Making your first real estate purchase in Senegal is a significant step; making it a success is another matter entirely. It's a situation ripe for mistakes and poor choices, especially if you have limited knowledge of the Senegalese real estate market . If you're considering your first real estate investment in Senegal, it's crucial to understand the many pitfalls to avoid. To achieve this, thorough preparation, accurate information, and adequate support are essential for a successful investment. Here's an overview of the key elements to consider for a successful first real estate purchase in Senegal .
Assess your borrowing capacity before launching an exhaustive search.
When it comes to buying property in Senegal , finances are at the heart of the entire process. Purchasing real estate will require a considerable sum of money. To avoid depleting their savings (which may be insufficient), many people prefer to opt for bank financing. If you anticipate needing a mortgage , it's essential to determine your borrowing capacity beforehand. This means the maximum amount you can borrow based on your financial situation.
Your borrowing capacity will allow you to estimate the amount to allocate to your purchase. You must first calculate your borrowing capacity to then determine the maximum price you can offer the seller or real estate developer in Senegal. To assess your borrowing capacity, you can seek assistance from your bank or use online loan calculators offered by banks such as BICIS , Société Générale Sénégal , or BHS .
Budget all the costs associated with your property purchase in Senegal
Many people, when making their first real estate purchase in Senegal, believe that expenses are limited solely to mortgage repayments or the purchase price. While financing your real estate purchase is the primary expense, it is not the only one. A first real estate purchase in Senegal entails other related costs that must be considered to avoid unpleasant surprises. In addition to the mortgage repayment and the purchase price paid to the seller, you will also need to take into account:
– Notary fees : the notary is essential to formalize the deed of sale and to publish your status as owner with the land registry services.
– Guarantee fees : these fees apply if you have mortgaged an asset to guarantee the repayment of your mortgage loan.
– Application fees associated with the mortgage loan.
– Agency fees : these fees are applicable if you have used an agency or real estate broker to facilitate the search for your property.
Your first property purchase in Senegal will also entail:
– Expenses related to furnishing and decorating your new home.
– Condominium fees if you buy a property under this scheme.
– Renovation work if you have opted for older property.
Determine the characteristics of your ideal home
In the Senegalese real estate market, you'll find a multitude of villas and apartments available. However, not all properties will necessarily suit your needs. After defining the financial aspects, you must now determine, within your budget, the characteristics of your ideal home.
Are you looking to buy a villa in Dakar ? Would an apartment or a plot of land be more suitable? What is the maximum size of your house, and how many rooms? Do you need a terrace or a garden?
These are all questions to ask yourself before investing . Your choice will depend primarily on your budget, but also on your lifestyle and needs.
Location: a key factor in the value of a property
Another important aspect to consider when buying your first property in Senegal is location . The location of your property can affect its price, its resale potential, and even your quality of life.
Certain areas of Dakar, such as Almadies or Plateau , are highly sought-after and therefore more expensive . However, other areas on the outskirts of Dakar or in other cities across the country, such as Saly , can offer attractive investment opportunities at a lower cost.
The ideal location for your investment will depend on your needs and budget. Take the time to thoroughly assess the neighborhood, its proximity to essential services (schools, healthcare facilities, shops, etc.), available infrastructure, and the level of safety.
Seek expert advice to avoid unpleasant surprises.
When making your first real estate investment in Senegal, you must be very careful. Don't hesitate to seek the help of a professional to guide you through the purchasing process.
A real estate agency can help you find a house that suits your needs and budget, while a notary will help you verify the legality of the sale. It is also advisable to hire a building inspector to check the condition of the property before purchasing.
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Investing in real estate in Senegal can be challenging, but with the right information and proper preparation, you can make a successful investment. Remember, buying property is a long-term decision, so it's important to take the time to think carefully and plan thoroughly before you begin.
There you have it, you now have all the keys in hand to successfully complete your first property purchase in Senegal .