Buying a house in Lagos Nigeria is always a good investment. Whether you are buying land to build a house or buying a house upfront, you would get a good return on your investment. However, buying a house or land in Lagos can be a bit of a hassle, especially for first-time buyers.
There are some questions to ask when buying a new house, like when buying a house who pays the Realtor? What would be the value of this house in a few years? What title comes with the certificate of occupancy? Among others, new home buyers rarely ask these questions, which is why I will expose you to five mistakes to avoid when buying a land or house in Lagos, Nigeria.
- NOT DOING PROPER FINDINGS: Make sure you know everything there is to know about the neighbourhoods, property values, crime rates, schools, and other important factors before buying a property. some first-time buyers make the mistake of buying land or a house without making proper findings about some vital things relating to the living conditions of the environment. This should not be so, I mean when you are searching for an apartment to rent, you go the extra mile to find out about the living conditions of the place before you pay your rent. Your research should amplify when you are considering getting something as permanent as a house or land. It is important to make adequate findings about your new living environment as not everywhere is an ideal place to live.
- BEING INFLUENCED BY “THE MARKET”:The property market can be volatile, most times, it favours the buyers and at other times, the sellers. There are questions to ask when buying a house, don’t be influenced by the market more than by your own needs. Most times, the mixed information in the media may confuse you and you will be tempted to buy a property that would lose value quickly. Always put your buying needs above everything else regardless of what the market is like at the time.
- GOING BEYOND YOUR BUDGET: One of the things you should have in mind when buying land or a home is a budget. Having a budget is a smart way of ensuring you do not spend money you do not have. Buying a home that’s beyond your budget could well derail your finance in the future. It is human nature to want a little more than we can afford, but don’t be tempted.
- NOT HAVING THE RIGHT PROTECTION CLAUSES IN THE CONTRACT OF SALE:Every document you sign before, during and after purchasing a house or land is legally binding. Before you sign anything, make sure your interests are protected. Don’t be fooled by an agent who says you can always ask for charges later, that’s not the way it works. Once you sign any document, it is binding and cannot change except by agreement from both parties.
- NOT ORGANISING A PROFESSIONAL BUILDING INSPECTION:Inspection is an important step in the home-buying process that can help you avoid any nasty surprises down the road. Be sure to hire a qualified inspector to check the property before committing to anything. This will help reveal any potential problems with the home that could cost you money down the road.
A lot of thought should go into your decision to buy land, whether you are looking to buy a house in Lagos Nigeria or anywhere else in the world. The most important thing is to do due diligence, don’t get swayed by the sweet mouths of realtors, and stick to your budget. You must be absolutely strategic, avoid making any of the mistakes above, and you would be on your way to becoming the latest house owner in Lagos.