At some point in our lives, we all dream of owning a home. The process of owning your first home in Cameroon requires huge financial commitment and a lot of paperwork. Over the years, Cameroon’s urbanization growth rate has consistently risen, reaching 55.78% in 2017. Unfortunately, the growing urbanization rate does not correlate with infrastructural development, resulting in a huge deficit in the housing market particularly, for homes within gated communities.
As such, if you are looking to build your first home in Cameroon, the following steps should be taken:
- Choose a reliable real-estate company/agent
Unlike most developed countries, the Cameroonian real estate sector is at its teething stage and so, finding a reliable real estate company or agent can be tedious. Fortunately, there are a handful of good agents who can help you navigate the murky waters of getting your first home. Here are a few tips to help you choose a real-estate company:
- Choose a real-estate company/agent who has in-depth knowledge of the technicalities of the Cameroon housing sector.
- Choose a real-estate company /agent who is willing to share all the information you need in detail.
- Work with a company/agent you’re comfortable with and can readily present a proof of ownership of the properties on sale.
Getting a professional real-estate agent saves you valuable time from the tedious litigation process of finalizing home ownership and relieves you of the burden of finding the right house in a favorable location and at the right price.
- Set a Budget
Before taking the decision to acquire property in Cameroon, you need to decide how much you are willing to pay or borrow. Buying a house is a huge financial commitment and it is not always easy to pay outrightly. You need to find out all available payment methods. Most real estate companies allow for instalment payments of up to 12 months. Carefully consider the available options and determine which best suits your budget.
It is reasonable for people to borrow funds to pay for a house. Most banks in Cameroon are willing to lend out money for the purpose of acquiring property at a given interest rate. Before opting for this option, ensure you consider the interest rates and how much the loan really costs. Currently, only about five per cent of Cameroonians have access to mortgage finance from the formal private banking system. If you are opting for this payment method, get your account in order and set aside funds for prompt payment.
- Determine where you want to live
When it comes to choosing a home, people typically want what they want. It’s important to determine where you would like to live or at least have an idea of the kind of home you’re looking for. To begin with, determine the things you need in place to make your home comfortable. Consider factors like proximity to schools, hospitals, where you work, worship and the market or shopping centers.
Costs of land and houses in Cameroon are primarily dependent on location. Your chosen location will give you an idea of how much properties in the area costs. Keep in mind the need for good infrastructure like paved roads, street lights, planned community layout, play area for kids and access to public transportation systems; all these are crucial in attaining optimum comfort and convenience.
The list of what a house should have to make it comfortable varies from family to family. Here’s a head start of what to look out for:
- Provision for potable water
- Provision for power supply
- Security and access control
- Internet connectivity
- Number of available rooms
- Play area for kids
- Modern buildings with kitchen cabinets
- Proximity to the workplace, hospitals, schools, etc.
- Well planned communities
Working with a good real-estate company places you at the forefront of all the suitable houses. At Diamond Realty, we are building comfortable, succinctly planned communities to give you and your family the life you truly deserve. Our first project, The Aidenville Estate located in New Bonako, 18KM west of Douala along freeway N3, offers top-notch modern buildings, providing all the amenities listed above. Check out our website at www.diamondrealty.estate to learn more about Aidenville Estate.
Also read A Live-Work-Play Neighborhood in Cameroon: Dream Or Reality?
- Valid Land Documents
One of the most challenging factors facing first time home buyers in Cameroon is getting the proper property documents. You could find your dream house at the perfect location but if the property has invalid documents, the transaction is as good as a fraud. It’s important to take the necessary steps in ensuring you have the right land documents Make sure the property you’re looking to buy has the appropriate land documents. Ask for copies of the documents from your seller or realtor and make proper enquiries. You should not pay for any property in Cameroon without verifying the authenticity of the documents. There are cases where a single property is resold to unknowing buyers with forged titles. There are also several cases in court where titles are still being contested.
Working with a reputable company saves you the headache of going through the needless drama of forged property documents or losing your hard-earned money to conmen. For more detailed information about getting the best real-estate deals in Cameroon, call us today at +237 697006694/682859009. Send us an email at info@diamondrealty.estate and let us give you an offer you can’t say no to.
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