Buying property in Lagos? Common mistakes to avoid for first time buyers

Purchasing a property in Lagos can be a difficult task. Every year, first-time home buyers enter the market and repeat the mistakes made by their parents, siblings, and friends when they purchased their first properties. Fortunately, we’ve compiled a list of some of the most typical blunders made by first-time property purchasers. If you learn from them, your property-buying experience may be more pleasant.

Mistake 1: Buying a property you cannot afford

Take a hard look at your budget before you start visiting properties, whether they are land or houses. Determine how much you can afford to pay as your first payment and how much you can afford to pay each month so that you may shop in a price range that meets your budget and won’t frustrate you.

Attending an inspection and falling in love with a property you can’t afford is a rough start to real estate ownership. Overspending can also result from not prioritising your wish-list desires above necessities or insisting on finding only in one location. Maintain your concentration while remaining adaptable.

For those considering mortgage, a mortgage payment you can’t afford is an especially severe burden. In general, your monthly mortgage payments should not exceed 28% of your total monthly income. That proportion should be significantly smaller if you have a lot of other debt. Make projections based on your present earnings, not what you expect to earn in a few years.

Mistake 2: Skipping a home inspection

If you are purchasing a home, the home inspection is critical and should not be disregarded. Even if you’ve seen the images and videos of the property, find a means to do a comprehensive examination. When purchasing an older property, an inspection is even more necessary (as opposed to a new construction, which might come with brand new amenities). An inspection might help you bargain with the present owners to have the issues rectified or modify the price if the property requires major repairs that you can’t see.

Purchasing Without a Long-Term Strategy

Buying property is a significant financial commitment, and you want to make sure you plan long term for how to establish equity. If you intend to stay in this property for a long time, you need to prepare ahead. If you are buying a house, y our first home doesn’t have to be your permanent home, but having a long-term strategy will help you choose a property that suits your needs. You might decide to have children in a few years, and then you’ll have to deal with a new set of issues. Will there be adequate bedrooms? Is there a decent school district near the house? These are factors to take into consideration while purchasing a property.

Long-term demands, such as a growing family or professional aspirations, should be balanced with what you can afford and what’s available in the locations you visit. If you plan to have children, good local schools and parks are ideal, but public transit and local industry may be more beneficial to your profession.