Condominiums are groups of living units, where each unit is owned by an individual and the shared space is owned by the community.
Mr. Abbas Rasheed, Realtor and Managing Director, Universal Multipurpose Enterprises, one of the leading residential housing dealers, told this website that people have started opting for condominium ownership instead of renting an apartment for many reasons.
One aspect of condominium living is the sharing of responsibilities, such as the cost of repairs, security, and insurance. They may even split the cost of the electrical inspection (probably done by Derry Electrical Inspection or any other similar company) or a complete inspection of the house before finalizing the transaction. He can ensure that all electrical panels and wiring are in good working order before residents move in.
“Most condominium communities have associations that are responsible for repairing and improving the exterior features of the building, such as windows, siding and roofing, which is not the case for rental and single-family homes” , he said.
He adds that because a condo corporation’s policy covers parts of the home’s structure, homeowners often find insurance at lower rates than owners of single-family homes of similar value.
Abbas says condominiums are often a more affordable alternative to single-family homes because it’s not uncommon to find a three-bedroom condominium for thousands less than you would pay for a three-bedroom home. This way you can invest the money in something like hiring professional interior design services to help you create the perfect reflection of you and your family in furniture and décor. Additionally, the value of the condo may increase over time, which means it can be a good investment to have for years to come. In addition, it can prove to be financial assistance to help with other expenses, whether through refinancing or the release of equity.
Condominium units probably offer good release of capital Interest rate not just here, but all over the world, and can be leveraged to access needed funds. So, whether the home is lived in, rented out, or just a secondary investment, condos are definitely an asset to consider investing in.
“When you’re building, you have to volunteer your time, check quality control, and check labor and material requirements,” he says, explaining that “affordable housing meets your needs by creating modern design homes at different and user-friendly prices from the UGX 90m where you have a sense of security, good neighborhood, plush amenities like swimming pool jogging paths, gym and a clubhouse etc. what else can you think of”
He adds, “If this is your area and you want to buy a house, but can’t afford a house with a fence and a backyard, condominium living may be a more economical option.”
Patrick Ssemwogere, a condominium customer, says it was very difficult to convince him that condominium is very convenient than single-family houses or apartment but after doing some research he was forced to get one. .
Ssemwogerere says that instead of spending money on building sites – supervising contractors, buying a condominium is the best solution without any stress of buying materials and other requirements to have a structure in place.
Sheilah Namwanje, a property manager, says that over time things are changing and it will be very difficult to get your own land because of people and money.
Namwanje says that when you are about to adopt the new condominium style, you must follow the resolutions of government assemblies. Depending on local condominium laws, you may be able to request minutes for the past year.
“It will give you the story of the community, like common complaints, crazy neighbors everyone avoids, and how the association handles conflict,” Namwanje says.
Namwanje says condominiums generally provide supportive neighborhood environments.
“Many condominium residents are happy to share their experience with any potential new resident. It’s good to introduce yourself to occupants as a new buyer and their perceptions can help you determine if this is the type of neighborhood for you,” advises Namwanje.
Mr. Abbas says you should always speak to an independent agent when buying any type of condo or homeowner’s insurance. Here, agents will help you find the best coverage at the most affordable rates.
“With every purchase of a house the size of a condominium, consultation with experts is a must, especially for first-time buyers. You can look for an agent who has experience in connecting sellers and buyers,” he advises.
He added that condominiums have unique issues and purchase agreements can be trickier because homeowners associations typically have lawyers check 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 quotes slightly lower prices quoting one bedroom at 96 million, two bedrooms at 172 million and three bedrooms at 189 million USh.
“Affordability goes hand in hand with mass production; just like commercial agriculture versus subsistence where mass production drives prices down; costs go down when more units are built at once, over time condos end up getting cheaper,” says Abbas.
Abbas explains that there are different financing options for buying condominiums.
A buyer usually deposits 5 million Ugandan shillings (flexible amount). He can pay a down payment of 20 to 30% within three months and the balance over a period of 12 to 18 months.
“You can pay cash, use special payment plans with developers, or get a mortgage from banks. For arranged payments, you get one unit and clean up in a year or two. With banks you can get a mortgage for up to 20 years, but you will pay interest,” he said. Mortgage interest rates vary between 18 and 21%.
Citing an example; if a unit is worth 90 million; one person will pay 20 percent of the initial payment of 18 million. The balance, which represents 80% of the purchase, is paid in installments over a period of up to 12 months.
He notes that this plan is negotiable, especially for someone who may not be able to afford $7 million a month.
“There is also financial support from the bank to clear the debt which is done in 12 to 15 months. Property developers do not charge interest until the debt is settled,” Abbas said.