How to Buy a House in Uganda
Buying your very first home can be both an exciting and daunting process.
Navigating the maze of finance, home loans and the property market can be challenging for even seasoned investors.
So how are the newcomers meant to get their foot into the property market?
The good news is there are lots of options and support out there for first time home buyers.
The downside is there are also a lot of traps and finding the funds can be tricky.
So we’ve broken down the process and compiled all the things you first home owner wannabes need to know.
- Save up with a Budget
Saving up can be difficult at the best of times but if you’re going to acquire your first home then you need to stick at it. It looks good to banks if you’ve been saving up a decent proportion of your income over an extended period of time.
Usually lenders will require evidence of your savings from the past three to six months and this will become invaluable tool when you begin approaching them.
Make sure you appear prepared and organized by bringing these documents along to your interviews with lenders.
- Get lending pre-approval
A lot of first time home buyers often find the process of finding a lender and a mortgage to suit them on top of that, it’s difficult to know how much you can actually afford to borrow.
Our best advice is to talk to the experts. You’ll find the pre-approval process much easier if you get your documents in order. A good first impression also makes the world of difference to your lender and gaining the approval for your funding
- Scope the area
Before you go head-strong into the bidding wars of the property market, it’s best that you do your research. This means reading the property sections of newspapers, property magazines and online property websites to see what’s out there and above all, what property is selling for.
There is no point in having your heart set on a four-bedroom house in the perfect location if it going to be too far out of your price range.
This profile should include information such as:
Minimum and maximum property prices
What kinds of properties are on offer in this area?
Properties you’ve especially liked in the area and how much they’ve sold for
- Deciding Which Home is Right for You
Going to open inspections is the best way to gain information on the property and the area in general.
If you’ve found one you really like, ask for a private inspection so you don’t have the pressure of other people walking around the house and you can get a better feel for it.
Don’t be disgruntled if you haven’t come across anything appealing and within your price range.
- Make an Offer
You’ve found the perfect house and you’ve fallen in love.
The best thing you can do now is take a look at your budget and know what your limits are. It is important to remember not to get too emotionally attached to a property.
The first time home buyers who let emotions get the better of them, are often the ones who land themselves in hot water when they find themselves committing to a property they cannot afford.
Put in a realistic offer but never exceed your maximum.
If you don’t get the sale, move one.
There will always be another opportunity further down the track
The best advice we have for first time home buyers is to do as much research as possible and not to make hasty decisions.
So be patient and above all, be realistic.
