Acquiring or buying a property requires discipline, diligence and patience. One cannot generally tell how much a property will cost because the prices of properties vary depending on factors such as the location, size, architectural design and others. Before asking yourself how much you need to buy a property, answer the following questions:
In which location do you want to buy?
Location is vital when trying to understand/negotiate the price of a property. Properties that are located close to the CBD, to the main road or in neighborhoods that are considered prestigious can be costly properties.
In Uganda, these include areas like Kololo, Muyenga, Naguru, Bukoto,wandegeya, old kamapla and Nakasero, among others. This is because of their convenience in terms of access to the business and trade centre, security and reputation.
However, even though location contributes much to the price of a property, it does not entirely dictate it. Some properties in these areas can be more affordable than properties in neighborhoods that are considered less convenient.
Some of the locations with fair priced properties include for example Gayaza, Namugongo, and Kiira. It is important to consider location depending on the property you want to acquire. (residential/commercial)
What type of properties are you interested in?
If you are looking to buy a semi-detached property in a gated community, you must be willing to pay for it. Properties are usually more expensive because these stand on a larger plot of land, are more spacious and require more resources to maintain.
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.
How urgently do you want the property?
When looking for a property to buy, it is important to be patient so as to get exactly or a property close the one you would like. Rushing to buy a property without thinking 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.
It is therefore important to 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 pick from and introduces you to new property agencies that may have better offers for you than your usual contacts.
Other important aspects to consider when buying a property include your future aspirations for the property. For example, if you plan on renovating and redesigning the property in future, then it is wiser to spend less in the initial purchase because you will need to spend more later on works.
Also, if you plan on turning the property into a commercial property later then it would be better to purchase a property which is in a lucrative location for business for example close to the central business district and closer to other commercial establishments.[related_posts]
The amount of money you will need to buy a property also depends on your payment plan. If you plan on paying the entire amount at once, you will need a lot of money.
However, if you purchase the property through a mortgage loan or any other partial payment agreement with the seller, you are able to dedicate a percentage of your income on a regular basis for your purchase.