SHOULD I SELL MY PROPERTY/LAND NOW OR I WAIT?
There is no quick rule that constitutes a good time to sell your land or property however there are many variables to consider when planning to sell your property, this ranges from personal circumstances to the current state of the market.
Sometimes selling land or property is unavoidable for example distress sales whereas seller you need to sell an asset urgently; it may be to pay debts, medical expenses or any other emergencies. Selling your property or land under such circumstances is always an emotional undertaking and because you’re selling under emergency you are likely to get a far lesser price than the normal or prevailing market price. That is why at times you require services of a professional like a realtor who have expertise to maximize exposure of your land to the land markets.
Land inventory is another factor to consider when selling your land. This will determine whether land is on high demand or not, and thus you can have more leverage in negotiating for a better price and fetch more price. You should consider whether the value of land in your area has improved for example the value of land in Mbarara city has now significantly improved to almost over 70 percent and is projected to continue increasing in the coming years because of development potential prospects in the area. Land needs are highly based on the level of development of in an area.
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So if you are planning to sell your land now or later it’s important to consider getting a real estate professional to see what your land worth basing on whether the value has significantly improved or is set to improve. For example, if the value has appreciated you can choose to sell it and reinvest the proceeds in buying land elsewhere or for another viable investment.
Land also remains a critical investment that everyone would wish to acquire and if you have one before selling it you must make careful considerations and this can include your capacity to acquire another land elsewhere. If you know after selling that land you can acquire another land, then you should not worry. For example, why should you get stuck with a plot of land in the middle of the city which you have no hopes or capacity to develop it but you can sell it now at around Shs 200 million and get acres of land in the neighborhood and remain with some money to start up investments like farming?
Land as economic driver tends to gain value but to gainful reap from it is dictated on how it can be used that is land economics for example you can sell your land and shift from a squeezed urban dwelling to a rural –or semi-urban developing area where you can plan well your land economics and develop. Whereas at times many land owners tend to master the art of land economics and may wish to sell some of their pieces of land to access others elsewhere that are more economically valuable, they face challenges of professional guidance that at times the would be potential buyers tend to offer very little money that the sellers cannot balance it with acquiring better economic viable lands elsewhere. This at times also requires professional guidance because they would be potential buyers always tend to offer very little money that the sellers cannot balance it with acquiring better economic viable lands elsewhere. Don’t get stuck to land for the sake of it but cannot meet your needs.
As Amity Realtors we might not give you a definite answer on whether to sell your land or property right now but we can help you make an informed decision and you can always approach us at Kyosiga Building on MarkanSingh Street in Mbarara City or through our social media handles @Amity Realtors Ltd.