HOW TO BUY A CONDOMINIUM
A comprehensive guide for purchasing condominium units in Uganda.
What is a Condominium?
A condominium, also referred to as a condo, is a building divided into smaller units that are individually owned, while common areas are jointly owned. Examples include societies with buildings containing various houses that are individually owned, but shared spaces like gardens, gyms, and play areas are jointly owned.
Are Condominiums Common in Uganda?
Condominiums have gained popularity in the cities of Uganda. As demand rises, condos are becoming a preferred option in the real estate market. Many families are investing in condos, with an increase in first-time buyers joining in.
Factors to Consider When Buying a Condominium
Prepare for Politics
Living in a shared space involves group decisions. Be ready for discussions in HOA meetings to get things done.
Understand the Realities of Buying a Condo vs. a House
When buying a condo, you own the interior space but not the exterior. Sharing walls and common areas isn’t for everyone.
Review Association Rules
Association rules can be strict in shared communities. Get a lawyer (Contact our Legal Department) to review these rules.
Factor in Homeowners Association Fees
HOA fees can add to your costs but may save you money in shared services and maintenance.
Not All Condos Work with Bank Lending
Get pre-approved and check if the condo is eligible for financing, as not all condos meet lender requirements.
Look Over the Condo Association's Documents
Review documents for upcoming projects or special assessments that could add to future costs.
Talk with the Neighbors
Speak to residents or the condo association president to get insider info on the living experience.
No Two Condo Associations
Condo associations are all the same in that they’re a group of people living under the same roof. But the similarities end there. Condo associations are all run differently—and how they operate can have a big effect on your experience in the building. Some organizations are going to be well funded while other associations will say, we’re just going to not charge a monthly fee.’ But when it comes time to replace a roof or exterior things, it’s got to come out of someone’s pocket. To get a feel for what you’re stepping into, talk to the president of the association.
Look at the condition of the common areas
When evaluating a condo, it’s crucial to not only look at the interior of an individual unit but also to look at the state of things in common areas, often if the common areas are not kept well, it is a sign of a poorly run association. While on a tour, do a quick visual inspection of the walls and floors, and check to see if the equipment is working in a gym.
Be your own inspector.
If you get to the inspection stage of a real estate transaction, the inspector will inform you of any major problems within the unit. But before that happens, know that the first line of defense against buying a problematic (and expensive-to-fix) property are your own two eyes. Look for cracks in the tile and walls. Poorly constructed buildings could mean there are high-cost repairs in the future.
Understand the parking rules
Some condominium complexes include garages or covered parking spaces, but it’s not always clear how many spaces are allotted to each resident. Check to see if there are visitor spaces, and to see whether there are designated spaces for owners, or if it’s a free for all.