What is the expensive property have you ever bought in your life? If it is not a house, is it more expensive than a home you live in? Buying a house is more than a financial investment; it is an investment in quality of life especially if you have a family or planning to have it.
Buying a home has never been easy to first time home buyers unless they have a complete guide of how they are supposed to start the process until they finish it by having the complete ownership of the house. You have to pay attention from the beginning by having an idea of the home you want until you make a transaction of the home of your choice, because it involves legal matters, predictions and the amount you will pay has a significant value to you.
This article is intended to help you to know what it takes to own a home in Rwanda, and how to achieve it without regrets. The following are the steps to follow;
1. Decide if you have to own a home or not: Owning a home come with risks and responsibilities that you don’t have to deal with when you rent. Things like a mortgage payment, property taxes, insurance and home maintenance, yet financial advisors and homeowners themselves know that there are more advantages than disadvantages to owning a home, because you will eventually lose money by continuing to rent instead of paying your own home.
2. Define your goals, research the options and develop action plan: determine the home of your preference i.e. the features of the home and the neighborhood it has to be located in. Also you have to check on your financial ability to know what you can afford, after you can research about housing, mortgage and develop timelines of taking each step forward.
3. Contact a real estate professional: A professional real estate agent will help you in property search, negotiations and making transactions. He/she has the unique opportunities to offer you, he/she is familiar with buying processes so he will avoid the loss in terms buying over priced home and also eliminating legal matters that may arise after buying. To choose him/her, consider their local market knowledge, experience and history.
4. Get a pre-approved loan (if you will use it): This will help you to know what you are eligible to receive and be able to plan accordingly. Also as qualified, motivated buyer you will be taken more seriously when you make an offer to the home seller and this play a considerable power in making price negotiations.
5. View homes for sale and find one: By visiting homes online or checking pictures to an agent’s office, you will have to visit them in person because it is when you will clearly see the home design, layout, workmanship, neighborhood character and other physical and social aspects. Your real estate professional will help you to visit the properties that comply with existing zoning regulations specified by the master plan.
House For Sale in Kibagabaga
6. Make an offer and negotiate with the home seller: After choosing one, you research what could be the sale price of it, this is done by considering recent sales (your real estate professional helps getting accurate data), also you take time to review home sale contract and understand each close. You can give your offer verbally or in writing, but better is to make a meeting with home seller (you can be together with your agent or your agent can do it for you). Your offer should not be a joke!
7. Secure your financing: When your agreement is pending, you will back to your lender to finalize the loan details. You will exactly know how much you are borrowing, interest rate and payments you will make over time.
8. Close the deal: This involves title search where you have to review all legal documents regarding the home especially checking if the land title belongs to the seller (your real estate professional will help you); you will also check if the home is still in the same condition as it was when you were making the sale agreement; and finally you will make the transaction. The transaction is made while having all legal documents ready for the transfer and the agreement is signed between you and the person/people who is/are written on the land title as owner(s) or other who has the power of attorney to represent home seller(s) in that transaction. The transfer fee is Rwf 30,000.
The above is the holistic process which will help you to buy a home in Rwanda, for more clarification don’t hesitate to contact us at uherealestate@gmail.com, call/WhatsApp at +250788244187
