Purchasing a property is not an easy task, it takes a lot of time and work. You must put in the effort, conduct the necessary research, and ensure that you are purchasing from a respectable real estate business in order to be assured that you are purchasing not only a property but also the ultimate asset.
The Importance and Excitement of Buying a House in Nigeria
Buying a house is an important investment that provides a sense of security and stability to individuals and families. A house is more than just a structure where you rest your head at night, it’s a place filled with memories and the starting point to build lifelong relationships. Additionally, owning a house is an excellent long-term financial investment that can appreciate in value over time, providing a sense of financial stability.
Nigeria’s real estate industry has experienced significant growth in recent years. According to a report by PWC, the Nigerian Real Estate sector is valued at $13.65 billion and accounts for nearly 7% of Nigeria’s GDP. The increasing population and urbanization rates have led to an increase in demand for housing, subsequently driving the industry’s growth. This growth has led to a wide range of housing options, including apartments, villas, and townhouses, making it an exciting time to buy a house in Nigeria.
Steps To Consider Before Buying A House in Nigeria
In this comprehensive guide, we will take you through the necessary steps to consider when buying a house in Nigeria. Following these 9 steps can help you manage the process and make the best selections possible. Without further ado, let’s get right into it.
- EXAMINE YOUR FINANCES: Examine all of your financial records, compare them to your current salary, and see if you can afford to buy a property without breaking the bank or risking debts, you should base your decision on your individual financial condition. To find out how much housing you can afford. Also, before embarking on the house-hunting journey, it’s vital to determine your budget, as this will guide your search. Knowing your budget will prevent you from overextending your finances and help you avoid the common mistake of falling in love with a house you can’t afford.
- RESEARCH: Begin reading real estate listings-related websites, newspapers, and publications as soon as possible. Make a list of homes you’re interested in and keep track of how long they’ve been on the market. Keep track of any modifications in the asking price. This can provide you with an idea of local housing trends also. It is of utmost importance to seek the greatest real estate counsel. Assemble a good team to assist you with this. Obtain the services of a professional realtor or associate who can provide you with the greatest advice on a home that will meet your specific requirements. Use the services of a lawyer to double-check all legalities to ensure there are no underlying legal difficulties when you purchase a home. You should also hire a good surveyor to help you double-check the legitimacy of the property’s survey documents.
- FINANCING: Financing a house in Nigeria is quite challenging, and you must be well informed about the available options. Common financing options include conventional mortgages, FMBN loans, and corporate real estate loans. When seeking a mortgage, ensure that you can afford the down payment and have an excellent credit rating.
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CHOOSE YOUR LOCATION: Location is an essential factor to consider when buying a house in Nigeria. You’ll need to choose the right location depending on your lifestyle and the amenities you require. Factors to consider when choosing a location include proximity to schools, hospitals, shopping centers, and security. The best locations to buy a house in Nigeria include Lekki, Ikeja, Victoria Island, and Ikoyi. ALSO READ: Why You Should Invest In Lands in Epe
- FIND A REPUTABLE REAL ESTATE AGENT: A reputable real estate agent can guide you through the home-buying process and help you find your dream home. They have an in-depth knowledge of the real estate market and can provide sound advice on properties that suit your budget and preferences. When searching for an agent, ensure that they are licensed and have experience in the industry. You can also attend open houses and ask for referrals from colleagues or friends.
- SCHEDULE HOME INSPECTIONS: Tour properties in your price range. It might be beneficial to take notes on all of the homes you tour. There will be a lot of houses to see! It can be difficult to recall everything about them, so you may wish to take photos or make videos to aid your memory. Purchase offers are conditional on a home inspection of the property to look for indicators of structural problems or items that need to be repaired. Your real estate agent will normally assist you in scheduling this inspection within a few days of the seller accepting your offer. When viewing houses, take a checklist with you to ensure that you are considering your needs and wants in the house. Ensure that you inspect the house thoroughly and assess for any hidden faults. If the inspection reveals serious material damage, this contingency protects you by allowing you to renegotiate or withdraw your offer without penalty.
- NEGOTIATE THE PRICE: Once you’ve found a property that meets your preferences and passed the inspection stage, it’s time to negotiate the price. You can negotiate with the seller or real estate agent to reach a price that’s favorable to both parties.
- INVOLVE YOUR LAWYER TO COORDINATE THE PAPERWORK: Purchasing a home, as you might expect, entails a significant amount of paperwork. Your lawyer will need to handle all of the paperwork and ensure that the seller is the legal owner of the property you’re purchasing.
- CLOSE THE SALE: Closing the deal involves signing all the necessary paperwork and making the final payment. An attorney or legal representative usually facilitates this process, and we recommend seeking legal advice to ensure that you understand all legal obligations and fees involved. In order to avoid costly errors or scams, make sure you have the correct payment information from the firm that is listing the home.
ALSO READ: Why You Need a House in Inspection Before Buying A House in Nigeria
CONCLUSION
In conclusion, buying a house in Nigeria requires thorough preparation and research. By following the above guide, you are likely to find the perfect house that fits your style and budget. Remember to choose the right location, find a reputable real estate agent, make an informed offer, select the ideal financing option, and seal the deal with the required legal obligations. If you are considering buying a house in Nigeria, now is the time to get started.
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