure for your needs.
9. Resale Value and Investment Potential
An under-construction apartment should offer good long-term value. Evaluate the neighborhood’s growth potential and demand for housing. Properties in prime areas like Bole or those close to infrastructure projects are likely to appreciate in value over time.
10. Contract Terms and Transparency
Carefully review the purchase agreement. Look for details about payment schedules, cancellation policies, delivery dates, and penalties for delays. Make sure the terms are transparent and protect your interests. If anything is unclear, consult a legal expert or real estate professional.
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