UGANDA, Kampala | Real Muloodi News | The second wave of COVID-19 has led to another lockdown in Uganda. With businesses forced to physically close, many Ugandans have taken to the internet as they look to invest in real estate during lockdown.
While many prefer traditional face-to-face transactions, the pandemic has forced people to adapt to using technology to conduct business.
Further, the lockdown has left most of us with more idle time. We can use this time to do proper research, which every sound real estate investment requires.
Investing in real estate doesn’t have to stop because of the lockdown. Here is a 5 step guide for how to invest in real estate despite the COVID-19 lockdown, by residential development company Fakhruddin Properties Uganda:
1. Use web mapping platforms (like Google Maps or Apple Maps) to research locations of development projects or properties of your interest. Location is one of the most important aspects of a profitable real estate investment. Do your research about the potential neighbourhoods, their reputation and the amenities available. Assess how close your property of interest is to main roads and other local amenities.
2. Ask for an online meeting with a sales representative to get more information about the project. Check their official website for contact information. At this time, real estate developers are extremely accommodating and willing to speak to potential clients via Zoom, phone call, or by exchanging emails.
3. Always look at floor plans on websites, check for online brochures, take virtual tours, and check YouTube for video tours of the site of any development that piques your interest. This way, you have a great idea of what the property looks like even though you may not be able to see it in person.
4. Negotiate a good minimum deposit. Because of COVID-19, it is possible to book with a lower deposit, which you can easily pay online like the rest of your instalments.
5. Use banks to find a reliable property developer, or to independently investigate the reliability of the real estate development project you are interested in. While doing so, find out if the property you are eyeing has a good home loan.
The pandemic has significantly changed the world as we know it, including the way we transact real estate. It is advisable to use this time to do your research well and make an informed decision.
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