Buying your first home in Lagos is a great and exciting feat because research shows that there are at least 4 compelling reasons why Lagos is an investment goldmine. However, buying a home in Lagos or anywhere else is a process that requires extreme caution because a single mistake could cost you a fortune – and nobody wants that.
To make the process error-free and profitable for you, here are some steps you must take when making your first home purchase decision.
1. Define your budget
Before buying your home, you must first consider your budget and set a limit on how much you intend to spend on your new home. Keep in mind your current and future income, upcoming major and minor expenses, insurance, and very importantly, other transaction closing costs. One of the biggest mistakes first-time buyers make is failing to take into account all their financial variables before setting their spending limits.
You must realize that setting a budget streamlines your search and helps limit the possibility of spending more than you had originally bargained. You can enlist the help of more experienced real estate investors when setting your budget.
2. Match your budget to house types
Once your budget is decided and your spending limit is set, the next step would be to agree on the house type that would suit your purpose of purchase. You could choose to buy a studio apartment, one-bed apartment, multi-bed apartments, maisonettes, duplexes, and so on, depending on your homeownership objective and the budget you have set.
3. Decide on location
Consider a few neighborhoods where you would want to own your first home. Think about locations that are respectable, secure, easily accessible, and have high prospects of rapid value appreciation.
In Lagos, you and your family will benefit greatly if you carefully consider a new home in areas like Ikoyi, Banana Island, Ikeja GRA, and the like. Your family will have no trouble enjoying a first-class lifestyle.
4. Begin your search and cross out options
Now that you know your price range, house type, and ideal neighborhood, it’s time to begin looking for a property. Whether you are doing this yourself or enlisting the services of an agent, you must take your time to analyze each property before purchasing and cross out homes that do not suit your preferences.
Aside from price and location, you must also consider the quality of the structure as well as the integrity of the builders. Only buy from property developers who have a strong track record of successful and excellent delivery. That way, you would most likely end up with a home that was intentionally built to stand the test of time.
5. Inspect homes that make your shortlist
With the help of a more experienced friend or professional, visit each shortlisted home and inspect them critically. Assess the property’s condition before making the purchase. Ensure to look out for and identify any defect that may lead to future problems.
6. Finalise the sales
Finalize the terms of the sale after your offer has been approved. Request all necessary documents required when buying a home in Lagos and sign only after validating their authenticity.
In conclusion, buying a home for the first time can be stressful and anxiety-ridded but it would be straightforward if you engage in these steps. For more details on vetted and verified homes you can own in prime locations around Lagos, visit fwl.ng