Investing in Real Estate has always been a wise and solid decision as far as investment portfolios are concerned. The stability, over time, of real estate investments has always hinged on sayings like the old adage, “buy land, they’re not making it anymore”, or as put succinctly by billionaire taxi driver-turned-real estate mogul and businessman, Tamir Sapir, “If you’re not going to put money in real estate, where else?”.
Investing in real estate is a lot more involving (and more rewarding) than investing in general stocks and bonds on your local stock exchange. While the most common real estate investment is buying a property to rent out to a tenant with the landlord hoping to cover mortgage, tax and maintenance costs from the rental incomes, investing in small mutual funds or Real Estate investment groups for rental properties is another avenue requiring less hassle.
Acquiring and registering property in Malawi involves the following six steps:
- Search at the Deeds Registry of the property either by title number or plot number.
- Obtaining a City Rates Clearance Certificate from the City Assembly
- Apply to the Minister of Lands for consent to transfer the property
- Obtain a tax certificate from the Malawi Revenue Authority (MRA)
- Stamping of the Deed transfer by the Registrar General’s office
- Application for registration at the deeds registry
Whether you are considering buying a new home to live in or investing in other forms of real estate, one must always remember to consult real estate and investment professionals before making major investment decisions.