Are you a First time Home Buyer? – Riel Homes
Ohh wow, we all understand the pressure that comes with getting a new property especially when it comes to a new home. Yes! it very tempting to fire Up some real estate apps by surfing different kinds of homes images and not even having anyone to choose nor choosing multiple choices that may not be affordable. Investing in the Nigerian real estate market can be a bit overwhelming especially when you have no clue about the market.
As a First time home buyer, doing your homework will prepare for the process and give more knowledge before making that transfer or wire check.
Tips to hold on your left hand as a first time buyer;
These tips will be of great help in your home buying process. Read and Digest
- Assess your financial situation
You need funds to buy a house, and so before you proceed you need to have an idea of your financial situation. You need to save ahead of time so you can have enough and also have an idea of what type of house you can afford and how long you need to save to be able to build your dream house.
2. Create must-have list
As a new home buyer, you should have a list. Just as with any aspiration, you need to have a target of what you are looking for. A checklist of what you are looking for, which neighborhood or location are you aiming for? What features do you want in your home? Without a good grip on the end goal, there can be some straying from the path of finding your first home. Creating a check-list will allow you to turn to logic when faced with the emotions of Must-have items (priorities) & Preferred items Additional amenities and features that would be helpful to have.
Be sure to share your list with your realtor/agent. Also, it’s beneficial for you to take copies of the list to every house inspection or showing you attend.
3. Hire an agent
Hiring a real estate professional to help you with the buying process will not only save you time but also stress. An agent can send you listings directly that fit your parameters, and you won’t waste time looking at houses you have no business with. Agents are used to the market and this way they know what you need with an idea of your interests. An agent can generally spot overpriced listings and advise you accordingly. A realtor will also help you negotiate, just because it is the first-time you have bought a home doesn’t mean you should go in unaware of what is too much for an asking price.
4. Think long-term
When you want to buy a property in Nigeria, you should always think long term. You should hire an inspector that will be able to find problems that you won’t notice. Some homeowners are facing similar issues as of now due to not thinking about the long term. Well they are not to be blamed because of the joy that comes with becoming a homeowner. Some questions that you may need to ask yourself i.e Are you planning on having kids, do you mind having elderly ones later, would you be receiving alot of visitors, would you accommodate elderly ones etc.
5. Read the contract before signing
The habit of not reading instructions while making a purchase is common among nigerians and has affected a whole lot of people due to neglection of important information in the terms of agreement and some crucial documents.
So therefore, It is imperative you read any contract before you sign it, the same goes when you buy a house. A house is probably the largest purchase you will ever make in your life, so make sure you understand the terms of your contract. If you don’t understand any of the terms, ask a professional either your realtor, agent or mortgage broker.
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