Looking for a House for Sale in Ethiopia?

Blog post By Tewodros Awoke - Published at 1 year ago

Looking for a House for Sale in Ethiopia?

Things to look for when buying a house in Ethiopia.

1. Finding a house for sale

When looking for a house you can either use a real estate agency or an individual real estate agent locally called “delala”. When choosing an agent or a brokerage service:

  • Question if they will keep your best interests
  • Find someone who is active and experienced in your area
  • Probe their knowledge of the market
  • Know what type (rental or for sale) and kind (apartment, villa, condominium) of property they specialize in.

2. Will the agreement be verified by Document Authorization and Authentication Agency? Or Will you use a “Mender” Agreement?

Some buyers and sellers prefer to finalize their deal by an unofficial agreement or commonly known as “Ye Mender Wel”. They do this for various reasons such as because it is faster to finalize the deal, no tax is levied or lower the collected tax. But you should be aware that they are not fully recognized by the government, and they may bring many complications to the deal.

3. By bank or by cash

Buying a house with cash can benefit both the buyer and the seller with a faster closing process than with a mortgage loan. When a house is sold by a bank , sellers usually add a 3 - 5 % price increase on the original asking price.

4. Renovation costs

When you are house-hunting you should take a look at a few home factors, like size, roof, plumbing, and electricity. You don't want to get stuck with a money pit or with the headache of performing a lot of unexpected (and potentially expensive) repairs. 

5. Location

Because buying a house is a major and long-term investment, accessibility, safety, neighborhood development. Consider factors such as good schools around the area, hospitals, shops. Also look if the area is flood prone.

Have a house for sale in Addis Ababa, Ethiopia? Or want to buy a house? Contact us at: contact@verenda.et