Your Expert Guide to Home Improvement and Renovation
If you have not been to Addis Ababa in the last 5 years or you are totally new to the city, chances are you wouldn’t know what kind of accommodation you can expect to get. The objective of this article is to shade light on …
The real estate industry in Ethiopia has undergone a complete revolution in the last decade. Earlier, the real estate industry saw the domination of estate agents or brokers that work independently or with a company. The options are very much limited as well. Keeping the …
Searching for rental houses in Bole Addis Ababa is at its peak as most locals and outsiders come here for business or service. It will bring a boom to the realtor business. Location is a common factor that you should look after while searching for a house for rent. But most people have no idea what it really means. A good location signifies that it will fulfill the different needs of different people. The realtors understand things better than the tenants and play a significant role in arranging the best houses for rent in Bole Addis Ababa. It is excellent while negotiating the best houses for rent in the best residential locations in Bole Addis Ababa.
Location is a crucial factor that determines the rental value of your property. The realtors will help you find the best houses for rent based on your personal needs and preferences. However, you can keep few factors in mind before you’re searching for a new rental property in Bole Addis Ababa.
Where you choose to live in Bole Addis Ababa will undoubtedly affect your budget. The land is a finite commodity. Some places in Addis Ababa are developed and don’t have a lot of room. Hence it tends to have higher prices than underdeveloped places. You can get the houses on rent on a budget, but it may be ten to fifteen miles away from the city center. Some of such communities may have had many homes but they are mostly uninhabited and some of them are fallen into poor shape. In most cases, this urban sprawl occurs due to population growth, and many landlords offer their property for residential purposes.
The neighborhoods will primarily be a matter of personal choice. However, a great community will have numerous features such as accessibility, appearance, amenities. Commuting to and from office or business seems like a big part and influences people’s day. In terms of accessibility, you should look for a neighborhood situated near a city’s major transit routes. The realtor will help you select the house for rent with easy access to roads and public transportation. You can also check the popularity of the neighborhood based on how long homes are in that area. The appearance of the location is also significant. So, check to know whether large trees, parks, quality landscaping, and nearby parks or community spaces are near to the house that you choose to take on rent. It should be near to the grocery stores, shops, schools, banks, and restaurants. It will make things convenient for you.
It is not just the amenities that matter, but you must be concerned with the future development and its impact on your stay. Is there any planning for new schools or hospitals, public transportation projects, or other public infrastructures? All such developmental projects will bring dramatic progress of property values. At the same time, commercial developments like the opening of malls, shopping complexes, big offices also enhance property values. New public, commercial, or residential development projects will undoubtedly affect the desirability of the surrounding areas.
Let’s say you’ve shortlisted your choices in a great neighborhood and compare it side by side. Check to know whether it needs repairs and updates or it is in tip-top shape. The prices of the two homes are similar, then choose the house with a tip-top interior and leave the one that needs repairs. Choose a better-shaped house that situated in a better position. Keep in mind that it should be within your budget and near to the city center.
Ethiopianproperties.com is a reliable relator’s platform that helps you find the best houses for rent with desirable qualities, such as attractive amenities, safe streets, and good schools. They will help you find the best house for rent in Bole Addis Ababa and appreciate an investment’s value over time. To know more, please call them at +251-911-088-114 today!
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If you have not been to Addis Ababa in the last 5 years or you are totally new to the city, chances are you wouldn’t know what kind of accommodation you can expect to get. The objective of this article is to shade light on …
Whether or not you are an energetic adult going to live without any other individual or you are going from a home loan to a month-to-month rental in another locale, you ought to have preparation before starting your search for a home. Tracking down the …
The rental market for the residential property segment in Addis Ababa is still as hot as ever although its rival cities are also growing in popularity and are attracting the kind of people who have never imagined themselves living outside of Addis before. Leasing a home in Addis Ababa is not always as simple as most people think. Whether it’s your first rental experience or your tenth, finding the perfect house for rent in Addis Ababa that fits your budget and lifestyle can be an easy task only with the help of a reliable realtor in Addis Ababa. If you cannot afford to hire a good leasing agent in Addis Ababa, you should at least do your own homework before you lease a house in Addis Ababa, Ethiopia. The objective of writing this short article is to provide people like you with a few helpful tips, which can make their house hunting experience a little easier.
It is absolutely necessary that you carry out a physical inspection before renting a house in Addis Ababa. It will help you avoid confusion or litigation regarding the furniture, fixtures & appliances, plumbing, electrical & sanitary fittings. You should visit the house with the owner or the property manager to see that everything is in working condition and won’t need any repair any time soon. The physical inspection helps to avoid any confusion between the two parties.
Annual and monthly maintenance cost is often the hidden but crucial factor that needs to be discussed before you get to the agreement signing stage. Otherwise, it will be the cause of disputes between you and the owner(s). Regular maintenance of things like water taps, electricity switchboards & wiring, heavy works like interior or outdoor damage repair, and painting can turn into a debate. Hence, these must be clearly discussed before you rent a house in Addis Ababa.
You should also find out what the communal facilities you will get access to for free or with entrance fee are. When you lease a house in Addis Ababa, you should insist that the landlord needs to inform you about all types of paid and unpaid services you can enjoy as a tenant. The costs of extra parking venue, club charges, swimming pool, door-to-door service charges, etc., could add up quickly and make your overall expense significantly higher than initially expected. Hence, discussing these things in the initial stage is a very wise thing to do. Some people wrongly assume that every facility they see on the premise of the accommodation being offered for lease in Addis Ababa is available for tenants free of charge, only to get disappointed later. To avoid making such fatal mistakes, always ask what’s included in the rent and what is not.
The Lock-in period and percentage of rental increment per year or after the contract’s expiry should clearly be mentioned in the tenancy agreement. Mentioning the minimum lock-in period clearly (the minimum stay duration, such as six months, one year or three years), makes you remain safe and ready to renew or arrange new accommodation. Typically, this lock-in period is one year. Also, the notice period for vacating the home, adjusting advance security, clearing the electricity bill, and moving out the cleaning portion should be discussed clearly.
If you have given up on the possibility of finding your perfect house for rent in Addis Ababa directly from a home owner and have decided to seek professional help, a brokerage commission amount should be discussed at the beginning as it can vary from city to city and country to country. It is always sensible to go through a legally registered broker to avoid any harassment later. The brokerage fee usually depends on the length of the lease period and the manner of payment. If you rent a house in Addis Ababa through a broker, expect to pay 8.5-10% of the advance payment as commission.
Take special care not to fall prey to dishonest street brokers and scam artists, who can potentially get you into legal troubles or cheat you out of your hard-earned money. Before taking on a house for lease in Addis Ababa, you should always request to see the originals of the title deed, last paid electricity and water bills, and the like to ensure that the transaction is not fraudulent. Also, try to learn as much as possible about the relationship the realtor has with the owner. Requesting for past tenants’ addresses and contacting them directly is also one of the best things you can do to learn about the house you are considering to rent or about the behavior of the landlord.
Once you have found a good house for rent in Addis Ababa, be informed that there are certain inclusions that must form parts of your rental agreement to avoid any misunderstandings later on. Some of them are listed below.
Are you searching for a house for rent in Addis Ababa but not getting so lucky? Then, check https://www.ethiopianproperties.com/ today! It is your reliable source for connecting you with good homeowners or professional realtors. The brokers, who list properties on the portal, are very capable and will do everything within their power to ensure that you get a litigation-free home for rent at the best price in Bole or anywhere in Addis Ababa!
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If you can’t bear to buy an apartment/house of your own, you probably go for an apartment for rent. Renting an apartment is probably cheaper and quicker than buying a home. You already know what you want in an apartment, and you have probably set …
Are you a foreign national who has just moved to Addis and is looking for a fabulous house for rent in Addis Ababa, where you can enjoy good quality of living with your family? Are you a resident of downtown Addis, who is planning a …
Anyone who is familiar with Addis Ababa can witness that Addis is a thriving city, which is changing itself into a modern metropolis before our very eyes. One thing has also remained true about the city over the last few decades – real estate has been one of the most profitable investments an individual can make in Addis Ababa although it is not without its challenges.
Real Estate in Addis Ababa has somewhat of a checked history since the sector was not well regulated and the city lacked a highly dynamic urban planning department. Despite all the challenges, many individual investors were still able to take advantage of the immense opportunities the sector has to offer. With the right counsel and expert guidance, they were able to reduce the risks quite significantly and maximized the returns on their real estate investments. Someone who has a small 2 bedroom apartment for rent in Addis Ababa, can easily collect 2,000.00 to 2,500.00 USD per month in rental income.
It is a well known fact that the real estate sector in Addis Ababa has been marred by widespread conflicts between developers and their dissatisfied clients in the last few decades. The primary reason for the conflicts has to do with the poor performance of the developers, which were unable to meet their contractual obligations and deliver on their promises. In some cases, the developer and the people who purchased off-plan properties from them got into bloody court battles, which dragged on for many years and ended up costing both parties millions of ET Birr in legal fees. But this doesn’t come even close to the actual and opportunity costs the investors had to bear as a result of significant delays in handing over times beyond originally agreed up on. In many such cases, since the delivery dates were usually pushed forward by as much as 10 years, the final cost to the investors have been much higher than initially anticipated. In addition, developer bankruptcies, poor construction quality, fraudulent activities, and different issues in the bureaucracy were some of the other challenges that have hindered the sector from realizing its full potential.
Irrespective of all these challenges, the rewards of investing in real estate in Ethiopia far outweighs the risks. There’s evident to the enduring value that real estate investment has held in the minds of buyers throughout the years. Also, the prices have soared upwards for decades and it shows no indications of slowing down anytime soon.
For example, the following brief excerpt from a case study done by a financial analyst based in Addis can help you get some useful insights on the subject. According to the analyst, a typical two story villa at the Ayat Residential Village on a 300 Sq M plot of land, purchased for ET Birr 460,000.00 in 1996, sells for ET Birr 8,500,000.00 to 10,500,000.00 at present. That is a median two thousand percent rise in value. Yes, a considerable part of the ‘increase’ is because of the decreasing purchasing power of the Birr but even with that taken into account, the property in question is worth 650 percent more because of real appreciation. Furthermore, the rental earning from such a property over a twenty year time span would incorporate another 150 to 200 percent to the net returns from it. That translates into a yearly return rate of 38 percent per year over the life of the investment if the owner sold it now, which is totally mindboggling.
More recent developments in the country and the market have given investors much hope and renewed optimism in the promises of real estate investment in Addis Ababa. The introduction of better regulatory frameworks and the formation of more dynamic urban planning departments at city and sub-city levels is expected to play an invaluable role in restoring confidence in the real estate sector in Addis Ababa. Furthermore, the new project financing schemes introduced by the newly emerging developers, which includes international players, is likely to play a crucial part in rebuilding trust in the real estate sector in Ethiopia. Many of these new developers have either good financial standing or have the financial backings of international investment banks, which enables them to build 70-100% of the construction of the property before they start selling. This will significantly reduce the risk involved in real estate investment in Ethiopia.
If you want to learn more about how you can reap the benefits of real estate investment in Addis Ababa, you can start by getting in touch with Ethiopain Properties. The company, which has been around since 2008, is also behind the #1 property portal in Ethiopia. More than 100 Realtors in Addis Ababa, Ethiopia are working with them to get their properties listed on their professional website. Feel free to contact them on +251-911-088-114 or email them your query at contact@ethiopianproperties.com or visit www.ethiopianproperties.com
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If you are moving to Addis Ababa or trying to select the best villa for rent in Addis Ababa, your first move is to contact the best real estate agency in Ethiopia. They will offer you many options of housesoffered for lease in Addis Ababa …