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100+ search results, latest listings only
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WHAT ARE THE DIFFERENT TYPES OF PROPERTY BUYERS?
In the dynamic world of real estate, the diversity of property buyers is as varied as the properties themselves. Each buyer comes with unique motivations, preferences, and circumstances that influence their purchasing decisions. Understanding the different types of property buyers can provide valuable insights for sellers, agents, and investors alike. From first-time homebuyers to seasoned investors, let's delve into the intriguing spectrum of property buyers and uncover what sets them apart.
The First-Time Homebuyer
The first-time homebuyer is embarking on a significant life milestone. Often young professionals or couples, they are looking to make the transition from renting to owning. These buyers are driven by emotional and practical factors alike. A stable neighborhood, proximity to work, and potential for growth are all considerations that weigh heavily on their minds. The process is often fraught with excitement and apprehension as they navigate the complexities of mortga
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WHAT EXACTLY IS A CONDOMINIUM AND WHAT ARE THE LAWS GOVERNING IT?
In the realm of real estate, condominiums have become increasingly popular housing options for many individuals and families. A condominium, often referred to as a condo, offers a unique blend of ownership and shared community living. This blog aims to provide an in-depth understanding of what a condominium is, its distinctive features, and the laws that govern its operation.
Defining a Condominium:
A condominium is a type of residential property where individuals own their individual units within a larger building or community, while also sharing ownership of common areas and facilities. These common areas may include amenities such as swimming pools, gyms, gardens, and parking spaces. Each unit owner holds a deed to their specific unit and has the right to sell, mortgage, or lease it.
Key Features of Condominiums:
Individual Ownership: Condominium owners have exclusive ownership rights over their individual units. They have the freedom to modify and customize their li
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MY HOME IS NOT SELLING, NOW WHAT?
Selling a home can be an emotional and stressful experience, especially if your property has been on the market for an extended period without any offers. The longer your home stays on the market, the more frustrating and overwhelming it can become. So, what should you do when your home is not selling?
Here are some helpful tips to consider:
Re-evaluate your pricing strategy: One of the main reasons why homes don't sell is because they are overpriced. Take a step back and objectively look at your home's pricing strategy. Do some research on similar homes in your area that have recently sold and adjust your price accordingly. You may also want to consider lowering your asking price slightly to attract more potential buyers.
Consider your home's condition: Another reason why your home may not be selling is that it needs some work or is in poor condition. Buyers are looking for homes that are move-in ready, and if your home needs repairs or upgrades, it may turn off pot
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REAL ESTATE AGENT SERVICES ARE NOT FREE.
Do you realize that real estate agents are independent contractors? They wake up every single day self-employed, meaning they don't have a salary, they don't have the ability to have an opinion on something. This is in stark contrast to employees who can simply return to their jobs, receive the same paycheck, and enjoy benefits, retirement plans, and vacation time.Despite these significant differences, there is a growing chorus of voices criticizing real estate agents. Some claim that agents are overpaid, suggesting that all they do is push papers. However, this perspective couldn't be further from the truth. To understand the reality, one needs to look beyond the surface and delve into the daily lives of these professionals. The Daily Grind of a Real Estate Agent.Imagine waking up every day with the knowledge that your income is entirely dependent on your efforts. There is no guaranteed paycheck, no security net. Real estate agents live this reality. They are perpetually in a state of
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ARE YOU MOVING YOUR PROPERTY TO ANOTHER HOME? HERE ARE SOME TIPS FOR YOU.
Below are some tips that you need to consider if you are planning to move your residential property from one location to another. Eight weeks before.
Remove unnecessary items from your attic, basement or storage shed, etc. Use up all the things that you can't move, such as frozen foods and cleaning supplies.
Obtain information about your new community [Research].
Secure a floor plan of your new residence and decide what household items you want to keep. Start a possessions inventory.
Solicit estimates from at least three moving companies.
Call your homeowners insurance agent to find out to what degree your move is covered.
Create a file for documenting all moving papers and receipts.
Arrange to transfer your children's school or school records.
Six weeks before
Evaluate your possessions inventory. Can you donate anything? Do you need it all?
Notify your friends, relatives, professionals, creditors, subscriptions, etc about your moving.
Subscribe to a local paper in
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HOW SHOULD A REAL ESTATE AGENT PREPARE FOR A PROPERTY TOUR?
Preparing for a property tour is an essential part of being a successful real estate agent. Whether you are showing a home to a potential buyer or a potential renter, the way you prepare for the tour can make a big difference in the outcome. Here are some tips on how an agent should prepare for a property tour:
Research the property: Before you show a property, take the time to research it thoroughly. Make sure you know all the details about the property, including its location, size, age, and any other important features. This information will be helpful when answering questions from potential buyers or renters.
Familiarize yourself with the area: Research the area where the property is located, including the crime rate, local amenities, and school district. This information can help you highlight the benefits of the property and address any concerns that potential buyers or renters may have.
Clean and declutter the property: Before you show the property, make s
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CONSULTATIVE MEETING ON REAL ESTATE REGULATION AND LICENSING WITH SRB: WHAT TO EXPECT.
As Uganda's real estate industry continues to grow, regulation and licensing have become critical topics for all stakeholders. To address these concerns, the Association of Real Estate Agents (AREA) is organizing a pivotal meeting titled "Consultative Meeting on Real Estate Regulation and Licensing with SRB." This event will take place on Friday, 30th August 2024, from 3 pm to 5 pm at the Uganda Business Facilitation Center. The meeting is expected to feature representatives from the Surveyors Registration Board (SRB), the body currently responsible for registering real estate agents nationwide. Why This Meeting Is Important.This upcoming meeting is significant as it occurs when the real estate sector in Uganda is rapidly evolving. With the SRB actively involved in registering real estate agents, there is a pressing need for clear guidelines and robust regulatory frameworks to ensure all agents operate within the law and maintain the highest professional standards. AREA is expected to
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WHAT JOMAYI'S COLLAPSE TEACHES US ABOUT REAL ESTATE.
The collapse of Jomayi Property Consultants Ltd, once Uganda's most prominent real estate company, serves as a cautionary tale for developers navigating the complexities of the industry. As the dust settles on Jomayi's demise, it's crucial for other developers to reflect on the factors that led to its downfall to safeguard their own ventures.Financial Prudence and Debt Management.At the heart of Jomayi's downfall lies financial mismanagement and debt accumulation. The company's inability to honor its financial obligations, particularly to NC Bank, ultimately led to its insolvency. Despite entering into agreements and consent judgments, Jomayi failed to adhere to payment schedules, triggering legal action and liquidation proceedings. For real estate developers, this underscores the importance of prudent financial management, including disciplined debt repayment and meticulous cash flow forecasting.Risk Mitigation and Diversification.Jomayi's overreliance on specific assets, such as the
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IT'S TIME TO EMBRACE EXCLUSIVE LISTINGS OVER OPÈN LISTINGS.
In a recent encounter with Shirley Kongai, the president of AREA Uganda, on LinkedIn, she made a post with the exact same title as this blog, which inspired me to write about the topic. I liked and supported her post on LinkedIn, despite the fact that such a stance conflicts with my open market, capitalistic ideology.
However, given the current chaos in our local real estate market added to the fact that too many agents are selling the same properties, it's clear that exclusive listings could help solve many of the duplication issues on the Real Estate Database (RED), which often lead to inconsistencies.
While the traditional model of open listings may offer flexibility, exclusive listings have several advantages that can lead to better outcomes. However, it's also essential to acknowledge the potential downsides. Let's explore why property owners in Uganda should consider embracing exclusive listings, while also understanding the challenges. What Are Exclusive L
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