Should I check with the bank?
Currently most commercial banks are not giving out mortgage facilities because of the economic
decline we are facing for the past five years and for those giving out such facilities, the interest
rate is so high that most mortgage applicants are not able to bear. There is an exception for these
categories: “Bank Staff” and “High-Income Earners on permanent jobs; Depending on which
bank they are with …In conclusion, most real estate purchases at the moment are “cash-based”
(from savings, personal funds, from investors and developers)
Should I continue to rent?
Well, it is better to be a Landlord than a Tenant. However, the general trend is that most house
owners today, where tenants yesterday. So you may begin by renting as you are saving toward
purchasing a home or piece of land to be developed in the future…
In Zambia for instance, you may easily and cheaply acquire land under customary tenure. Get in
touch with us if you are interested.
How easy is it to find a rent-to-own property?
It’s quiet Easy. We have about two government institutions that offer such facilities: Zambian
National Housing Authority and NAPSA.
Contact us if interested.
Do I really need a realtor?
YES!!! You will need a “Registered Realtor” to rent or sell a property. All real estate transactions
involve money and are contractual. In other words, they are legally bound. Henceforth, it is
imperative and a wiser for anyone endeavoring to either find accommodation or acquire a
property to engage a licensed realtor for the reasons outlined below:
A licensed realtor is someone who underwent professional training and has fulfilled
all the basic requirements set by ZIEA (Zambian Institute of Estate Agents) before issuing
to him a practicing certificate. He is therefore guided by real estate laws of the Republic
of Zambia and a code of ethics which subject him to accountability and traceability of all
his real estate operations. He has been trained to secure the interest of both parties in
all his undertakings (Landlord versus Tenant or Vendor versus Purchaser). For example,
He will have to disclose to any prospective purchaser of a property he is been mandated
to sell, of all its encumbrances, structural defects, etc.
Legality, integrity and morality are part of his “Selling Points”.
You will need the services of the realtor to find you the kind of property that suits your
test and your needs. A Landlord needs a buyer and not viewers of his property. The
Realtor, based on his experience, will help you avoid such kind of people who just want
to see nice houses or competitors and developers who are studying the market…
A realtor will save you from wasting your time by helping you to view only what you
need to view and also help you to sell or purchase in the shortest time possible.
Who pays the realtor fees?
The common practice in Zambia, is that the Vendor is to bare the agent’s fee (commission).
By law, it’s one of the two: the Vendor or the Purchaser. NOT BOTH!!!!