There is nothing more independent than buying a condominium in Kampala. Global narratives have changed noticeably over the years. Today, so many voices are cropping up with different ideologies, and opinions, and in the ever-changing, never-sleeping Kampala, is concentrated solely on achieving financial independence. There is nothing more independent than buying a condominium in Kampala.
If the closest to understanding real estate for you has been playing Monopoly with friends, don’t worry, buying a condominium is more secure than giving your chances of winning up to chance.
A condominium is also referred to as a condo, is a housing or residential complex in which there are separate units, with each unit being owned by an individual. Think of an apartment complex but instead of renting, you buy and own your unit! This could come in handy especially when you forget the landlord isn’t particularly jazzed about having his walls scribbled on by a three-year-old.
While you own your particular unit, there is collective ownership over shared spaces such as corridors, security, recreation areas (rooftop, green areas), driveway, and parking. As collective owners responsible for the maintenance of such facilities, you contribute to what is called the Home Owners Association (HOA) fund as often as a particular condominium association requires you to in their rules.
But enough about technicalities, why would you want to buy a condominium in Kampala, anyways? The answers to this will move you to reconsider any hesitancies you might have.
According to a newly-launched real estate sector report, compiled by Stanbic Properties Uganda Limited, a subsidiary of Stanbic Uganda Holdings Limited, there has been a massive uptake of condominium houses in Kampala and Wakiso. The survey researchers attributed this to the increased purchasing power of the working class, who are the major residents in such areas.
Buying a condominium is more affordable than purchasing even your standard 2-bedroom house these days. The price of land in Kampala hikes even higher the more it is used up, and considering the traditional view of owning a house and a compound, it would be rational and economic to buy a condominium instead.
So you’re thinking of claiming the title “unitholder”, what is there to know?
Keep in mind that while you might own your unit, you still reside in a shared space with others. Being realistic when it comes to associating with people within a community comes in handy if/ when conflicts arise.
But before we get carried away with the idea of owning a space, buying a condominium in Kampala requires an interested person to complete a specific list of tasks. Lucky for you, you’re in good hands: the tasks couldn’t be simpler.
Not all condominium purchases are alright with certain lenders or loan products because they might not indulge in condo purchases.
Here is where the work comes in: you’ve got to cross-check with them which condominiums are acceptable, and then discern for yourself which is the “right fit”, so to speak, or is somewhere you’d want to live due to different factors such as proximity to your business district.
This real estate agent will be your perfect guide, easing the process of finding and buying a condominium in Kampala that fits within your parameters.
Say you and your agent find a condominium association that screams your name, does that mean the process is over?
We’re not done yet, and you know why? You might buy a condominium in Kampala without reviewing what is referred to as the Association Rules, bringing a pet into the residential area— only to find that you are against the code!
To ensure the highest level of harmony in a condominium association, everyone is expected to follow the rules, so it would seem impulsive and arrogant of you not to abide by them.
Since you share collective ownership of shared condominium spaces, you cannot alter or redesign those spaces at all. So if at all you might want to expand your unit for whichever reason in the future, it’s advisable to first check the condominium association’s documents to see if there are any upcoming projects that you would like.
Assess whether they are in good condition: do you see any cracks in the tiles? Is there anything that needs to be attended to, from stagnant water to overgrown weeds? This can signal whether there will be high costs incurred sometime in the future for renovation or maintenance, which, of course, includes your funds. Speaking of funds…
When calculating your monthly spending fees, be sure to factor in how much you’ll be investing in the HOA fund. Remember, you are not paying as an individual to maintain a certain space, and as such, you’ll end up spending less.
Just like the lenders, your bank may not consider a specific condominium eligible for financing, so you should be on top of this as well and confer with your bank.
Different condominium associations assign their parking spaces differently, and you’ve got to know whether you get only one slot, or if you also have the privilege of having another for visitors. It might even be a free-for-all parking scheme!
So after completing all the tasks and being declared a unitholder, move in; feel out of your space. And when you meet someone who is much like how you were before all this, ask them, do you want to buy a condominium?