Recent statistics of the Nigerian real estate market have shown that most people prefer to rent a house than to buy. However, house rents differ from location to location. Most Nigerians believed that they do not have the capacity to buy their dream homes because they believe buying a house requires a lot of millions whereas it’s just due to their lack of information.
With the recent downturn in the Nigerian economy, the real estate market has turned a new leaf as you can now own your dream home through an off-plan housing scheme where you have the opportunity to spread your payment for a year or more. Gratitude to some real estate companies that have simplified the process of getting a property via installments. This is not only applicable to housing schemes but also landed properties. The good thing about off-plan housing schemes is that you tend to buy below market value and also serve the opportunity for you to own more than one property depending on your monthly income. In addition, a mortgage may apply to securing an off-plan property depending on the real estate developer you patronize.
The problem first-time homebuyers encounter is that they do not know the procedure of securing an off-plan investment.
Procedures on How to Buy A Property With Up To Two(2) Years Flexible Payment Plans In Lagos Nigeria.
The following are processes of how to secure a property with up to two(2) years flexible payment plans in Lagos Nigeria
- Have a plan to be sure that you can afford it.
- Check out available properties with payment plans on Thinkmint Nigeria
- Book physical inspections with the brokerage firms in charge of the property and ensure you ask questions where necessary.
- Request for the property terms and conditions, you might want to seek your lawyer’s advice on those terms before you sign.
- Decide on the payment plan that suits you
- Make a deposit for the property and ensure you get the contract of sale for that transaction.
Also read: Should I buy or rent a property?
Why Contract Of Sale Is Important In Property Transactions
What is a contract of sale: This is a document that shows that transaction has occurred between you and the real estate company you buy property from. It spelled out the terms and conditions on the property and also what you should expect on delivery of the property. Contract of sale is not only required when buying houses but lands too. Its benefits are as follows;
- It prevents a breach of contract between parties.
- It prevents the vendor (seller) to increase the price of the property after the buyer has keyed into it and also prevents the buyer from compelling the vendor to reduce the price of the property.
- It spelt out the time of delivery of the property, especially off-plan housing schemes.
- It ensures validity of terms.
- It ensures that the death of the representative does not dissolve the contract as their representatives can continue with the contract.
It is vital to understand that off plan properties have their disadvantages too in terms of house measurement, a good way to approach this is to carry out your own measurement after the project has been completed.