Quick Tips for Investing in Real Estate in Botswana
Africa is steadily growing popular with people from other continents as their dream destination for both vacationing and staying. Thanks to social media and travel influencers, the enchanting images of Africa have reached all corners of the world, inspiring many to explore the vast and diverse options the continent has to offer. While many are flocking to Africa as tourists, several others are relocating to the continent and availing the advantages of expat living. Many African Americans are also looking to live and work closer to their roots now.
Whether you are an expat or a resident, investing in real estate would be a wise decision, if you are planning to stay for a long term here.
Africa is seeing a major surge in real estate development in most of its major cities. As per a projection by The United Nations, by 2100 there will be about 4 billion people in Africa, among them 1 billion will be in Nigeria. By 2050, it is projected that 62% of Africa will be urbanized, as compared to 42% in 2015.
Due to insufficient and sometimes misleading media coverage, many people have a distorted and outdated image of African real estate. Most people coming from foreign countries assume that real estate in Africa is real cheap! Property in Africa and Botswana is indeed cheaper as compared to Europe or the US, but it’s not as inexpensive as many expect!
However, many entrepreneurs and real estate agents have come forward to give a better picture of African real estate and clear the misconceptions regarding property and prices in the continent through social media platforms and other media.
Here are a few tips for buyers to consider before purchasing a property in Botswana.
- It is suggested that buyers get to know the location better before making a decision about buying any property. Multiple visits to the locality would give a better picture of the neighbourhood, which is as important as the house one is buying. Location will also have a large impact on the resale value of the house.
- If you are not familiar with the city, it is advisable to check out the neighbourhoods or localities first. Once you have zeroed in on the neighbourhoods of your choice, you can hire a trusted real estate agent and then a lawyer to take you through the proceedings.
- Some countries do not allow foreigners to purchase land or property in their country. It would be wise to look up the legal formalities for foreigners in the country you are interested in before going for an investment.
- Check out the loan eligibility of the property in advance, in case you are planning to go for a loan.
- When planning your budget for investment in real estate, also consider the taxes, extra charges or registration fees applicable in the city.
- You may also consider insuring your property against any kind of damage. Choosing the right house insurance protects your property and makes the process of buying easier as well.
Tswanahome.com can help you further in your hunt for your next home!