Do you want to buy your first house? That is a big decision with a lot of factors to consider. Buying a landed property can be ecstatic with feelings of accomplishment. You get to make memories and create experiences. But it is more than that. A landed property is also a form of investment that can serve you nicely in the future.
Considering all the benefits that await you, it is also important to be careful. Property scams, inflated prices, and poorly conditioned properties are risks.
With the right guidance, you can make the best decision as a beginner with this comprehensive guide.
Determine your Budget
The first step to getting that dream house is to be precise about your budget and its limitations. The excitement of getting your first home can often influence you to overextend yourself or spend more than necessary. However, a clear budget will help streamline your focus and give you a clear path.
Your budget should include all necessary costs other than the intended price of the property. You also consider the fees for real estate agents, legal representatives, and document acquisition.
A clear budget plan is possible when considering how to source the money. It could be through acquired savings, the sale of properties, or loans. You can map out your plans with realistic factors when you have a clear budget. You are on the right path to being a happy homeowner.
Research
The next step is to explore the real estate industry and its available options. Proper research makes it possible to find several options that fit your taste and budget. In-depth research will focus on the following elements:
Comprehensive Listing
Real estate listing is a combination of all the available properties or houses on the market. There is no need to limit yourself when researching a list. Your options include house listings on newspapers or websites. Some blogs or advertisement pages also show listings as well as publications. It is important to have multiple options and a comprehensive listing gives you that.
Time on the Market
The next step in your research will help you to reduce the list. When considering the time on the market, discard houses that have spent a long time on the list. The longer a home spends on the list, the more likely that there are major issues with the said property. Sometimes, it is best to consult a real estate agency to help do professional research when checking the listing durations of the homes.
Location
The property’s location is another factor in research. You don't need to have a specific location in mind. However, taking the location into account allows you to consider the environment. Is it a new location where development is in its infancy? Is the house in a well-developed location? Answers to these questions make it possible to understand the type of amenities available, security concerns, access to the properties, and much more.
Find a Reputable Real Estate Agent
You can employ the services of a reliable real estate agent or agency in your research-making process. Optionally, you can do the research by yourself. It is, however, important and recommended to find a reputable agent after your research to help with your choices and decisions.
Your agent should have experience in the industry and the purchase of landed properties. A proper real estate agency will aid in your next crucial steps.
Involve Your Lawyer in the Paperwork
Another important element before you buy a house in Nigeria is to have a lawyer present. It is also crucial to involve your lawyer in the decision-making process as soon as possible. A lawyer provides information on the necessary documents from both sides of the transaction. Your lawyer will also handle the paperwork and ensure there is a legal order to all proceedings.
Schedule Home Inspection
After making your picks, the next step is to schedule a home inspection with your agent and optionally, your lawyer. Carefully tour properties in your price range and preferred locations.
Take notes on the pros and cons of each house during inspection. Consider your preferred use of the spaces and needs. Some home inspection allows for a virtual rendition of the homes, allowing you to see how it looks when you have all the gadgets inside.
Home Appraisal
Home appraisal is the next step for any beginner in the real estate industry. While most people often discard this step due to cost or time, it is advised that you apply home appraisal for your first house. House appraisers are better at inspecting the landed properties. They check the structures, the inbuilt appliances, and the house's integrity. They also note areas of the house that will require immediate repair or future maintenance.
Home appraisers also help you to set the price range considering the property condition and the location. The input allows you to negotiate the price with the property seller without the inflation risk.
Seal the Deal
Negotiate the price of the property using suggestions from the house appraiser. These steps should involve your agent so that both parties can work out a price for all. Also, if there are technicalities to the payment plan, your lawyer should be present to handle the payment plans, interests, discounts, fees, and others.
The next step in sealing the deal is to sign all necessary documents. There should be confirmation that the documents are complete and authentic. Only then should you fully commit to buying your selected property. After signing all documents, make payments and keep all transaction records.
Perfect Your Property
After purchase, there is one more step before the celebratory drinks. It is crucial to perfect your ownership by changing the names or title of the property to match the current status.
Your lawyer will file for a change of name by writing a letter to the appropriate quarters. The documents acquired during the transfer of ownership are necessary for this step.
Conclusion
Your journey to getting your first home could be the start of something great if you follow the proper guide and steps. With a clear budget and consideration fees coupled with proper research, you start as you mean to go on.
Employing the services of a reputable real estate agent like Land Republic is another crucial step in your journey. The level of experience and expertise of this agency makes your journey effortlessly easy.
Contact Land Republic and enjoy the best that Nigeria’s real estate industry as to offer as a new homeowner!
