A real estate purchase is always a big investment. For many people, buying property is a ‘dream come true’. It is therefore important to study your project well before buying. In this section, you will therefore find tips and useful information on all stages of your purchase.
To buy an old or new house in Nigeria, you have to make the right choice on various points: define your geographical area of research, your budget, your type of house or apartment, prepare your visit, know the new rules, etc. In this article, we will accompany you and help you in this process.
It is essential to think carefully about all aspects of buying property, because it’s a commitment for many years. To get started, you should study the listings for apartments or houses for sale in the city or neighborhood that interests you. Clearly define your preferences for each room in the home, especially if you’re buying for two. What would your ideal home be made of? Will you want an open or separate fitted kitchen? How many bedrooms, bathroom or shower room? What is the minimum size for the living room? Will it have a fireplace or a plot large enough for children or for gardening?
The more clearly you define your search criteria, the more effective your selection of houses or apartments will be. Look at the accommodation room by room and think about what it should be made of. Depending on the offers in your local market, you may have to make concessions. So it is better you define your priorities and your pluses when buying property. You can even paint a picture of your ideal apartment with everything it would consist of and see what would be most suitable for your needs.
Calculating your budget when buying property
Many people dream of having a beautiful villa, but what will strongly condition your purchase is your maximum financial capacity. The first step in your process should therefore be to take all the time necessary to calculate your budget accurately. This will condition the rest of your project and will usefully orient your research towards what is really possible.
You can complete these elements by seeking the best possible financing for your acquisition. Find out about financial aid and your borrowing capacity. This will allow you to optimize your budget and thus it will be easier to buy property, particularly by obtaining a good mortgage rate.
Negotiate the price of housing
Housing prices are very high. One of the crucial steps in your project will be to negotiate the price of housing that will match your search. To be successful, you will need to find out how much you can lower the price compared to the seller’s asking price for that apartment or house. Your goal should be to get the prettiest house or apartment possible for your budget. Negotiation will depend on supply and demand when it comes to buying property.
Examine the costs of your real estate purchase and learn how to reduce them
When you buy a home, you have to pay a number of costs in addition to the price of the property. Some are payable upon signature of the transaction and others each year. Find out all the costs incurred by a real estate purchase. To reduce the cost of your home purchase, you can consider negotiating agency fees or buy from individual to individual.
This will save you some money on the fixed costs of the transaction. We must not forget also the taxes to be paid during a real estate purchase both at the time of the purchase and during the possession or sale of it. Buying property is a financially engaging project and usually very important for a family. Take the time to inform yourself properly before purchasing your main residence or investing in rental property. There are many mistakes to avoid and significant savings to be made.
Do not hesitate to make an important selection among the various offers of real estate advertisements of a house for sale before contacting the seller and asking additional questions by phone or by email (number of bedrooms and rooms, size of the living room or living room, land area, more photos, etc.). You can also consult an agency, in particular, to see those which have exclusive mandates with houses or apartments which will therefore not be visible everywhere.
When you have made good progress in your real estate purchase project, it will be time to find out which bank to choose to get the best mortgage rate. To find your financing, you can ask the banks directly or contact a real estate broker. In the end, it takes time to buy a house or an apartment. With our help at SDG Realties, we can guide you through your journey of buying property with our best advice and useful information.