Thursday October 12 2017

Why you should invest in apartments

 

By Carolyne B. Atangaza

That Patrick Bitature is a seriously wealthy man is uncontested. The local tycoon credits his solid wealth to having invested in real estate. In his latest book, Get Inspired, Bitature reveals the vast expanse of his real estate investments.
“Investing in property is a magical way of making money; there is nothing like it.

People think, ‘Bitature made a lot of money in telecoms.’ I probably have made more money in property in Uganda, Kenya and Tanzania,” he reveals, adding: “But if you want to become wealthy, you have got to get into investing in land and buildings.
“But do not go in and get out very quickly. Go in and stay for a long time. You must have the stamina to stay in there.

The longer you stay the more your properties will generally appreciate and that is where you will make your money,” he advises.
Judging by the current population growth, it is clear that there will be need for more accommodation over the next decade. Therefore, this apartment block could be the best investment of your lifetime.
Simon Peter Kazibwe, an architect, gives this luxurious house plan for an eight-unit apartment block.

Features
Each unit has two fairly large bedrooms. The master bedroom is self-contained with a bathroom, walk-in closet and two private simple shades. The second bedroom though slightly smaller in size, has an in-built closet, bathroom and a balcony.
Putting the bedrooms next to each other gives this apartment a quiet area for sleeping while leaving noisier spaces such as the dining room and kitchen on the other side of the house.
The dinning room has its own porch that can also be used as an extra entertaining area such as a barbeque lounge.

The living room also has its own spacious front shade.
The kitchen has a breakfast nook and in-built pantry. There is a general toilet and bathroom for every home next to the second bedroom. One block can fit on a 50ft by 100ft plot of land, leaving parking space for five cars.

Before you build
Kazibwe reminds interested parties that building such an apartment is more hectic than constructing an ordinary home. “You will go need approval from local authorities to make sure your apartment fits in with the size, style and quality of the area you are building in,” he explains.
He says there will be a number of additions or subtractions from the original plan as dictated by the local authorities until they are certain that your apartment block is secure and esthetically acceptable for the neighbourhood it is built in.

Cost
This, he says will also determine the overall cost of the project. He projects the estimated cost to range between Shs473,070,600 and Shs525,634,000 using the traditional construction methods and Shs307,495,890 and Shs341,662,100 using the architect firm’s modern construction methods saving over 35 per cent of original costs.
editorial@ug.nationmedia.com

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