Buying a home in Nigeria or any other place in the world is a key decision. This is because it is not about your financial commitment; it also deals with your emotions, and psychology- because you’re about to spend hard-earned money. It can be challenging, as there seems to be so many tasks, demands or requirements involved in the process, and it’s your first time.
You are anxious and you sure don’t want to make a costly error. This article will serve as a guide for you, if you’re about to make your first purchase. You sure don’t want to spend your money on what you don’t like, or worse get duped. Below is an outline of 5 key tips, or things to consider if you will, before making your first purchase:
- Check your financial capability
This should be your primaryconcern; you sure can’t purchase your dream house if you don’t have the means or enough means to do that, now can you? So before hopping on to the website of a real estate company to scroll through available listings, and then find yourself mesmerized in the awesome wonder of an amazing house, do a critical audit of your finances.
You need to make sure that you don’t just have enough money to procure the house, but you also much more to manage the regular expenses required for running a home. So, when the audit is done, it will inform you of whether you’re financially muscular to go ahead with purchasing the house, or you need to chill a little. To have up to 6 months or more worth of home catering funds, you can do the following:
- Start an emergency savings
- Live on your means or below. Don’t spend money on unnecessary things, cut down your spending to only essentials.
- Have a good credit if you hope to apply for a home loan. Having a good credit means having a history of paying bills on time.
2. 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 a 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. So you need to decide home meets your description, and go for it.
3. Create a feature list for the house you want to purchase
After deciding what kind of structure your house will be, you need to have a list of features that will characterize where you stay – this is where emotions and psychology come in. so, while making a list, make sure to keep it flexible so it can be easily adjusted, you’re about to make one of the biggest purchase ever and so you need to make sure that whatever you go for meets your needs or wants as much as possible. Your list can vary from as large as the size of the house and the neighborhood, to the arrangement of your kitchen, and if you want to have a pool or not.
4. Get in touch with an Agent
Once you have sorted numbers 1-3 above, get in touch with a real estate agent. Hiring a real estate agent will save you unnecessary stress and time. These people already have an idea of the terrain; they know where best to look for your ideal home after you’ve given them the features, they will save you the stress of having to go through the stressful process of searching a house alone. So, in essence, they are skilled professionals who can help you navigate the tempest of owning a home. We deal in residential properties, and we’re always on ground to serve your property needs. If you’re looking to make your first purchase, you can contact us, we’re always ready and on ground to help. So, there you have it, 4 essential tips for first-time home buyers.