Buying a home
Real estate is one of the most lucrative investments in recent times. However, like any other investment a lot of research and planning should be done before venturing into it. This will enable you make the right home buying decisions and get great value on your investment.
Here are some things to consider before buying property:
- Write a list
One thing a first-time home owner should have is a must-have list. This is basically a list of things you would like your ideal property to have for example what neighborhood or location are you aiming for? What are the must have features you want in your home? What size of home do you prefer? What features do you want in your home? Don’t forget to also include a budget range in this list i.e. the maximum/ideal amount you would be willing to spend on your dream home.
- Have a budget
It’s important to have a budget when you are buying your home, this helps you determine how much money you need to save for your home purchase. When, you know the type of home you want and how much it will cost. It’s time to fund your dream. This may involve making financial sacrifices and cutting out excess spending or even getting a financial aid via a housing scheme (more on this later).
- Consider Financial Aid
After considering your budget, you might find that you have insufficient funds for the particular home you want. Don’t allow this deter your homeowner dreams. There are several housing schemes that you may be eligible for, do your research to see which you qualify for. For example, in Nigeria, there is the National Housing Fund (NHF) -a Federal Mortgage Bank of Nigeria (FMBN) product
- Scrutinize the location
Before you make payment for the home, ask questions about the future prospects of the neighborhood. What has been planned or is being built in the area? Is a new shopping mall to be opened? This will make you aware of all the things that may affect your future home and lifestyle whether positively or negatively.
- Talk to the professionals
By hiring a real estate professional to help you with the buying process, you will save time and also reduce stress. A real estate agent will help protect your interest and guide you through the maze of being a homeowner in Nigeria. An agent can send you listings directly that fit your check list and budget.