You are finally at that point in your life where you are tired of living from apartment to apartment and you feel it in your gut that it is time to buy a house of your own. Without a doubt, a house is one of the most expensive things you can buy in your lifetime. Home buying in Nigeria is not fully a trend as opposed to building your own house from scratch. However, buying a house in Lagos is a wise choice as Lagos is one of the most lucrative property markets in Nigeria. It makes perfect sense to be pensive when buying a property, especially if you are a first time home buyer new to the business of evaluating a property for quality. However, here are some tips to help you buy like a pro:
- 1 What is your budget?
- 2 ALSO READ: Do You Need A Building Plan Approval in Lagos?
- 3 What type of home best suits your needs?
- 4 What features should your home have?
- 5 ALSO READ: 5 Basic Steps in Building a House in Lagos
- 6 Who will help you find a home and guide you through the purchase?
- 7 See a house more than once.
- 8 CHECK OUT: DUPLEXES FOR SALE IN AJAH
- 9 Home Inspection
- 10 Cheap can be Dangerous!
- 11 ALSO READ: How to Spot an Up-and-Coming Area
- 12 Delay
What is your budget?
This goes without saying. Your budget bracket is the most important consideration when you are trying to purchase a house. Is the money you have enough to buy the home of your dreams, in the area you most desire? If not, Are you going to get a mortgage to help finance your purchase? Do you qualify for a sizeable mortgage? What mortgage institutions do you know? Or are you going to settle for a home within your budget range? These are some of the questions you should ask
The huge mistake first-time buyers make is that they don’t know how much they can afford and neglect it when looking at houses for the first time. They look at unrealistic homes in terms of their budget. Make sure you KNOW how much you can afford!
What type of home best suits your needs?
There are several options when buying a residential property. They range from duplexes to bungalows to townhouses. Depending on your homeownership goals, you need to decide what kind of house would best fit your goals. Define what fits your needs.
What features should your home have?
Make a list of the features your dream home should have. Start the list with your highest priorities. You need to be as specific and realistic as you can be as you are most likely making the biggest buy of your life. Your house-to-be should fit both your needs and wants as closely as possible. Your list should contain the size of the house you want, details about the house. For example; swimming pool or not? a balcony or not? Be explicit
ALSO READ: 5 Basic Steps in Building a House in Lagos
Who will help you find a home and guide you through the purchase?
Once you have finalised on the budget range and the features your house should have, the next step is to get in touch with a real estate agent that can help you make your needs a reality. At tolet.com.ng, we provide affordable houses for sale that meet your needs.
See a house more than once.
Searching for a home can be likened to searching for a spouse. You sure would not marry someone only after a first date, would you? A common mistake some home buyers make is Purchasing a house without seeing it first, which often leads to buyers’ remorse. Make sure you have a tour of the house a few times before making any kind of commitment. You may have missed something important the first time that would most likely catch your eye the second time around. You can also take pictures and notes in a bid to gather all of the information you learned about the several houses you have seen so you can review the pros and cons of each house at your convenient time. This can be used as a guide in helping you make the right decision. You may even get to spot details in the photos that you didn’t notice during the tour.
CHECK OUT: DUPLEXES FOR SALE IN AJAH
Now that you have found a home, the next step would be to carry out a home inspection. Even if the home you plan to buy appears to be flawless, nothing is better than carrying out a home inspection on the building. You don’t want to end up getting stuck with unexpected repairs or have a shocker after making the purchase. If the home inspection reveals serious defects that the seller did not disclose, you can conveniently walk away.
Cheap can be Dangerous!
Be wary of buying overly cheap properties. No doubt properties for sale in different parts of Lagos have a range of prices. However, when you find a property that is way lower than the ongoing market price for that kind of property in that area, you need to carry out due diligence on the property before you buy. Buying cheap is sometimes not a bad thing but there have been cases where a cheap property was purchased and it turned out that the person selling was in fact not the real owner or simply a friend or relative who had access to the documents and wanted to sell at a dead give away price. So if you are someone who jumps at buying things cheaply, you may fall for this kind of fraud scheme and ultimately lose out. The best thing to do before buying any property, cheap or expensive is to carry out due diligence on it
ALSO READ: How to Spot an Up-and-Coming Area
After carrying out due diligence on the property you wish to purchase and you are now sure the house and all other documents are clean and complete, do not delay payment as delay may hinder you from getting that dream house.
I hope these home buying tips are taken seriously as it can be useful to either first time home buyers or seasoned home buyers.
Ready to buy your dream house? Let’s help you find it at tolet.com.ng