5 Tips for First Time Homebuyer in Nigeria

As a first-time homebuyer, there are many things to know before putting down your hard-earned money. There is always a burst of excitement when you are searching for your first home to buy. You get to see the beautiful pieces of real estate, while you are confident that your account balance can cater for it. However, you should know one wrong step, and you could land yourself the wrong property. 

Several factors are important for your consideration as you search. Before and during your search for a home, you should pay attention to these as a home buyer. 

Things to know before buying a first home

Generally, the market and the adjoin systems to real estate always seem favourable to first-time home buyers. If you get a good advisory, you shouldn’t have any problem. These fundamentals should however set the premise for your thought process. 

• Study the market and the industry

You may not be planning to pick up a career in real estate, but you should know the trends and metrics. After all, there is nothing wrong with making data-driven decisions. It is as well critical that you do your due diligence. You should know the realities of the market at any given point. You should know what the market looks like. Are more people selling homes? Or are the prices high due to low demand? Having a good knowledge of what you should expect will help you better negotiate costs and terms. 

For instance, in 2021, inventory was low. Also, mortgage rates are very low. This has led to a spike in the prices of homes across the country. Knowing all this makes things easy in your bid to get the best deals. When you study the market enough, you’ll also get privy to beneficial information like tax breaks, and how you can maximize your IRA. Also, part of this research is knowing the realities in your preferred location. 

• Know exactly what you want in the home

Your wishes and wants should be well within your budget. You should have a budget for a modest home and have the wishes for a luxury home. Make your wish list, research each item on the list. Ensure you are not biting more than you can chew with your wishes. 

• Find the best payment system

There are several payment structures out there for home buyers. Especially if you don’t have the cash to put on the ground to get the home. As a first-time home buyer, a solid payment option you should explore is a MORTGAGE payment system. This allows you to pay at your convenience even while you move in and own the home. A few real estate companies provide this option and one of such is CASAFINA DEVELOPMENT. Getting the suitable payment you require is your first step on the journey to getting your first home. Set a budget that’ll guide your search. You should also budget for the realtor’s fee and other miscellaneous. 

• Get the best Realtor you can find

Getting the best realtor doesn’t necessarily translate to the one that costs the most. Realtors have varying skill and influence levels. You should simply lookout for a realtor that is more likely to help you achieve your home goals. Don’t forget to stick to your budget.

• Don’t panic while negotiating

As a young first-time homebuyer, it’s normal to feel unacquainted with all the negotiations you have to go through. As much you can, you should keep a level head. When you are anxious or panicky, the other party can be of advantage to you. Be in control of the situation and aim to get the best possible offer. 

Want to learn more as a first-time homebuyer? Or do you want to reinforce your real estate investment knowledge with valuable insight? Check out our social media platforms to stay glued to exclusive real estate investment tips as you progress.