9 Top Questions to Before Choosing Where To Buy A House

9 Top Questions to Before Choosing Where To Buy A House

If you forget the hassle of moving boxes, moving into a new house can be quite exciting; new neighbours, new house… a fresh start. Every new neighbourhood has something unique to offer and as a newcomer, you need to explore every single expectation of your new community. Before choosing where to buy a house, here are some essential questions to ask when evaluating if it’s a good fit for you and your family:

PLANNED DEVELOPMENTS: Imagine moving into an estate that seems serene and quiet only to find there’s a club being built two blocks away from your house. It’s worth finding out the master plan of the estate you’re moving in. Ask to see the master design if possible, to help you choose a suitable location for your house or apartment. Also, checking out whether there are any planned developments fills you with a positive expectancy for the future especially if the estate is still being constructed. Find out if there’s provision for:

  • Centrally powered generators
  • Treated running water
  • 24/7 security
  • Playground for kids or a clubhouse, etc.

NOISE POLLUTION: Are you going to be waking up to the sound of your neighbour’s generator or is to the beeping sound of cars driving along the road a few inches from your window? Noise pollution is something worth considering if you want to have a peaceful home. Unless noise pollution wouldn’t bother you or your family, find out how sane the estate is during the day and at night time. Find out their policies against loud parties that extend late into the night.

Don’t Buy A House Without Considering These Factors

ACCESSIBILITY AND EMERGENCIES: Living in a beautiful house is wonderful except, no one would like to live in the middle of nowhere. Consider the accessibility to road network systems around the neighbour. Suppose there’s an emergency, are there any hospitals or clinics around? What about access to public transport or perhaps ATM machines? You also need to consider the traffic situation coming from and entering into your neighbourhood. Moving around Lagos can be tedious. You want to ensure that you’re not stuck in traffic just by driving out of your estate. These are things to be mindful of.

SCHOOLS: One of the biggest factors to consider when moving into a new estate is to take into considerations the schools in the locality especially if you have children or intend on having children. When looking out for good schools around in the area, check out the record. Picking a school for your kids has an impact on how they behave and assimilate knowledge. Your children’s education is a priority.

What to consider when investing in real estate in Nigeria?

PARKS AND RECREATION: Ideally, most estates have recreational parks or clubhouses where people can hang out, and kids can have fun. Green areas and clubhouses are ideal for hosting events like mini-parties or a place where kids can have fun and play. Find out if there’s a plan for such a recreational park and if there is, visit and check if it’s functional. You do not want to pay for services and then, be unable to use them because they’re poorly maintained or inaccessible.

SHOPPING: It’s 7 am and you discover you’ve run out of bread or water; can you quickly find a shop to buy around? Living close to a grocery store is very important. It’s easy to underestimate its importance, but it makes life easy. Living near a shop is great for emergency supplies, imagine you get an impromptu visit from family or friends and you desperately need some drinks, all you would need is go down a few blocks to buy the items you need.

SECURITY: This is one of the most important factors to consider before moving into an estate. Find out what the security is like; do they allow random people to move in and out of the estate? do they have a patrol team on standby? is there a police station around?

Ask around to find out if they’ve been any major or minor incidence in the past. If they’ve been an incident, investigate further to ascertain if it was a one-off or a regular occurrence. You can never be too careful when it comes to ensuring safety for you and your family especially in Nigeria.

VULNERABILITY TO FLOODING: If you live in Lagos or other coastal regions in Nigeria, there’s a high probability of experiencing flooding during the wet season. Although your agent might show you a perfect house during the dry season, do your investigations to find out if there’s flooding during the wet season. You don’t want to use a canoe to leave your house after it rains and live in fear of water damaging your belongings. Another alternative would be to explore insurance costs to ensure that you can afford adequate coverage suppose there’s an unexpected disaster.

COMFORT: Above all else, a home should be comfortable. As your life progress, your needs transform. These needs affect everything you do including the type of house you need and where to live. Some of the questions to keep in mind in determining if a neighbourhood fits your lifestyle are; are your neighbours mostly young professionals? Do they have families with children?

Determine what you need; are you looking at a community with older residents or a bubbling young community? This should give you better perceptive in ensuring you don’t feel out of place in your new community.

Since you’re here…
Let’s Get You The Perfect Home
We understand the importance of choosing the right home and so, we’ve got just the perfect home that you’ll absolutely love.
Rosewood Residences located in the heart of the Lekki Peninsula encapsulates all it takes to give you a home. We’ve aligned all the factors necessary to give you an absolutely comfortable and luxurious lifestyle.
Every aspect of Rosewood Residences radiates a lifestyle of sheer relaxation and soft elegance, well deserving for you.
From the elegantly designed buildings to our unmatched amenities offering:
• A central connection of treated running water
• 24 hours centrally generated power supply
• Well paved roads and covered drainages
• Top notch 24 hours security and access control
• Sewage treatment
• Underground parking lot
• Green areas and Kids Park
• Swimming pool
• Clubhouse

For more detailed information about getting the best real-estate deals in Lagos call us today at 09081234564/ 09095757575. Send us an email at info@sevicpdc.com and let us give you the investment of a lifetime.

Why You Should Insist On Verifying Land Titles Before Buying Land 

Nigerians in diaspora: What to consider when investing in real estate in Nigeria?

Nigerians in diaspora: What to consider when investing in real estate in Nigeria?

Investing in real estate can be tricky yet straight forward. While it’s true that anyone can invest in real estate, there’s a lot of ins and outs you would need to navigate to earn big. The key to staying on top of your game as a real-estate investor is to stay informed. In real estate, information is key. If you’re a first-time investor seeking to diversify your investment portfolio or an investor considering the prospects of investing in real estate, consider the following factors:

  1. Be Informed. Don’t Speculate

It’s easy to assume when investing in real estate. We assume a certain area is booming or another is declining without figures or projections to back it up. Sometimes, these assumptions might carry a bit of truth but too often the basis for them are weak. As a first-time real estate investor, before pouring income into any property research on the growth potential of the area you’re looking to invest in. All investments are risky. Limit your risk by being thoroughly informed about your chosen location. Talk to real-estate investment experts.

  1. Be realistic

Too often you find first-time investors looking for a quick money fix in real estate. While there are different real-estate investments that can allow a short-term turnover, significant turnover in real estate takes years. Be realistic about the time frame required for value appreciation. You’ll likely not buy property at Lekki and sell in six months at a 30% profit; it’s possible but not likely. Keep your expectations in check and set realistic time frames for profitable ROIs.

  1. Find Out Your Why

As with all things, it’s important to be clear of your “why” of investing in real estate. It could be one of many reasons:

  • Diversify your investment portfolio.
  • Build land equity.
  • Long-term investment plan.
  • Retirement plan
  • Leaving something behind for your family
  • Sustainable, safe investment option

There are many reasons why people invest in real estate. Finding out what yours is will help in determining the type of property you need and where such a property should be located. It also identifies possible limitations and acts as a guide in deciding which option best fits your objectives.

  1. Choose a credible and professional real-estate company

You can have great deals from buying real estate directly with a professional real-estate company, without needing to set foot on Nigeria. However, there are good eggs and there are bad ones. If you aren’t familiar with the real-estate market, here are a few tips to keep in mind:

  • Find out as much as you can from the developer online.
  • Request a video call to tour their office.
  • Record every transaction including texts and voice calls.
  • Verify that the estate is actually where it’s said to be located.
  • A better option would be to get your family or friends to go for an inspection of the property and verify all property documents.

If you’re buying off the plan, you can ask to be updated regularly with process pictures of the project. Ensure you’re constantly communicating with the real-estate agent or company you’ve chosen to work with.

Read more on the ultimate land buyers’ checklist 

  1. Look Out for Opportunities

The real-estate market is constantly changing. Certain places become more valuable while others become less desirable.The Real estate market requires quick action when opportunities come up. For instance, the Ibeju-Lekki region is showing prospects of becoming a booming real-estate hub. However, amidst all the rush, not all the lands there are viable. Some are government lands, others are along the coastlines and thus prone to flooding, while others are located in tricky locations that are prone to pollution. Investigate the region closely. Keep Your Eyes Open.

  1. Think About Security

Land security boils down to getting the right land title. Every other security concern can be resolved once you have the right land title in Nigeria. The ultimate land title that guarantees safety from omonile issues or litigation issues is the Certificate of Occupancy (C of O). Avoid lands with the ‘excision in process’ land title, irrespective of how juicy the deal might seem. Forget it! One of the advantages of dealing directly with a reputable real-estate company is the security of your land even after you’ve purchased it. You can be certain that the entire property would be fenced, thus preventing unlawful intrusion on your property in your absence.

  1. Establish Your Budget

Investing in real estate costs money. Depending on the property you’re buying, you’re going to need a lot of it. Determine how much you willing to pay before even looking or deciding on the best place to buy. Once you’ve determined how much you can spend, stick to your budget. Avoid making hasty or emotional decisions when choosing the property to buy. Most real-estate companies give you the opportunity to spread payments over a period of time for up to 12 months. Ensure you choose a payment plan you can keep up with.

Read more on the ultimate land buyers’ checklist 

  1. Know Your Exit Strategy

When looking to buy property, determine if you’re looking to hold the property and rent or seeking a land flip or fix to flip. Be specific.

If you’re looking to fix and flip for a quick profit, consider the additional cost required for the entire renovation and the cost of properties in the neighbourhood. This should help you in pricing the property for positive returns. If you’re buying land to hold (which is relatively cheap to maintain) look out for where the development is going and then, buy land and wait.

  1. Start Small

While the goal might be to make billions from investing in real estate, start small. If you’re a first-time real-estate investor, it’s ok to start with a plot of land and then two, and then five… make sure the property is easy to maintain.

As you take baby steps, learn the market, understand the trends. You don’t need to rely on agents to know what a good deal is. Take out time to know the market value of your property at any given time. It’s easy to go big in real estate once you’ve gotten the hang of it.

  1. Find Out If It’s A Good Investment

Rule of thumb: don’t confuse where you would want to live with where you should invest. Most first-time investors tend to confuse where they would live personally with where they should invest. With Investments, all you need to concern yourself with is distinguishing between immediate income and future value.

There are properties located in transforming neighbourhoods that are currently showcasing lower returns but offer higher future returns for your money and others that look promising but might likely become less desirable in the future. Pay attention to growing areas like Ibeju-Lekki.

Don’t Skip the First Step

The biggest mistake new investors make is to jump into investing without taking the time to get educated on what strategy is best for them. Jumping in without the right investment tools can lead to bad investments, lower returns and much higher risk. The first question to ask yourself is, which resource do you have more of, time or money?

Talk to our in-house real-estate investment expert at 09081234564 / 09095757575 or Send us an email at info@sevicpdc.com  for a free consulting session today.

What Is Land Flipping And Why You Should Get Involved  

Nigerians in diaspora! Have you considered investing in real estate?

Nigerians in diaspora! Have you considered investing in real estate?

According to the World Bank, Nigerians living abroad wired $22 billion home in 2017, making it the largest African record remittance and the fifth largest in the world. As the number of Nigerians living in the diaspora continuously increase, the desire to own property back home also increases. There are many reasons why you need to consider owning property back home. Here are a few:

There Is No Place Like Home

Let’s face; once you’re a Nigerian, you’re a Nigerian. Even though you might not desire to live in Nigeria, it’s necessary to have something to your name back in Nigeria. A fundamental part of being connected to your roots is having a home back home. You could earn from it as well. You can also create an opportunity to reap in the future for you and your children. You can build a legacy.

Opportunity for Land Flipping

Land flipping is buying land at a relatively fair price and reselling after a period of time to make a profit. For example, you can buy a plot of land at Ikorodu for N700,000 and resell to another buyer at N1.3 million in a space of 6 months. Before considering to flip land, you need to take into consideration the location of the property. Certain areas like Lekki all the way down to Ibeju-Lekki are likely to appreciate faster than other regions.

Why Real Estate is The Safest Investment Option In Nigeria

An Additional Source Of Income

Investing in real estate is always a good idea especially as a long-term investment. Nigerians in the diaspora can acquire property for commercial or residential use. Whereby you can earn annual or monthly rents based on the agreement. For instance, you could acquire a property at Lekki phase 1 and redesign for commercial use to different vendors. When getting a property for commercial use, the rule of thumb is to get properties in centralized locations. The better centralized you are, the higher the rent you can charge. In the case of residential properties to rent out, location plays a great role too. It is always better to build in a growing area than a declining or saturated area. For example, it will be better to build at Sangotedo than Egbeda. The reason is, rent rates are subject to the laws of demand and supply. Also, certain areas attract value appreciation faster than others. You can effortlessly invest in real estate in Nigeria without having to relocate, as you can have all the necessary negotiations done online.

The Perfect Retirement Plan

Generally speaking, Lagos commands higher housing costs compared to other states in Nigeria and even West African countries. This stems from its constant growing population, leading to high demand for affordable housing. This need presents an excellent investment opportunity. You can invest in residential apartments or buy land to lease out or resell after a couple of years. This is one of the surest ways of building wealth for your family and as a retirement plan. Imagine if you had acquired property at the Ikeja, V.I or Ikoyi region 10-15 years ago. If you decided to resell the property in such a prime location today, you would earn a fortune. Today, Ibeju Lekki presents a fantastic opportunity to invest for the future.

Opportunities for Open Space Leasing

Open space leasing is one of the easiest ways to invest in real estate in Nigeria. All you need is to buy a property and remodel into a makeshift space or buy land and create a co-working space that can be leased out to different entrepreneurs for an agreed period of time. This is a win-win for you as your property appreciates in value, while you collect monthly or annual rents.

Read more on how to get the best land deals in Nigeria.

It is a Safe Investment

Compared to other types of investment in Nigeria like investing in agriculture or even stocks, real estate is more stable and safer. Property investments offer you double value; they increase in value over time and there are physical assets in your name.

If you’re still sceptical about investing in real estate in Nigeria, consider this:

The National Bureau of Statistics (NBS) recently released Gross Domestic Product (GDP) figures for the second quarter of 2018 indicating that for the first time since the country’s exit from recession in 2017, economic growth was driven by the non-oil sector. Among the sectors that led the expansion in real term were the construction and slightly real-estate sectors.

You Don’t Need to be an Expert

Unlike any other venture, investing in real estate doesn’t necessarily require years of expertise or deep levels of knowledge. Anyone can invest in real estate. However, you must ensure you’re dealing with a transparent real-estate company or agent. Secondly, verify all property documents in connection to the property. Most of the verification process can easily be done by a family member or close friend living in Nigeria. If you’re concerned about choosing the perfect location to invest in, then you’re in luck as we have an in-house real estate consult who can walk you through the process.

Call us today at 09081234564 / 09095757575 or Send us an email at info@sevicpdc.com  for one free consultancy session with our in-house real-estate investment expert.

True Life Story: How To Buy Your First Home

True Life Story: How To Buy Your First Home

Femi and Ada have been married for eight years. When they first got married, they both agreed to buy their first house in two years. Like most young couples, they spent a good part of their savings on their first baby who arrived sooner than they had planned.

Femi figured it wouldn’t be a bad idea to hold a little longer on the housing project, coupled with the fact that he was now saddled with more bills. Ada had to take a break from work for a year to take care of their baby. Their savings dwindled and by the time Ada was ready to work again, the focus was now on paying school fees for their young son.

Five years passed and Ada got pregnant again with their second baby. Femi took up a side hustle to stay afloat with all their growing expenses. Ada once again had to take a break from work. The cycle continued. They managed to keep up with everything else except their dream of buying their own home.

The idea, however, crossed Ada’s mind from time to time. She wanted a bigger kitchen, an extra room for guests and a play area for her kids. Spending time alone at home with her second baby gave her ample time to think and plan. She looked at the possibility of them buying a home upfront but, before the thought settled, she quickly ruled that out as there was no visible way to make that happen in the nearest future.

Ada wanted a house in Sangotedo; it wasn’t too far from V.I, Ikoyi and the rest of Lekki. Cost of houses in the area where relatively fair and the location was serene for raising kids.

Ada shared her concerns with Femi, sharing her findings of Sangotedo. Femi wasn’t thrilled at first but was ready to actively work towards the goal of homeownership. It meant doubling up at work and saving a lot more. Ada too opted to take on baking and making small chops in her spare time. They both agreed to drastically cut back on expenses, completely taking off the following:

  • Takeouts and eating at restaurants.
  • Friday night hangouts and drinks with the boys.
  • Buying ‘asoebi’.
  • Sold off belongings they weren’t using like their old couch that sat in a storage room.
  • Minimized her movements to the precise places to maximize fuel consumption.
  • Cut down on power and gas usage; switching off lights that weren’t used and monitoring gas consumption.

With Ada’s new food business and Femi putting in more work, it wasn’t long before Femi earned a good commission for closing a client he’d been working on. Meanwhile, Ada used most of her daily income to run their home. After six months, they made a 30% down payment on their newly finished four-bedroom house at Sangotedo.

They opted for a mortgage loan to cover the rest of the payment for a period of five years. Of course, they could have continued saving and directing most of their income towards their housing project but they had other expenditure to worry about like school fees, health care and savings to re-invest in their respective businesses.

How to effectively transition from renting to owning a house 

Their mortgage program was approved for a period of five years. They set their monthly payment at 20% of their total monthly income. Femi plans to complete the payment even before then. He’s truly grateful for the experience of putting more effort at work and saving more.

He said that the process of buying their first house has instilled a good dose of discipline in him and he wouldn’t stop putting much effort in achieving his goals.When we asked Ada what was the one thing that had driven them to achieve their goal, she said, it was taking the decision to make it happen.

In her words, “when you decide it’s time to own your home, and stay committed to that decision, everything else begins to fall into place. You come up with new ideas, you find better ways to spend money and in short, you become a better person for it.”

Since you’re here …

We’ve got the best deal for you. Buying a house is a huge decision to make. There’s a lot to choose from and a lot of uncertainties and paperwork, not to mention they cost m. Let’s narrow it down for you. Rosewood Residences located in the heart of the Lekki Peninsula encapsulates all it takes to give you a home. We’ve aligned all the factors necessary to give you the type of comfort and luxurious lifestyle you deserve:

  • A home located within the urban area of Lekki
  • 24/7 electricity and water supply
  • Ample, underground parking space
  • A valid C of O

What’s more, we’ve got all these for you at the most affordable price possible. Call in today at 09081234564/ 09095757575. Send us an email at info@sevicpdc.com and let us give you the investment of a lifetime. So, why should you bother calling us today? …Because we understand what Home means to you.

 

 

 

 

 

 

Renting vs Owning a Home: Consider the Following Factors

Renting vs Owning a Home: Consider the Following Factors

Renting vs owning a house are two sides of the housing coin. At some point in your life, you’re going to decide to rent or own a house. Depending on your circumstances, renting a house or owning might be the best option for you. Both options offer various advantages and disadvantages. Here are the pros and cons of owning against renting a house:

Why you might consider renting a house?

Flexibility: Renting a house is ideal for people who require a short term living arrangement in a region or country. Renting allows flexibility to move once your payment is up. It’s a good option for students living close to school or people who do not intend staying in a place for too long or would likely move around a lot because of work.

Also, it’s easier to move out at any time when you’re a tenant. You’re not saddled with the responsibility of looking for a new tenant or buyer. That becomes the job of the house owner.

Affordability: Compared to buying a house, renting is pretty affordable. Especially when you’re renting in an area you can’t afford to buy property in. For instance, you could afford to rent in Banana Island although you might not be able to own a house there. Well, depending on why you need to live in a certain location, renting, in this case, is an ideal choice.

Greater financial freedom: As a tenant, once you pay your house rent for a period of a year or a few months, you can invest any additional income into other ventures like investing in the stock market or even saving towards buying your own home.

Don’t Buy A House Without Considering These Factors

What you should consider before renting

Bound by agreement: As a tenant, you’re set bound by an agreement to a landlord. The terms of this agreement are should be thoroughly looked into in order to avoid situations where a landlord, for instance, increases rents at the middle of the year without prior notice. Also, depending on your terms of the agreement, you might be restricted when it comes to making changes in the house like repainting or renovating without the consent of the landlord.

No wealth creation opportunity: Renting offers no return on investment, there’s no wealth creation on your part. Other than the service of having a roof over your head, the property remains that of the owners and so, once your rent is up, the house ceases to be yours.

In the same line, while renting a property, you have no control over annual rental fluctuations. The house owner can decide to increase rents due to one reason or the other and you would have no choice but to succumb or look for another alternative.

No guarantees: As a tenant, there’s no guarantee that your lease will be renewed once your rent expires. Unless perhaps you have an agreement with the house owner. The house owner can decide to sell off the property or bring in new tenants. As such, you might be left stranded when your rent is up.

Why should you consider owning a home?

Security: Owning a home gives you a feeling of satisfaction and security. You have one hundred per cent creative rights over your property and can decide to do with it whatever you want without any restrictions placed on you.

Owning a home is an ideal choice for a stable family who aren’t intending to move around any time soon. For instance, a young growing family has the added advantage of settling into a region of their choice, where they can raise their kids and send them to schools around without the fear of losing their home at any time.

Financial freedom: As a homeowner, you can decide to sell your property at any time or use it as collateral for a loan. Owning a home also gives you the added advantage of value appreciation. Owning a house in Lagos, for instance, can give you an ROI of up to 40% in two years depending on the location, allowing you to make a profit should you choose to sell.

The sense of responsibility: Owning a house is one of the common hallmarks of success. There’s a certain level of confidence and fulfilment that comes with owning a home, its overwhelming sense of responsibility flows into every other aspect of your life.

Generational Wealth: Owning a house gives you the opportunity to build generational wealth. A house will likely stay up long after you’ve passed on and could serve as a harbour for wonderful memories for you and your family. The value appreciation on the property can be transferred from one generation to another.

How to effectively transition from renting to owning a house

What you should consider before buying a home

Huge financial commitment: Buying a home requires a huge financial commitment. It might require you to suspend other commitments until the acquisition process is completed. In addition to the acquisition costs, you would require additional funds to maintain a house like renovating, paying for damages, insurance etc.

Mobility restrictions: As a homeowner, you would be more compelled to live in a location longer than you may want to. You might not be able to relocate at will suppose a job opportunity comes up.

The risk of selling at a loss: As a homeowner, you can run the risk of not making any or very little profit through a resale. Instances of this scenario are not common but depending on certain economic factors like a recession or the location your property becoming less desirable could lower the value of your property. Regardless of where you’re in life right now, at some point, you might consider buying a house for yourself or your family.

At Sevic PDC, we are dedicated to developing comfortable and affordable homes, perfect for you and your family. All our properties are offer premier amenities like:

  • 24/7 electricity supply and treated water supply
  • Completely finished, contemporary apartments.
  • Recreational Park for kids and adults (clubhouse, gym, basketball court)
  • Top notch security and access roads

All our properties have valid documents and are free from litigation issues. Call us today at 09081234564/ 09095757575 or send us an email at info@sevicpdc.com to speak to our real estate investment expert on the best plan that can fit seamlessly into your budget and guidelines into giving you the type of home or real estate investment that you want.

How to effectively transition from renting to owning a house

How to effectively transition from renting to owning a house

“Owning a home is a keystone of wealth — both financial affluence and emotional security.” -Suze Orman

Putting a roof over your family’s head is one of the most important things to do and if you’re like most Nigerians, you’re probably renting and you’re probably looking to transition from renting to owning a house. The most ideal way to provide shelter is to own your home because renting is basically making use of space for a specified time period.

There are cases where renting is ideal but if you intend on settling in a state or a particular location for at least five years, then buying your own home is a better and in the long-run a cheaper deal. The primary reason for this is, houses generally appreciate in value with time while money spent on rents can’t be recovered or attract any value appreciation.

Here are a few tips to help you shift from renting to owning a home:

  1. Keep a leech on your savings

One of the main reason most people don’t own homes is, they’re unable to afford it. There’s really no beating around the bush when it comes to buying a house, if you can’t pay a down payment, your finances are probably not stable enough to own a home. However, your financial state is never permanent. Through discipline to save more or seeking extra ways of earning more money, you can buy your dream home.

Here are a few tips to get you started:

  • Set precise saving goals.
  • Take note of all expenses including the seemingly minute ones.
  • Take up extra work to earn more.
  • Consider cutting down on the amount you currently spend on rent. For a family looking to buy a house, renting a relatively cheaper house would help save extra cash needed for your down payment.
  1. Keep Your mind on your Long-Term vision

Thinking long-term helps you make better decisions as most of your energy would be directed at attaining your end results. While you save towards your goal, devote your time into making all the necessary decisions to help you choose which house to buy. Keep in mind the following:

Choose your location carefully. It’s always better to move to a developing area rather than a declining or saturated area. The reason is, a developing area offers better economic opportunities and would likely attract high-value appreciation compared to an area that has reached its peak. A good example of this is, deciding to buy a house in Surulere or Sangotedo. All things being constant, a house in Sangotedo is more likely to attract higher value appreciation than a house at Surulere. The rule of thumb is, when purchasing a home, access its profitability suppose you resell it in a couple of years.

In addition, consider other long-term issues like schools available in the area, hospitals, shopping centres, location in relation to traffic, all these would help you assess how convenient it would be for your family down the line.

What you need to know about mortgage systems in Nigeria

  1. Budget for additional Total Expenses

A down payment or monthly mortgage payment isn’t the only things you’d need to consider when buying a house. Buying a house is committing yourself to cater for extra expenses like renovations, maintenance, insurance, taxes and utility bills.

In order not to end up overwhelmed with bills, ensure you make room for extra expenses.

Rule-of-thumb: Assume that you’ll spend 1% of your purchase price annually on maintenance.

Why? Your house has a lot of moving parts and unlike renting, where you can call the landlord, you’re your own landlord. Of course, this is just an estimate. How much you’d really spend on maintenance and bills depend on factors like; how much you consume in terms of utility rates, climate, age and the condition of the property.

  1. Renting is much more expensive than buying a home

In the long-run, the total cost of renting would likely be significantly higher than buying or even mortgaging. In Lagos, for instance where housing prices are high, the cost of renting for five years or even less than can be used as a down payment for a house (depending on the neighbourhood).

Quick tip: calculate how much it would cost to pay a monthly mortgage on the average home in the neighbourhood of your choice in comparison to your current rent payments.

Of course, the best option will be to purchase outrightly if you’re financially capable rather than spread payment, as that in itself attracts some amount of interest. Buying upfront also helps you make substantial profits suppose you turn around and decide to sell the property.

Since you’re here …

We’ve got the best deal for you. Buying a house is a huge decision to make. There’s a lot to choose from and a lot of uncertainties and paperwork, not to mention they cost m. Let’s narrow it down for you. Rosewood Residences located in the heart of the Lekki Peninsula encapsulates all it takes to give you a home. We’ve aligned all the factors necessary to give you the type of comfort and luxurious lifestyle you deserve:

  • A home located within the urban area of Lekki
  • 24/7 electricity and water supply
  • Ample, underground parking space
  • A valid C of O

What’s more, we’ve got all these for you at the most affordable price possible. Call in today at 09081234564/ 09095757575. Send us an email at info@sevicpdc.com and let us give you the investment of a lifetime. So, why should you bother calling us today? …Because we understand what Home means to you.

Read more on what makes LekkiVale Estate stand out from other estates

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