With its sandy dunes, friendly people and sheer natural beauty, Namibia is a fantastic place to call home. If you can call it home while paying a little less, so much the better.
Seeff takes a look at bank-repossessed properties in the Namibian real estate market and at the value that can be found in these properties.
First things first: what is a bank-repossessed property?
Simply put, a bank-repossessed property is a property that has been claimed back by the bank due to non-payment of a home loan. In other words, somebody has bought a property with the help of a home loan and then proved unable to make their payments. Rather than make a loss on their investment, the bank has simply repossessed the property.
The advantages of buying bank-repossessed properties
Banks do not specialise in selling real estate. When they have real estate on their hands that they need to sell, they want to sell it quickly and effortlessly. And that’s why you can pick up a real bargain by choosing to invest in bank-repossessed real estate. As a creditor, the bank is simply trying to make their money back – and they will invariably want to make it back quickly. As a result, bank-repossessed houses are often cheaper than properties bought the conventional way.
Things to look out for when buying bank-repossessed properties
Bank-repossessed properties may not be in the best condition. If their former owner was unable to make their bond repayments, it’s unlikely that they had the funds required to maintain the property. That said, this shouldn’t be a deal-breaker if you’re willing to get stuck in and get your hands dirty – or pay someone else to get your home into great shape.
Before you sign on the dotted line, you’ll want to make sure that your future home is vacant. It is possible that there may have been issues in evicting the previous owners or tenants – or that squatters may have taken advantage of the property if it has been vacant for some time. Things to look out for – over and above obvious signs of occupancy include damaged locks, doors and windows.
Examples of Namibian bank-repossessed properties on the market
Finding a great home at a reasonable price in various areas of Namibia can be easy if you’re willing to consider a bank-repossessed property. For example, you can purchase a three-bedroom house complete with a one-bedroom flatlet in Walvis Bay for just R1 370 000. While the property has been vandalised and needs attention, as many bank-repossessed properties will, this is compensated for in the property’s price point.
Another great example is a three-bedroom home in Okahandja Central, priced at R1 000 000 with offers welcome. In possibly the best bargain of all, buyers looking at repossessed properties can buy a huge plot of land in Ongwediwa. This land currently has a small two-bedroom house on it but could be the perfect site to bring a developer’s dream to life. This 9 147-square-metre property is on the market for just R765 000.
While bank-repossessed properties offer a bargain for home buyers, homeowners can rest assured that banks will only repossess properties as a last resort, and it is a time-consuming process. The foreclosure process typically starts after six consecutive months of missed payments.
Everything Namibia has to offer
Anyone who has ever been to Namibia will be able to testify to its austere beauty. The coastal country boasts unrivalled landscapes which are silent enough in places to be described as spiritual. You’ll find soaring sand dunes, never-ending horizons and deserts that seem to stretch into eternity. The Namibian people, with their strong sense of family and friendship, are warm and welcoming. For those who love the great outdoors, there can be few better places than Namibia to call home. From climbing Dune 7 and quad biking in the dunes to going on scenic 4x4 experiences, kayaking and hiking in the endless desert, there’s always something to do in Namibia.
Living in Namibia is a dream come true for many, with many environs to choose from, from the bustling metropolis of Windhoek to the seaside beauty of Walvis Bay and Swakopmund. Get in touch with Seeff for more information about bank-repossessed properties in Namibia.
Related Articles
