Buying a property in today’s economy requires discipline, financial planning and patience. Making assumptions about the prices of properties while planning to buy a house is highly discouraged, because these prices always depend on different economic circumstances.
Shakib Nsubuga, Country Manager of Lamudi Uganda, said: “Acquiring or buying a property is a costly commitment. Therefore, it is important to second guess every step you take before you commit to buying the property. This will help you avoid regrets once the payment has been made.”
This week, Lamudi shares the top three factors to consider when buying a property.
Location is very important when trying to buy or acquire a property. Properties that are located close to the Central Business District or are easily accessible may be be costly properties.
Despite location being a major aspect when it comes to buying a property you should consider the fact that real estate is an evolving sector.
Top locations will always change and therefore this should not dictate your choice. However, it is still very important to consider location when to comes to the property you want to acquire.
Property prices usually differ according to the type of property you want to acquire for example stand alone house are usually pricey because they stand on a larger plot of land, are spacious and require maintenance.
Apartments on the other hand are more affordable because they are smaller. Commercial properties are easier to acquire since the type of property depends on the type of business you are looking to accommodate.
It is important to clearly analyze the type of property you want to buy so that you can work out an expense plan
Lastly it is important to be patient when buying a property so that you avoid making rush decisions and regretting your purchase.
Rushing to buy a property without thinking it through and seeing what else is available on the market can lead you to make impulsive purchases that you might end up regretting in the future.
Start searching for properties early enough and to explore all kinds of property advertising such as brokers, online portals, and social media. This presents you with a variety of prices, property designs and locations to choose from.