Five-(5)-Factors-to-Consider-Before-Buying-a-House-in-Nigeria.-2

Five (5) Things to Consider Before Buying a House in Nigeria

Five (5) Factors to Consider Before Buying a House in Nigeria

If you’re looking for a very lucrative investment that will be a source of passive income for you in your old age, then you should consider REAL ESTATE and if you’re wondering which location or state to best invest in, you should consider buying real estate in Lagos. Lagos is undoubtedly one of the most beautiful states in Nigeria due to its wide range of businesses and population which makes real estate a good investment idea because people need a comfortable place to return to after the bustle and hustle of the day.

 

If you’re already in Lagos, looking to own a home and wondering which part of Lagos would be ideal for you, then you should consider owning a house in Lekki.

 

Whether you’re buying a house to live in or for business, it is very important that you consider quite a number of things before sealing the deal. 

 

Here are a few things to consider before buying that property:  

 

1. Find a Trusted Real Estate Agent

 

Getting a trusted real estate agent is paramount to any other factor because, if this is the first time you’re buying a property, everything will seem too new to you and you will need somebody to help map out a good location to search, cross-check that the deal is a good one and to confirm you’re not being duped because you are about to commit in a lot of money and it is very important that you tread carefully to avoid becoming a victim of another fraud story. Although this will require you to pay the agent and this is why a lot of people will want to buy a property without an agent, getting a trusted and experienced agent will save you a lot of future stress and will be worth every penny in the end. 

 

2. Location of the House

 

A lot of people want a house that is very close to the main town. In fact, they would even prefer it if they could just come out of their houses, walk or drive for a few minutes and be able to do everything within that same location; worship, recreation, shopping, schools and most importantly, to be able to go to and return from work freely without stress. Owning a home close to your place of work and other activities makes it easy for you to save time and the cost of transportation.

 

The location should also be highly considered when buying a property for say, a mini office or business space as having your business or office close to the main town would make it easier for your customers to locate and patronize you. 

3. Style and Condition of the House 

 

On style, this is where preferences and needs come in. While some people prefer large-sized houses with a big compound space for playing and goofing around, a swimming pool, et cetera. Others might just want a simple, not-so-big house with very little space. So, it is important to consider if the design of a particular house suits your taste and lifestyle before buying. Some of the styling factors to consider include; the architectural design of the house, the colour, the size, the interiors and the compound space.

 

On condition, it will be of great benefit to the buyer to check the condition of the house in question especially if it is not a new house. Renovating a house might be very expensive so it is important to check what state the house is in and how much it might cost to know if it is within or above your budget. 

 

Some parts of the house to check include; walls for cracks and stains, roofs for leaks, pipes for breakages, electrical systems, etc. 

4. Basic Amenities and Security 

 

Before buying a house, one should consider the basic infrastructure in that area. For example, it is important that the road that leads to and from the location is well-tarred and without potholes. Also, it should be in an area that is not prone to flooding.  There should be adequate water and electricity supply, good telephone and internet connectivity and street lighting. 

 

Having recreational places should be an added advantage, somewhere to chill out once in a while with friends and family without having to worry about transportation costs or going too far away from home.

 

Most importantly, It is crucial that you are not only comfortable but also safe. Security fencing, gate type, security doors, emergency doors and the security personnel at the entrance and exit gates should all be considered when buying a house. Buying a house in a safe area will save you the stress and fear of thieves, kidnappers and home destroyers. One cannot be too careful so playing our own part in our own safety would go a long way. 

 

5. The Payment Plan 

 

As a buyer, you should already have a mapped-out amount of money you would like to invest in or buy a house with.

 

If you will be paying in instalments, it is important to know the time you will be given to completely finish off the payment and the amount you will be required to pay either weekly, monthly, bi-monthly, bi-yearly or yearly. Flexibility should be considered here because you wouldn’t want to get into something and not be able to meet up with the target or time allocated to you. 

 

Also, if you will be getting a loan from the bank, it is important to know the repayment plan and interest rates and if it’ll be comfortable for you. It is also advisable to get a reliable financial partner to help you throughout the process after considering how affordable and comfortable their mortgages and loans are. 

 

Real Estate Housing is not something you just wake up and dive into without proper consideration, knowledge and trusted agents. If you are new and looking for a company to get the best agent and deals from and one that covers all the above-listed factors, then you should check out  Jimic Royal Homes.

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