Buying An Apartment In The Gambia
Most Common Defects
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Poor drainage is the most common defect found by surveyors.
Correcting a drainage problem may require a new system
of roof gutters and downspouts or re-grading the lot
to improve water flow away from the house.
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Faulty wiring resulting from an insufficient or an
out of date electrical system is another common problem,
especially in older homes. To bring such a home up to
standard or to make it safe, may require replacing the
entire electrical system or a major part of it
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Leaky roof may be caused by old or damaged shingles,
or improper flashing. Repairing shingles or small amounts
of flashing is inexpensive, but if the entire roof needs
to be replaced, you face a much larger cost.
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Poor overall maintenance can be seen in cracked or
peeling paint, crumbling masonry, broken fixtures or
shoddy wiring or plumbing. While most of these cosmetic
defects can be easily repaired, you do need to pay particular
attention to any makeshift electrical or plumbing fixtures,
which can be potentially dangerous. You should replace
all such makeshift fixtures.
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Minor structural damage can result from water seepage
into the foundation, floor joists, rafters, or window
and door lintels. Although they won’t cause the
house to collapse, they do require your attention before
becoming more serious.
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Plumbing problems typically include old or incompatible
piping materials and faulty fixtures or waste lines.
Repairing these problems can range from simple repairs,
such as replacing a fixture, to more expensive measures,
such as replacing all the plumbing
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Water and air leaking in around windows and doors is
usually not a serious problem and can be fixed inexpensively
with proper grouting.
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Inadequate ventilation can cause too much moisture
to remain in the house which can ruin interior walls
and structural elements. To repair damage caused by
poor ventilation, you may only have to replace drywall
and other inexpensive pieces. Replacing structural elements,
however, can be much more expensive.
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Environmental hazards include lead-based paint (often
found in homes built before 1978), asbestos, formaldehyde,
contaminated drinking water, radon and leaking underground
oil tanks. Special inspections are needed to determine
environmental problems, and repairing any of these problems
can be expensive.
Gambia Property Investments: Buying Property in Gambia?
Preparation - The Key Message, Going to look at properties should be the LAST
stage in the process, not the first. The process of buying a property - whether
for your personal use or as an investment - SHOULD start with thorough preparation.
This will save to a lot of wasted time AND money. We STRONGLY recommend that
you make contact with us BEFORE you go to look at any property. That way we
can deal with all of the key issues (such as those listed below) calmly and
clearly, before you get involved in the rush and pressure always associated
with buying a specific property anywhere in the world.
Buying a Property in Gambia: Preparation Check List
- Why are you buying the property? Is this for retirement, a holiday home,
a holiday home that you want to pay its way or a pure investment. If you are
buying a property as an investment, see our Guide to Buying
Property in Gambia as an Investment.
- Which area will suit you best? If this is an investment, where are you likely
to make the most money?
- Which type of property is best for you? Villa, apartment, development project.
This is not always obvious.
- How are you going to pay for the property? Are you going to take out a mortgage?
If so, where and for how much? What are you doing to guard against the risk
of fluctuating exchange rates?
- How are you going to manage the property? If you want to let the property,
who are your target tenants? Who will manage the lettings? How much money
will you make?
- Who should be the legal owner of the property? The right choice here can
save you thousands, even on an ordinary holiday home. See below for more information
- We will be happy to assist you with all of these issues.
Buying a Home in Gambia: Who Should Own the Property?
Getting this question of ownership wrong is probably both the most common and
the most expensive mistake people make when buying property overseas. There
are many people who could be made the legal owner of the property or, as the
case may be, the shareholders in the company that owns the property. The best
choice is, often, not obvious.
Getting this wrong can cost you tens of thousands of pounds/euro/dollars of
totally unnecessary taxes, during your lifetime and on your death.Most local
lawyers will be unable to help you make this decision as it involves an understanding
of both the local AND your own legal, tax and inheritance systems.
We will be happy to assist you in making this vital decision.
What is the Best Way to Buy a Property?
There are many ways to purchase the property. These include:
- in your own name alone
- in your name and in the name of your co-purchaser(s)
- wholly or partly in your children's
- names or in the name of somebody
- whom you would like (eventually!) to inherit the property from you
- in the name of a limited company,
- whether English, Gambian or "off-shore"
- via your SIPP/SSAS pension fund
- via an investment fund (REIT, PUT etc)
- via an investment club
- via a trust
Do you have Gambian property or building land for sale?
If you are thinking of selling your land or property in The Gambia or need
a valuation for any other reason, our property team would be glad to hear from
you.
They are on hand to prepare a free market appraisal of your property and a
proposed real estate marketing campaign. There are no obligations. Please feel
free to contact us even if you are not sure about your future intentions but
would like to know the expected market price of your property or land. Gambia
Holiday News are very active in the marketing and selling of unique, designer
and luxury properties of individuals as well as acting for property development
companies and institutions. We have well-established connections with overseas
property buyers, investors (including buy-to-let schemes) as well as pension
fund managers who are now showing an interest in the Gambian residential property
market.
However, words are cheap. Action speaks louder and client references are available
on request. We are always intersted in completed or uncomleted properties or
fenced or unfenced building plots for development by private or corporate investors.
Do you want to buy real estate in The Gambia?
We offer a range of properties and land for sale throughout The Gambia. Click
here to look at real estate, building land and properties, houses, homes and
villas for sale in Banjul, Kololi, Kotu, Brufut, Sanyang, Bakau, Fajara, Senegambia,.The
Gambia.
All available Gambian land or properties for sale are published on our website
and details are readily available for you to download, print off or forward
to a friend.Our Gambia real estate sales list changes frequently and we recommend
that you register with us
so that we can look after you personally and contact you immediately that we
are aware of a property that may meet your requirements.
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