Buying a home in Nigeria is still the dream for many individuals but yet it is still a scary endeavour. We’ve all have that purchase that we later regretted: Be it those expensive jeans you thought will make you look good or that new TV you thought you needed. The money spent on those wasn’t a life changer like what you’ll lose if you waste money on a piece of property. If you’ve decided it is time to join the landlord association in Nigeria, you should end up with real estate you love. You don’t want to ever say buying a house was a mistake or I made a mistake buying this house. Unfortunately, many people make mistakes the prevent them from achieving this simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making any of these costly mistakes that could put a hold on that sold sign.
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1. Not knowing what you can afford
One Of the mistakes first time home buyers make is not knowing what they can afford. If you don’t already have a budget, make a list of your monthly expenses. Don’t forget major expenses that only occur once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you’ll know how much you can spend on your new home each month if you are taking a mortgage. If you end up looking homes outside your price range you’ll end up lusting after something you can’t afford, which can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can afford.
2. Failing to consider additional expenses
Once you are a homeowner in Nigeria, you’ll have additional expenses unlike when you were only renting a property. you’ll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs or paying some particular neighbourhood development fee. To avoid this common home buying mistake you need to plan and consider additional expenses that will come with owning a home in your preferred neighbourhood.
3. Being too picky
Everyone has a wishlist of what he/she wants in their new home. But when shopping for a new home you shouldn’t be so inflexible and get carried away with everything on that list that you end up continuing to rent for significantly longer than you really want to. You have to compromise especially when your funds are limited. Of course, you can always choose to continue renting until you can afford everything on your list – you’ll just have to decide how important it is for you to become a homeowner now rather than in a couple of years.
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4. Compromising on the important things
Just because you need to compromise doesn’t mean you should do this in regards to important things. Don’t buy an apartment just because it’s cheaper when one of the main reasons you’re over apartment life is because you hate sharing walls with neighbours or you are on the verge of starting a family and you buy a 2 bedroom apartment when you know you’ll need more space than that. It’s true that you’ll probably have to make some compromises to be able to afford your first home, but don’t make a compromise that will be a major strain.
5. Not choosing to hire an agent
A major mistake first time home buyers make is trying to shop for real estate without an agent. Finding your own home is like “diagnosing yourself of an illness,Agents are held to the ethical rule that they must act in both the seller and the buyer parties’ best interests, but you can see how that might not work in your best interest if you start dealing with a seller’s agent before contacting one of your own.
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6. Getting too emotionally attached
Getting too emotionally attached to a piece of real estate is a no-no especially when you are still shopping. You’re about to purchase what’s probably the most expensive item you’ve ever bought. Relax and don’t get too attached. There will always be another house if you lose one. Try finding several homes you love so that you’re not too emotionally invested in one.