ULTIMATE GUIDE: BUYING YOUR FIRST HOME
In a country like Nigeria, a lot of people will love to be homeowners. Buying your first home is an exciting time, but it can also be challenging if you don’t know where to start. Understanding the home buying process and real estate terminology can be difficult and, with property prices high in many parts of the country.
This article is written to provide you with general advice to navigate the home-buying process from start to finish so you can make informed decisions when it comes to your first property purchase.
Prepare your budget
Before you set out to buy a house in any city in Nigeria, you need to have a budget. A lot of people set out to get real estate without properly setting out money or knowing exactly what they can afford. Buying a house might be the biggest purchase of your life so it is not the same as buying a dress or a new phone. Without a budget, you might end up buying on impulse, and sometimes spend more than necessary.
Understand the nature of the property
Buying a property translates into you investing in real estate irrespective of the house is for personal use. As an investor, you want to get the best value for your money and that often translates to the best return on investment. Before purchasing a home in Nigeria, you want to evaluate the potential growth in investment in a particular area before you throw your hard-earned money at it. You need to choose the type of property and location wisely.
Know your ideal kind of home
You won’t just walk out of your home one day or search through a real estate because you want to buy a house, what type of house exactly? There are many options available when it comes to purchasing residential property; there is a duplex, a condo, a house with 2–4 units for more than one family, a normal single-family home, etc. Each property has its own advantage and disadvantage depending on whichever you want to go for.
Hire an agent
Hiring a real estate professional to help you with the buying process will not only save you time but also stress. It might seem logical to look for houses alone but a buyer’s agent will help protect your interest and also guide you through the maze of being a homeowner in Nigeria.
Make a thorough search and compare
When you find a home in Nigeria that catches your fancy and you can afford, don’t be quick to make a down payment. Ensure you visit the property and inspect the building and the environment. Check for signs of structural damage or things that may need fixing.
Verify the documents
If you are confident with the house, you need to confirm the documents of the house is authentic and also verify that the documents were complete. If you are getting a house in Lagos for example, the Bureau of Lands of Lagos state will know if the property is registered as a government acquired the property and if there are pending litigation or issues on the property.
Make payment and collect all receipts and documents
With everything in place, you should make all payments regarding the house with your lawyer. After making payment, make all efforts to collect every related receipt forms.
Stay Positive
Maybe the most important tip for first-time homebuyers is to stay positive. Even after you have found the home that you want, made an offer, and had it accepted, the process of closing the deal can sometimes take longer than you’d like. Stay positive.
