Purchasing property, both residential and commercial, is an excellent investment and an exciting time. It can be stressful trying to navigate the real estate market, make offers, and apply for a mortgage, but it doesn’t need to be. By doing your research and working with a knowledgeable real estate agent, you can make the process much more straightforward.
If you’re considering buying a property in Uganda, here is everything you need to think about.
Before you begin looking at the listings at the Uganda Property Centre, you need to identify your budget. Knowing how much you can afford will allow you to search for properties within your budget and find the best fit. There is no point looking at properties that are way out of your price range or looking at properties with really low-price points that don’t have what you’re looking for.
What features do you want?
After identifying your ideal budget, you can start looking for the specific features you’d like your property to have. Before meeting with an agent, write down a list of the must-haves and the things you’d like to have, but that aren’t a make or break. Some features to think about include:
– Size of the property
– How many bedrooms?
– How much counter space in the kitchen?
– Do you want an outdoor area, such as a yard or balcony?
– How close to your workplace?
– Proximity to local amenities, including schools
Double-check the title
It’s vital to ensure that the person who is selling the property actually has the right to do so. Checking the title deed of the property is the best way to make sure that it is legal to buy from this seller. You can do a property search report from the land district offices to obtain this information. Once you have a copy of the deed, it’s a good idea to have a lawyer check it over to ensure that the property is the right legal size for the grounds (for example, that the seller has not illegally made the home bigger).
Do your research
Buying property is a significant investment, and you want to do your research before purchasing anything. It’s essential to understand the area and neighborhood you’re considering buying in and what potential there might be for capital growth. You can speak with your agent to determine if the price is reasonable vs. the property’s actual value.
You don’t want to rush into anything but also don’t want to lose out to another buyer; finding that balance is essential.
Make an offer
Once you’ve completed all the above steps, you can look at making an offer on it. You don’t want to make an offer so low that it’s insulting, but you also want to get the best price that you possibly can. Figuring out the perfect offer comes down to strategy and research. You’ll want to consider how much other properties are selling for in the area, and how long it has been up for sale. These factors can help you to determine what offer is likely to be accepted. Your real estate agent can help you craft the perfect offer that will both save you some money and help you secure the property.