To buy or to build a house
IN the past the way to own a home in Uganda was by first finding a suitable plot to buy, paying for it and then building a house on that plot.
By Michael Kanaabi
IN the past the way to own a home in Uganda was by first finding a suitable plot to buy, paying for it and then building a house on that plot.
However, the situation has changed. Intending home owners can choose to buy an old house or a newly constructed one. Enid Kiconco, a property consultant with a firm that sells newly built houses, says buying a finished house is a convenient prospect.
“It saves the time you would have spent looking for land, buying materials and supervising the construction of the house. By paying a fixed amount of money when purchasing the property outright, you are protected from the price fluctuations of raw materials like cement and timber,†says Kiconco.
Richard Mukasa, the chief executive officer of a property firm in Kampala, says: “If you are interested in living in neighbourhoods in or near towns, the best option is to buy a finished house because the cost of land in such areas is high and keeps going up.â€
It is also fundamental to decide on what amenities and features you want to have in your home. For instance, the number of bedrooms, the kind of kitchen, the landscape,
should it be a new house or an old refurbished house?
There are other costs a potential home owner will have to incur when buying a finished house or building one. For instance, costs paid to acquire a land title, insuring the home and costs for landscaping.
It is also necessary to know the neghbourhood before moving in. For instance, the crime rate, the transport charges and the proximity to schools, hospitals and other services.
However, there are instances when building your own home may be the better option. This works more for people who already own land and those who have the money to foot building costs.
Samuel Mayanja, a property consultant, says, some finished homes are substandard because not all the building materials are of good quality. Some contractors cheat the home owner by using poor quality materials like substandard cement, low quality bricks and timber.
In other cases, the construction is rushed. Little time is given for the concrete and cement to dry. In other cases, mistakes are made in the rush to finish and sell off the house.
On the contrary, a person who intends to build their own house can take as much time as possible. They may choose to buy quality materials and store them for later use and buy items that suit their tastes and preferences.
Mukasa says you can use cardboards to partition the house to bring down the cost of construction. It is also easy for you to change design along the way depending on preferences. This is not the case when buying an already constructed house.
He says: “The interest rates on mortgages are still high. For example, a house you can construct and finish at sh200m could cost up to sh600m if you take up a 20 year mortgage on a complete house.â€
Sometimes the new home owner will incur additional expenses repairing the roof, painting, landscaping or fumigating the house.
IN the past the way to own a home in Uganda was by first finding a suitable plot to buy, paying for it and then building a house on that plot.
However, the situation has changed. Intending home owners can choose to buy an old house or a newly constructed one. Enid Kiconco, a property consultant with a firm that sells newly built houses, says buying a finished house is a convenient prospect.
“It saves the time you would have spent looking for land, buying materials and supervising the construction of the house. By paying a fixed amount of money when purchasing the property outright, you are protected from the price fluctuations of raw materials like cement and timber,†says Kiconco.
Richard Mukasa, the chief executive officer of a property firm in Kampala, says: “If you are interested in living in neighbourhoods in or near towns, the best option is to buy a finished house because the cost of land in such areas is high and keeps going up.â€
It is also fundamental to decide on what amenities and features you want to have in your home. For instance, the number of bedrooms, the kind of kitchen, the landscape,
should it be a new house or an old refurbished house?
There are other costs a potential home owner will have to incur when buying a finished house or building one. For instance, costs paid to acquire a land title, insuring the home and costs for landscaping.
It is also necessary to know the neghbourhood before moving in. For instance, the crime rate, the transport charges and the proximity to schools, hospitals and other services.
However, there are instances when building your own home may be the better option. This works more for people who already own land and those who have the money to foot building costs.
Samuel Mayanja, a property consultant, says, some finished homes are substandard because not all the building materials are of good quality. Some contractors cheat the home owner by using poor quality materials like substandard cement, low quality bricks and timber.
In other cases, the construction is rushed. Little time is given for the concrete and cement to dry. In other cases, mistakes are made in the rush to finish and sell off the house.
On the contrary, a person who intends to build their own house can take as much time as possible. They may choose to buy quality materials and store them for later use and buy items that suit their tastes and preferences.
Mukasa says you can use cardboards to partition the house to bring down the cost of construction. It is also easy for you to change design along the way depending on preferences. This is not the case when buying an already constructed house.
He says: “The interest rates on mortgages are still high. For example, a house you can construct and finish at sh200m could cost up to sh600m if you take up a 20 year mortgage on a complete house.â€
Sometimes the new home owner will incur additional expenses repairing the roof, painting, landscaping or fumigating the house.