Condominiums are groups of housing units, where each unit is owned by an individual and shared space is communally owned.
Mr. Abbas Rasheed, a realtor and the general manager, Universal Multipurpose Enterprises, one of the leading residential housing dealer told this website that peopl have started opting for condominium property ownership instead of renting an apartment for several reasons.
One aspect of condominium living is the sharing of responsibility, such as the cost of repairs, security, and insurance. They can even split the cost of the electrical inspection (probably done by Derry electrical inspection or any other similar company) or a complete house inspection prior to finalizing the deal. It can ensure that all the electrical panels and wiring are in good working order before the residents move in.
“Most condominium communities have associations that are responsible for making repairs and upgrades to the building’s exterior features, such as windows, siding and roofing, which is not the case with renting and single homes,” he says.
He adds that due to the fact that a condominium association’s policy covers parts of the home’s structure, owners often find insurance at lower rates than homeowners of single family houses of similar value.
Abbas says condominiums are often a more affordable alternative than single family homes because it is not unusual to find a three-bedroom condominium at thousands less than you would pay for a three-bedroom home. That way, you can put the money towards something like hiring professional interior design services to help you create the perfect reflection of you and your family when it comes to the furniture and decor. Additionally, it may be possible that the condo’s value increases over time, which means that it can be a good investment to have in the later years. Moreover, it can prove to be a financial aid to help with other expenses, whether it is through refinancing or equity release.
Condominium units likely provide good equity release Interest rates not just here, but all over the world, and can be leveraged to gain access to necessary funds. So, whether the home is going to be lived in, rented out, or acts only as a side investment, condos are definitely an asset to consider investing in.
“When you are constructing you need to give your time, check on quality control, and check on labors and material requirement,” he says explaining that “Affordable Housing caters to your need in making of modern design homes at different and friendly price ranges starting from UGX. 90m where you have sense of security, good neighborhood, lavish amenities like swimming pool jogging tracks, gym, and club house etc what else one can think of more”
He adds: “If this is your area and you want to buy a home, but cannot afford a house with a fence and a back yard, condominium living may provide a more budget friendly option”.
Patrick Ssemwogere, a condominium client, says it was very hard to convince him that condominium are very convenient than the single homes or apartment but after carrying out research, he was forced to get one.
Ssemwogerere says instead of spending money on sites – supervising the contractors, buying a condominium is the best solution without any stress of buying materials and other requirements to have a structure in place.
As an added benefit, buying a condominium is generally cheaper than building a house from scratch. Further, this money can be used to customize your house according to your needs. For that, you can contact a home improvement contractor with extensive experience and expertise in this industry.
SheilahNamwanje, a property manager, says with time, things are changing and getting your own land will be very difficult because of the population and money.
Namwanje says when you are about to adopt the new style of condominium, you must follow the resolutions of governing meetings. Depending on the local laws governing condominiums, you may be able to request the minutes for the past year.
“This will give you the story on the community like the common complaints, crazy neighbours everyone avoids and how does the association handle disputes,” Namwanje says.
Namwanje says condominiums usually offer conducive neighbourhood environments.
“Many condominium residents are happy to share their experience with any potential new resident. It is good to introduce yourself to the occupants as a new buyer and their perceptions may help you determine if this is the sort of neighbourhood that is right for you,” Namwanje advises.
Mr. Abbas says you should always speak to an independent agent when purchasing any type of condominium or homeowners insurance. Here agents will help you find the best coverage at the most affordable rates.
“Whenever you purchase a home as large as a condominium, consulting the experts is a must, especially for first-time buyers. You can look for an agent who has experience in matching sellers and buyer,” he advises.
He added that condominiums have unique issues and the purchase agreements can be trickier as the owner’s associations usually have lawyers look over their documents.
Condominiums are well-known in areas such as Kira, Naalya, Najjera, Kololo, Muyenga, Namugongo and Bukasa.
Abbas says his agency Universal Multipurpose Enterprises prices them slightly lower quoting a one-bedroom at 96 million, two bedroom at 172 million and three bedrooms, USh189 million.
“Affordability goes with mass production; just like commercial farming verses subsistence where mass production causes the prices to drop; the costs go down when more units are put up at a go, with time, the condos end up becoming cheaper,”Abbas says.
Abbas explains there are various financing options to purchase condominiums.
A buyer typically deposits USh5 million (flexible amount). He /she can pay a 20 to 30 per cent cash down payment within the three months, and the balance over a period of 12 to18 months.
“You can pay cash, use special payment plans with developers or get a mortgage with banks. For arranged payments, you get a unit and clear in a year or two. With banks, you can get a mortgage that can run up to 20 years but you will be paying interest,” he said. Mortgage interest rates range between 18 – 21%.
Citing an example; if a unit is 90 million; a person will pay 20 per cent initial payment of 18 million. The balance which is 80 per cent of the purchase is paid in instalments for a period up to 12 months.
He notes this plan is negotiable, especially to someone who may not afford to pay 7 million a month.
“There is also financial support from the bank to clear the debt which is done within 12 to 15 months. Property developers do not charge interests until the debt is cleared,” Abbas said.