BHC Promotes Home Ownership

Botswana Housing Corporation (BHC) has embarked on a campaign termed ‘Sitting Tenants Sales’ intended to make Batswana increase their value through property ownership with 1528 houses available for the scheme.

 

The campaign would see Batswana who have been leasing BHC houses for a long period been granted a chance to turn those houses to be their own property.

Speaking at a breakfast seminar and launch of the campaign in Gaborone recently, the corporation chief executive officer, Mr Reginald Motswaiso said the project will empower Batswana to own property instead of perpetual renting BHC houses.

 

The campaign, he said will also provide a platform for customers to interact with corporate services to be enlightened on how they can capitalise and benefit from buying the houses they are leasing from BHC.

 

“Our customers have proved to us that our products are in demand and rightfully placed. They have not, however lived to our slogan ‘accommodating your future’ a slogan which the richest men and women of this world have realised in the essence of investing in property ownership,” he said.

 

BHC marketing and research manager, Mr Mookodi Seisa explained tenants who have been leasing their houses for a long time have failed to tap into the benefits of having self-assurance and security for investing which comes with home ownership.

 

Mr Seisa pointed out that home ownership was a potential income stream which enabled one to have added funding that can be utilised to meet other needs.

 

Property ownership like a house, he said was also a risk diversification, when coupled with other investments such as shares, bonds among others.

He further indicated that sitting tenants are offered a discount of 5.5 per cent low cost house, 3.5 per cent medium cost and high cost houses at 2 per cent, a zero administration fee and P7500 renovation vouchers per house purchased.

 

Real Estate Institute of Botswana president, Mr Modiredi Maruping said the initiative was worth commending, thus encouraged sitting tenants to immediately purchase houses since prices may escalate as years go by.

 

Mr Maruping, however reminded tenants that although they would be getting value for their money, a mortgage was a long and binding contract which they cannot walk away from.

 

Meanwhile, the campaign targets tenants or nuclear tenants that can assist the legal tenants buy the leased property but it does not include BHC flats, townhouses and government leased houses.

 

The campaign will run for 12 months with BHC intensifying efforts towards home ownership, however.

 

BHC has partnered with financial institutions to make the initiative successful.