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Vital steps to take before buying a house in Lagos

Posted by DanbelPro@InvLtd on April 28, 2021
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There is almost no one in Lagos who does not want to own a home of their own. A personal house provides unrivaled protection and peace of mind. A personal residence may also be used to secure a loan from a financial institution or to generate additional income via rent and lease. Nigerians take advantage of every chance they can to secure their dream home for these reasons and more. However, if the buyer does not pay close attention to the specifics, they will come to regret their decision to purchase a home. To stop this, take the following steps:

Draw Out a Budget

The first and most important thing to do before buying a house in Lagos is to make a budget. It’s one area where you don’t want to make a mistake. To avoid being conned, it’s also important not to take advantage of any cheap bid. In your search for the most luxurious home, don’t lose sight of your financial budget.

One mistake that first-time buyers make is not knowing how much they want to spend on a home and sticking to it. Some also take out a loan to help fund the purchase without having a proper payback plan in place. As a result, you must cut your coat according to your cloth, as purchasing a home in Lagos can be a difficult process. When purchasing a home without a budget, you are much more likely to overspend. Until you start looking for a home, it’s a good idea to ask yourself, “How much do I want to spend?” You can not only create a budget, but also make sure that you stick to it.

Pick a location

After you’ve created a budget, you’ll need to choose a location. Where you can buy a house would be determined by your budget. It would be impractical to search for a duplex in Ikoyi on a N30 million budget. The type of building you can buy with your budget is also determined by your location. While a budget of 20 million Naira will not allow you to purchase a fully/semi-detached duplex house in Lekki, it will buy a 2-bedroom apartment.

Search online for houses using genuine sites

If you don’t have access to an agent who is willing to go around looking for available houses within your budget, you can conduct your search online on reputable pages. This also saves you money on logistics and the hassle of going from house to house checking every available property.

Carry out a mini-survey of the area

This is critical since, in order to sell, most sellers will conceal the disadvantages of a specific location. Find out if there is crime is high, if the roads are accessible, if the drainage system is working enough that when it rains, it doesn’t flood, and if the power supply is bad, among other things. Following that, you can decide whether or not you can deal with these variables.

Cost of Maintenance

If you’re buying a used home, make sure to reserve money to cover maintenance costs. Repairs or replacements may be required, and in some cases, additions may be required to transform the house into a home.

Employ the services of a Surveyor and Property Lawyer

To avoid potential lawsuits, this is the most important step to take before making a payment. The surveyor will check the title to make sure it’s authentic, while the lawyer will make sure all of the paperwork for the transfer of ownership is in order. The lawyer will also conduct a search to ensure that the property is free of encumbrances. Skipping this step is as good as walking into a den of lions.

Purchasing a home in any part of the country can be a difficult job. The process may still seem tedious to you, or it may not; either way, there’s no need to rush; take your time with each move. Purchasing a home in Lagos can be a pleasurable experience, especially if you wait patiently for the right one.

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