Hello readers, our discussion today will be highlighting some key steps that one must take in other to get the best value for their property purchases in Nigeria. It is normal to have many questions as a first time buyer of a house/property. You worry about the legal fees, the types or categories of documents you will need or even how to identify a trustworthy seller.
So whether you seek to invest in real estate or buy a house you intend to live in, the process can be exciting and at the same time stressful. But the truth is that if you have made the right type of preparation and also have the right understanding of how things work. You’ll stand a higher chance of having a smooth property purchase process.
Highlighted below are some essential steps that will help you through the process of house purchase in Nigeria.
Keys steps for buying a house in Nigeria
- Research before you start:
First you have to conduct a research on the type of house you’ll be hoping to buy, the location of the house and other factors like, access to things like good road networks, or security of the area. This is very important as you need to find out if the traffic situation around there allows you get to your place of work on time and if the area has a problem with flooding especially during raining season.
2. Have a realistic budget:
This is a very important issue that sometimes frustrates people during the search for a property. Before you start, it is important that you’re realistic and honest with what you can afford. So as to ensure that you focus on properties that fall within your budget range and not have to tour the entire city looking at properties that are well above your financial capacity. This will save you valuable time and energy, as your search will be a lot more streamlined in a way that makes it easier for you to get a good deal in no time.
3. Assessment of yourself to know if you’re qualified for a mortgage or housing scheme:
While many out there today are still not aware, that there are many mortgage plans out there that allows you to spread the payment of your new house across many months and sometimes years. So it becomes wise to see if you’re qualified or fit to access any of these mortgage plans or housing schemes. This will help you a lot especially if you don’t have the adequate resources to buy the house outrightly.
4. Get a trusted real estate Firm/Agent:
This is one of the most vital parts of the entire process. As getting an experienced Real Estate firm/Agent will help to ensure that the amount of time it could take to get a property of your choice that also fits into your budget will be shorter. A trusted Real Estate expert will also help to ensure that you don’t fall into the hands of fraudsters posing as real owners or sellers of the property. He/she will also help you with the verification of the authenticity of the title documents, like the C of O etc.
5. Ensure you see the house yourself (Inspection):
This is often a costly mistake that many people have made which often ends up in heartbreak. It is important that you demand for a physical inspection of the property, which will afford you the opportunity to see the property for yourself before making your final decisions on whether to buy or not to buy. This is the stage that also allows you to evaluate the surrounding environments to see if it matches the description that you were giving beforehand.
6. Negotiate and close the deal:
After all the steps outlined above have been taken, then it is time to get down to the negotiation part. Do also ensure that you don’t just ask for the purchase price of the house but also try to know if there are other charges that you also need to pay for, most especially if you’re buying a property in an estate. As there could be service charge, legal fees, estate fees for drainage and roads development and insurance (If there’s an existing insurance policy). Once you’re able to agree on these things, you can reach a deal and get all the necessary paper works signed and congratulations, the house is yours.
Finally if you’re a first time buyer of a property in Nigeria, it is important that you work with a firm like Topland Realties Limited. We’re a trusted and vastly experienced Real Estate firm with our business foot print spread across Nigeria. We sell properties ranging from residential, commercial to empty plots of land. We’ll always ensure that you have a hitch free process in your property acquisition journey. So why not contact us today to get started? To speak with our sales rep, please Call or Whatsapp- +234 811 443 1525