Buying your first home is one of the biggest financial decisions you will make as a first-time homebuyer. Most of us want a home that best befits our family not knowing that they are other considerations that need to be put into consideration. It is pretty cool to consider a property that will specifically suit your family but on the other hand, you need to as well aim at a property for the foreseeable future. However, here are vital steps to consider on your journey to owning your first home.
Circumstance to consider before you buy your first home in Nigeria.
- Have A Budget: Having a budget might either make you afford the property or not. It is subjective, in a situation where you can’t afford the property that meets your need, you might want to adjust your budget. It makes you have a clear goal.
- Keep In Mind Your Monthly Income: Your monthly income will determine whether you are to consider a house with flexible payment plans, usually off-plan houses. The good thing about off-plan housing projects is that you tend to buy below market value. In addition, buying a fully finished house is not a bad idea as well, it all burns down to your income.
- Source for finance via a mortgage institution: A mortgage is a loan provided by a bank or mortgage institution that enables an individual to purchase a property. An analysis of how mortgage works are that a potential buyer borrows money from a mortgage institution or bank, the lender uses the money to fund some or all the cost of buying the home. The lender will pay the amount borrowed and interest payment at an agreed time. Before any mortgage institution in Nigeria can lend you money, they have to carry out their due diligence to confirm the authenticity of the property.
Also, read Ways To Secure Mortgage Loan In Nigeria.
- Easy access to infrastructural facilities: This is another factor you need to consider before buying your first home. Easy access to facilities such as power, water supply, etc should be considered.
- Noise factor: Noise levels should be taken into account. The more you are aware of the noise level on time, the more you will be informed of your potential purchase. Homes close to the busy area of Lagos are prone to experience a high level of noise. Check: Affordable properties with payment plans
- Security: This is another important factor you need to consider. Safety is one of the basic needs of people. Homebuyers willing to buy a home in Nigeria should buy a place that is free from any form of insecurity. Security issues should not be handled with levity.
Buying your first home is advisable you carry out more research. Use these factors above in your home buying process. They will assist in meeting your goals