Before you sell off your home

Calculate the value of your house before you sell. PHOTO/Ismail Kezaala

What you need to know:

Your reason for moving out of a particular neighbourhood and the value of your property are some of the factors to consider when setting the terms and conditions of the sale.

New developments come with new changes and some of these developments are bound to affect the real estate business. Because of developments such as road construction, many homeowners, especially those that reside just by the roadside are in one way or other tempted to sell off their homes due to a number of factors; often not to Uganda National Roads Authority (UNRA), but to those that might have interest in the space due to commercial growth. However, here are some of the things you may want to consider before your buyer deposits that money on your account.

 At the beginning of last year, the road through Kitebi, Bunamwaya to Lweza and connecting to Entebbe road was up for construction. Tenants that had deserted the area because of the dusty road are now running back, yet homeowners such as Claire Nakimere have used this opportunity to sell off their homes to settle elsewhere. 

Eng. Willy.A. Kashokoozi of Arch build Construction Consultants says before selling off your home and land, you need to be clear on why you are selling. If you do not have a solid reason, you will welcome any amount of   money given to you.

Reason for selling

People who sell houses may be motivated by the residence itself or the area around it. This doesn’t always mean there is something wrong with the home or the area, but the situation for the homeowners may have changed, thus requiring something different.

Nakimere says her reason for selling off a home she had known for over 27 years was because the new developments came with a change in the neighbourhood. “Much as it is close to the road, it had no noise initially, but by the time I decided to sell it off, it had grown too commercial with lots of noise from all corners,” she explains, noting that a quiet family-oriented area is what she wished for. Nakimere constructed a smaller family house elsewhere, but also got a tidy profit.

Value of your house and land

Having identified your reason, the next step is for you to consider the value of your land and the house as well. 

“At mention of Shs50m, some sellers get overwhelmed, regarding this as lots of money. Some will be convinced by neighbours to sell, but before it your neighbour’s land and house of the same value as yours.  If you are not certain of how much to charge, then look out for land valuers.  These might be costly but will help you earn worth the value of your property,” he explains. 

 Your property is valued based on your type of home, is it detached, semi-detached or permanent. If it is permanent, is it storeyed or a bungalow, is it a residential or rental property? The other consideration is the size of your land and proximity to the road. He says knowing these will help you estimate the worth of your property.

Market price

If you live in a “hot” market, there are more buyers than sellers and prices are likely being driven up by that demand. Try to find out what price your neighbours are asking for, this will help you know the current price of the plots around because if you do not have that information, you are bound to be cheated.  

If you are selling off a property just by the roadside, it means the development is high and the market is high. You will need to take time off and consider the price now and what the price will be three years down the road.  Better still, try to find out how much your neighbours are charging. This will give you an insight of how much you need to charge, thus saving you from being cheated.

“Remember your selling price will be reduced to paying the real estate commissions, title charges and additional charges.”