Frequently Asked Questions (FAQs) related to house rentals, leasing, and buying in Sierra Leone
Here are some Frequently Asked Questions (FAQs) on real estate, covering rentals, leasing, and buying homes:
1. What is the difference between renting and leasing a property?
Renting typically refers to short-term agreements (e.g., month-to-month or yearly contracts), while leasing is a longer-term commitment with fixed conditions, usually lasting one or more years.
2. What are the key factors to consider before buying a home?
Before purchasing a home, consider location, budget, property condition, legal documents, financing options, and future resale value. Conducting due diligence and hiring a real estate agent can also help.
3. What upfront costs should I expect when renting a home?
When renting, you may need to pay a security deposit, first month’s rent, and possibly additional fees for maintenance or utilities, depending on the rental agreement.
4. How does a mortgage work when buying a home?
A mortgage is a home loan where you pay a down payment upfront, and the remaining cost is financed by a bank or lender. Monthly payments cover principal and interest, typically over 15-30 years.
5. What legal documents should I review before signing a lease or purchase agreement?
For leases, review the rental agreement, payment terms, and tenant responsibilities. For home purchases, check the title deed, land documents, mortgage terms, and property inspection reports to ensure everything is in order.
