HOUSE PURCHASE IN NIGERIA: A PRACTICAL GUIDE

 

INTRODUCTION

Buying a house could be overwhelming to individuals and investors especially when it’s their first time as they are likely to encounter some hurdles like overpriced properties, fraudulent land grabbers, the land registration process, and a few more.

Don’t let the hurdles scare you away from your dreams, homeownership is worth it and has its advantages. Owning a home is a huge achievement, even though it could
be challenging initially the rewards of owning your home makes it worth it.

REWARDS
OF BUYING A HOME

Living Security

It  gives you some comfort and assurance of having a roof over your head, as opposed to renting a house that puts you at the mercy of a landlord who can
decide to issue an eviction notice anytime, living in a home you own guarantees you living security.

Building equity

Equity could be described as the value of what you own in a property, your equity rises along with the value of your property hence killing two birds with one stone meaning you own a home and at the same time you’ve acquired an asset.

Paying mortgages vs paying rent

After buying a house, repaying mortgages could be similar to paying rent but the advantage here is after paying off your mortgage you are rest assured the home is fully yours, while no matter how much rent you pay in a rented apartment the home still be will never yours.

Creating your dream home

Owning your own home also affords you the liberty to create, design, and renovate the structure to your taste, a dream that can’t be actualized in a rented space.

Cost control

When in a rented space, the price of the rent could be increased anytime, leaving you with little or no choice as you now have to consider accepting the increment or taking
on moving costs.

To simplify the home-owning process and to equip you with the adequate information you need to make the right choice, we have compiled a list of things to put into consideration on your quest of finding your dream home. similar to any project, one has to get the steps right from the start to finish to succeed. get the desired property.

1. Draw up a budget
2. Start saving early
3. Go house hunting
4. Have a neighborhood in mind
5. Get legal help
6. Mortgages

Draw up a budget

It is important to have a budget as this will help in narrowing down the options available that suit your budget, then you can
streamline the options based on your taste.

Start saving early

Saving early can relieve a lot of financial pressure when buying a house it’s advisable to start saving years ahead once the plan to buy a home has been conceived. in most cases you’ll have to make a down payment before spreading out the balance, it is better to save up and get ready for the down payment. Saving also comes to the rescue in the case of hidden charges that weren't in your budget initially such as closing cost, repairs, insurance.

Go for inspection

The next step is to go for inspections to see properties that match your budget and ascertain if it suits your taste, it is key to have a checklist of things you’re looking out for before inspecting, items on the checklist may include:

1. Electricity/Meter (prepaid or postpaid)
2. Water supply
3. Cracks on the wall
4. Leaks in the roof
5. Drainage and stagnant water
6. wiring & electrical systems
7. Plumbing

It might be impossible to find a house in perfect condition, however, it is advisable to go for a home with a minimal repair cost especially if you are not buying a brand new home. inspecting properties could be an eye-opening experience and will let you know if your plans and budget are feasible.

Have a neighborhood in mind

Different people have different needs and will have different choices of estates they prefer, it’s a norm to look around to find what sits well with you in terms of proximity of schools, churches, hospitals, and other facilities. You don’t want to live in a place where you have to travel down to work and back daily, it is advisable to live in an environment where basic services like hospitals are easily accessible. Crime rate is another factor to consider when looking out for a neighborhood of residence, an area with a high crime rate is a red flag
as you don’t want to go through the home-seeking process all over again after a few months all because of security threats, hence the importance of investigating how safe the neighborhood is.

Get legal help

Buying a house is one of the most expensive transactions individuals engage in in a lifetime. A lot of caution should be taken before going ahead to make any commitments to avoid getting defrauded and this is one of the reasons why getting legal help is important. Before signing any documents standard practice requires you have an attorney look at the papers to avoid hidden clauses. Other reasons why you might need legal help include:

• Mortgage Approval
• Purchase Agreement
• Tittle and Documents

CONCLUSION

The decision to buy a new home is never an easy one, especially for first-time buyers. However, with With all these in place, you are set to become a homeowner, we wish you good luck on your quest. 

Post Script

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