What You Need To Know Before Buying A House In Nigeria. Buying a house in Nigeria can never be that easy because making the right choice on choosing what’s best is one of the hardest parts of it.
It can also be quite exciting and inspiring to buy a house for the first time. However, it can be quite tiring and stressful if you are a first-time buyer. Depending on what you want to do, maybe, to buy a house in Nigeria for investment purposes or you are looking to change or move to a new neighborhood but in whatever you are trying to do this article will give you a couple of tips that will help you make sure that the process of buying a house in Nigeria is enjoyable and stress-free.
Buying a House in Nigeria
1. Set your Budget
Before starting your research on buying a house in Nigeria, I will suggest that you think about your budget and financing the purchase. If you cannot pay in cash in purchasing the house, you will have to borrow the money through a mortgage or take up a loan.
2. Start Property Search
Ideally, it is better to use trusted real estate agents or consultants to help you out with your budget. It can be stressful and tiring doing a property search yourself.
You can also make use of the internet. These days, the internet gives you enough information on what you need.
Most property listing websites allow you to filter the search results by the number of bedrooms, price, and location.
3. Create and Shortlist Houses
Once you are getting calls from your trusted real estate agents on houses, create a list of properties that might meet your needs. Create and a shortlist the ones that can satisfy your criteria. It is a good idea to look at a lot of houses patiently before making your decisions.
4. Identify your Needs
You will need to identify your needs. If you want the house located near a certain workplace, station, or school, you put them on your list created. You may prepare a list of all the stuff that you desire in your property.
5. Investigate the property you want to buy
When you find the house, you are interested in buying in Nigeria, you need to investigate in which you conduct a due diligence exercise. Ask your agent how long the property is on the market. You can find out if a home is fairly priced for the neighborhood. Not only does the property matter, but asks more deep questions about the neighborhood, crime rates, school quality, and the like. This due diligence is most important before you do any down payment
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6. Think repair cost on the House
It is often the case that you’ll have to make a few renovations when you buy a house in Nigeria. It could be the foundations, the walls, or maybe the interiors. But that doesn’t mean that you should give up on the house in need of a significant fix but you should factor in those costs when determining whether you can afford to buy.
7. Make an Offer
Once you have decided on a property that meets your needs, you may want to decide on the price that you need to pay. It is important to keep in mind that every property comes with an asking price.
This is one of the logic the seller and the real estate agents use. But you can always negotiate with the seller before making payment.
8. Before buying a house in Nigeria Hire a Lawyer
You need to know how the home-buying process works. Hire a lawyer whom you can help you ask questions, and know everything about the documents involved in the process. Your lawyer will negotiate on price, guide you on documents, and interpret the whole written document for you.
9. Agreeing on the Price
Once you have made an offer, it is up to the seller to accept or reject it. If they say that your offer is too low, you may have to offer a higher amount. Once the negotiation is over, your offer will be accepted and the deal will be done.
Long story short, these are some of the tips that you may want to keep in mind when looking for a home to buy for the first time.
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With these steps stated here, you are sure in taking the right steps and decisions when it comes to buying a house in Nigeria. Be patient and observant performing good detail and due diligence in buying a house in Nigeria. If you have any other tips to add, please feel free to add them in the comment section.
Adeyeye IfeOluwa is a Web Designer & Developer, Digital marketer, Real Estate Consultant, and Writer
Landsprout.com came with a passion to help you achieve wealth in real estate investment and solve the hassle within it.
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