UGANDA, Kampala | Real Muloodi News | In every venture of life, starting small is the trick if you want to succeed in the real estate game. To own the kind of home in a neighbourhood that gets your engine demands patience and foresight.
Real estate expert Cissy Namaganda, Proprietor of Cinam Investments discourages lifestyles where one earns USh2 million, yet the residential rent is USh500,000, and the rest of the monthly bills like transport, electricity, water and entertainment take up the rest of your salary.
Living paycheck to paycheck while wishing to own a home and a commercial building in a developed suburb of the capital city is an unrealistic dream.
According to her, it will not take a miracle to jump from where one is to a desirable place and is practically achievable.
Cissy Namaganda runs a successful real estate company that makes its money by taking up the burden of constructing clients’ homes while they go on with their busy schedules undisturbed.
She believes that Uganda’s middle class has the wrong attitude towards real estate, and this has caused many of them to become perpetual tenants unnecessarily.
“If you can afford to rent a house for USh500,000 per month, then you can afford to own a house in Kampala,” she says.
She says that many members of the younger corporate class waste years of their lives working and waiting to hit a big deal before they can afford to buy a house for USh200 million in a good sub-urban area.
Cissy Namaganda says it is the wrong way of looking at it since you may never hit the big deal and eventually never live your dream.
Her advice is for one to find a place far away from the city, buy a plot of land for around Sh4 million in an obscure village, fence it, plant trees in it and leave it for a few years.
One may even build a small house on that land and put a tenant in it to secure the land.
“Land never loses value. That is what we all need to remember… land always gains value and the land you bought at USh4 million four years ago can be sold at USh20 million today depending on many factors,” she says.
She adds, “With USh20 million, you can get land a lot closer to the city than your initial plot.” If you have a few plots of this nature, or if you continue with this trend, you will finally land an opportunity to buy a plot of land or a house in a developed suburban area that suits your taste. “
Therefore, the plan is to take the first step toward owning a piece of land. With time, that land gains value.
You may sell that plot and buy another in a more desirable area until you are finally able to buy a home in the area you want. Although it may take a while, it will eventually happen.
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