Buying your first house can be a difficult task, particularly in Nigeria’s fast-paced real estate market. With so many options and factors to consider, it’s easy to feel overwhelmed. However, with the right guidance and advice, the process can be much smoother and more manageable. In this post, we will offer advice and ideas for first-time house buyers in Nigeria to help make the process easier and more effective.
Tips
1.) Get Your Funds in Order: Before you begin your house-hunting journey, be sure your finances are in order. This involves keeping solid credit so that you may qualify for a loan if necessary, saving enough money for a down payment, and evaluating how much you can afford to spend on a property.
2.) Extensive research: Because Nigeria’s real estate market is always changing, extensive research is required before making any decisions. When deciding on a location, look into several neighbourhoods, compare the costs and amenities provided by different properties, and consider factors such as proximity to work/school/services.
3.) Do Not Skip House Inspections: Before purchasing a home, inspections are important to avoid unexpected problems. Make sure you engage with licensed professionals who will thoroughly inspect the roofing, plumbing, electrical systems, and other critical areas of concern uch as the foundation and structural integrity. By conducting thorough inspections, you can identify any hidden problems early on and make informed decisions about your investment. Don't underestimate the importance of this step in the home-buying process!
4.) Hire an Experienced Real Estate Agent: A qualified real estate agent can guide you through the difficult purchase process while protecting your best interests. They have extensive knowledge of the local market and can help you find the perfect home at the best possible price. If you are having difficulty finding an agent, you might look into real estate companies in Nigeria to be linked with one.
5.) Consider Future Resale Value: While purchasing your first home may appear to be a long-term investment, you may need to sell it sooner than expected due to changes in your career or personal circumstances. When selecting a home, consider its potential resale value, as certain factors, such as size or location, can have a significant impact on how well it sells.
6.)Review the Contract: Before signing any documents, carefully review each contract and make sure you understand everything. Check that all of the specifics, including payment schedules, terms, and circumstances that may affect the purchase, match your expectations.
Finding a house that you can buy with a mortgage is an excellent method to purchase a home while keeping your finances in order. The rent-to-own scheme is an excellent mortgage strategy that provides financing for 70% of the purchase price of your property over a 30-year repayment period with a 7% interest rate. The scheme is open to all Nigerians who are contributors to the National Housing Fund and is offered by Legrande Properties in partnership with the Federal Mortgage Bank of Nigeria to enable Nigerians to become homeowners with ease. This is a great option for buyers who don't have the full down payment saved up or want to avoid paying high monthly mortgage payments.
In conclusion, purchasing your first home is a thrilling milestone, but it also takes careful planning and research to ensure that your investment is smart. When searching for the ideal home, keep in mind that patience pays off, so give your selections a thorough evaluation before deciding on one.