For most people owning a home is the missing piece of the picture puzzle for a complete life, as a result, one of the largest financial choices you’llmake is purchasing your first house. Most of us don’t realize that there are other factors to take into account when looking for a home that would best suit our family’s needs.
While it is cool to think about a home that will be perfect for your family, you also need to plan on staying in the home for the conceivable future. In essence, you will want a reliable base to make memories and grow with your loved ones.
Before taking the plunge, here are important actions you should take to buy your first house:
Security: With the current situation of Nigerian society one crucial issue, you should take into account is security. It remains one of the fundamental requirements for any individual to live a functional and productive life. This is why an individual looking to purchase a home in Nigeria should look for a location free from all forms of insecurity and a reliable security infrastructure (provided by the government and members of the community). Security-related issues shouldn’t be taken lightly.
A budget also helps you understand what you can afford and whether a mortgage or an outright payment is the way to go.
Financing source through a mortgage company: A mortgage loan is given by a bank or other mortgage organization to a person so they can buy a piece of property. According to a mortgage study, a potential buyer takes a loan from the mortgage company or bank, and the lender utilizes the funds to pay all or part of the price of the home.
At a designated time, the lender will repay the borrowed amount plus interest. Any Nigerian mortgage institution must perform its proper checks to verify the legitimacy of the property before extending you a loan.
Take into account Your Monthly Income:
Depending on your monthly income, you may or may not want to look into off-plan homes with flexible payment options.
Off-plan home complexes have the advantage that you often pay less than market value when you buy. It all boils down to your income, but purchasing a fully finished property is also not a bad idea. You should also take this into account before purchasing your first property. Easy access to infrastructure facilities It is important to think about how quickly one can obtain amenities like power and water.
Noise factor: Lagos can be a crazy place, especially when you live in certain areas where the noise pollution is massive, hence It is important to consider the noise levels of that area. Your knowledge of your potential purchase will increase as you become more conscious of the noise level in real-time. Homes adjacent to Lagos’ busiest sector are more likely to endure loud noises.
When purchasing your first house, it is advised that you do extra homework. Go the extra mile and find out all you need to know about the property before taking any decision. Use the aforementioned considerations as they will support you in achieving your goals.