If you are in the Nigerian Market for real estate, a brand new home might be the obvious appeal for you. A new home gives you the option of having it customised to their own taste, making it more desirable and appealing. with a new home, you don’t have to worry about all the problems that come with older homes – right? As appealing as getting a new house is there are several concerns specific to buying new construction homes that every buyer should consider before signing a contract.
To be on a safe side it is crucial you have a real estate agent representing you in this deal to help you ensure you make the right enquires on the property. As amazing as it can be to own a new home, it can be equally frustrating to discover that your dream property doesn’t come close to meeting your expectations. It is important you ask the right questions when buying a new home in Nigeria so ask prospective builders these six questions in order to find the right home at the right price.
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- 1 1. Who is the builder?
- 2 2. What are the standard features in the homes and what are the extras?
- 3 3. Is there a list of vendors I will need to meet?
- 4 4. Does the home come with builder’s warranty?
- 5 5. Are there any protective covenants for the neighbourhood?
- 6 6. Will there be any homeowners association?
1. Who is the builder?
The abilities and experience of the builder will give you an idea of the quality of the final product. Before going for the preconstruction meeting with the builder, ask around and talk to several different recent buyers, and maybe even a few other builders or related contractors in the area that will know the work of the builder you are considering. Understanding the builder’s reputation is one of the most important factors before committing to them.
2. What are the standard features in the homes and what are the extras?
Home builders in Nigeria include a set of standard features in each home built while offering extras that cost more. Making this inquiry tell you if you need to negotiate new construction upgrades on your property. The builder should have a detailed “specifications” sheet that details everything that comes standard with your new home. Often times the builder will also have a pre-determined upgrades list that allows you to pick and choose what you would like added to the home and at what cost.
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3. Is there a list of vendors I will need to meet?
Different vendors will be used while your home is built. If you need to meet them, it will be helpful to know about it. You should find out up-front who the vendors are and where their businesses are located. These are the locations where you will be picking out your selections unless the builder has them on site.
4. Does the home come with builder’s warranty?
Sometimes new homes are not built up to standard in Nigeria, A builders warranty provides peace of mind, particularly when it comes from the builder. One of the most important questions you can ask when buying new construction is what kind of warranty is included. The warranty offered can vary quite a bit from builder to builder.
5. Are there any protective covenants for the neighbourhood?
Some neighbourhoods in Nigeria have some sort of protective covenants to preserve the value of the properties. You need to ask this question so as to know the covenants that will affect both you and your neighbours. Keep in mind there can be a distinction between the words “protective” and “restrictive” You want to make sure you’re not buying into a neighbourhood where you will not be able to do what you want to your home!
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6. Will there be any homeowners association?
If you are going to have to be a part of an association, you have to know about it. The HOA will be responsible for enforcing the rules that are supposed to protect the value of your property and the quality of life in the neighbourhood. The quality of your HOA is important because a bad HOA experience can make life much more challenging than it has to be.