7 Important tips when buying a house in Lagos
Buying a house in Lagos is a dream of a lot of people. In spite of being interesting, a lot still has to be learned before proceeding. Buying a home is a major commitment both financially and psychologically. Investing in real estate in Lagos can be a daunting experience especially if you don’t have enough knowledge of the market.
Being one of the biggest purchases of your life, the process can be exciting and tiring at the same time. Having a “first-time buyer” jitters is normal because when you are doing something for the first time, it can be scary. Here are some tips that can guide you and make you feel like a professional investor.
1. Have a Budget
This is the most important tip you should note. When buying a house in Lagos, you must have a budget range and make sure you stick to properties within your budget. Inspecting properties outside your budget can be tempting thus, disrupting your financial plans. Hence, before going for that home inspection, know your financial status, draw a budget and make sure you stick to your budget.
2. Create a checklist of what your new home must have
Like any assignment, you must have a target. The target is a list of things you wish to have in your new home. An idea of a checklist includes what type of house do you want, your preferred neighborhood or location. What are the facilities you want around your house? House hunting without a checklist can lead you astray. Hence you end up buying what you don’t want. Having a checklist will help you take proper decisions when faced with the emotions of deciding between different listings.
3. Hire an Agent
Hiring a professional when buying a house in Lagos will not only save you time but also a lot of stress. Agents always know of new listings around the area. An agent can send you listings that perfectly match your checklist. Thus, you won’t have to waste time inspecting many properties before you decide. Agents have an idea of prices of houses in different areas, hence they can advise when they notice a property is overpriced.
4. Get a second opinion
When buying a house in Lagos, it is always good to get a professional opinion from engineers or builders. Once you make up your mind on a particular property, hire a professional to carry out structural integrity tests on the building. This will reveal a lot of things your eyes can’t detect. Also, seek the opinion of your spouse and consider if it’s a good place for your children to live.
5. Look for alternative sources of funding
Only a few Nigerians know about a mortgage. Thus, most people carry the burden of buying a house in Lagos all by themselves. There are many financial institutions offering different kinds of homeownership funding. You can speak to any of them if you meet their requirements.
6. Conduct a search on the property
Always ask a lawyer to conduct a search before buying a house in Lagos. Engage the service of a lawyer to carry out a search at the Ministry of Lands, Alausa, Lagos. Get a comprehensive report and recommendations from the lawyer before you make payment for the property.
7. Read the contract before signing
It is very important you read the contract before signing. Buying a house in Lagos is one of the biggest investments you will ever make in your life, hence make sure you understand the contract terms. If there’s any grey area in the contract, ask your lawyer to shed light on it.
House hunting in a city like Lagos can be very stressful and time-consuming. But with the tips listed above, if followed diligently, buying your house will be seamless and hassle-free. We recommend ourselves to help you with your house hunting. We have properties majorly in Lekki, Ikoyi, Vi, Osapa, Ikate, Chevron and Ajah. All you need is your checklist, we will handle the rest. For advisory, please call 08125865542.
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