Top Steps To Buying A House

Top Steps To Buying A House

Factors to consider when buying a house and how it can affect your child’s development

Steps to buying a house can be very daunting and discouraging. It takes lots of mental strength and patience to buy the right home. Several studies show that the home a child is raised in can affect their cognitive and socio-emotional development. Factors like pollutants, noise, crowding, chaos, housing instability, school and the quality of neighbourhood can play a key role in a child’s mental and emotional development. For instance, numerous studies reveal that chronic noise exposure early in childhood can interfere with reading acquisition. Another study linked overcrowdedly or poorly maintained apartments to aggression, anxiety and depression during the early stages of development. A disruptive or unsuitable housing environment can induce stress at an early stage, triggering a host of developmental problems like slow or poor language development, deficits in reading, impaired cognitive development and a host of other issues.

Of course, how a child turns up doesn’t depend solely on the home you buy. It is a complex mix of factors mainly genes and environmental influences. However, how the family is structured and the factors to consider when buying a home can have a profound effect on your child’s well-being. Beginning from infancy and running through adolescence.

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What does this mean to parents or intending parents?

Before choosing where to live or which home to buy, consider the long-term effects your neighbourhood will have on your children. The neighbourhood here includes the environment at your home, interaction with other neighbours and the overall ecosystem of the community you choose to live in. For instance, although there are many exceptions, kids that were raised in the barracks back-in-the-day tend to have certain character traits. The Barracks were usually crowded with loud noises, invasion of privacy and in some cases a lot of adult exposure. This sort of environment affected a child’s understanding of the world and how things work.

Here are some of the ways the environment can affect your child’s health and development:

The quality of the home a child is raised in can either improve or deteriorate the health of a child. In situations where the family’s at the brink of homelessness or eviction, neglect of the child is common. Also, consider the costs of housing in relation to other factors like food or health care. You need to make sure you don’t go broke from buying a house and then be unable to pay for other basic necessities.

Where your house is located should not be underestimated. When it comes to buying a home, don’t simply inspect the house, examine the locality as well. What is the area known for? What kind of neighbours would you have?

You definitely wouldn’t want to live close to neighbours who party into the night or close to a car park that’s always rowdy.

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Tips for buying the perfect home for your family

Buying a home to raise a family is a bit complex than just buying a regular house as an individual. An individual may settle for almost anything but kids require a lot more attention and a stable environment. Consider having a decent home as a vaccine that gives your child resilience and immunity against future threats. These tips include the following:

  1. Location

Location is everything. You could find an incredible house at a perfect price but it could still be unsuitable if it’s located in an unstable neighbourhood. You may think you can keep the stuff you don’t like outside your walls but they usually find a way to creep up the walls.

The location of the home you’re buying should be top priority. Consider the following questions: Does the area have safety issues? What’s the distance to school? What are the available health facilities? Is there access to shops? Are there provisions for extracurricular activities like a playground for kids? What’s the demography of your neighbours?

Pay a little less attention to trivia things and focus more on getting the right features that would help you and your family feel safe and properly nurtured. You will feel more confident as a parent and homeowner.

  1. Choose the right Amenities

Evaluate the functionality of the home. Consider the size of your family in answering questions like; is the kitchen and dining room space sufficient? Is the laundry room spacious enough to fit a washing machine? What about the number and placement of sockets and doorknobs especially if you have an infant?

Is the closet large enough? Can you conveniently place a cabin for extra storage? If you value outdoor activities, is there a yard? How easy is it to clean the house?

A house with glass walls may not be very practical or suitable for a family with young kids.

  1. Safety and Size

The size of your family determines how much room you need. Determining the right size for a family typically depends on preference. Certain building designs may actually be dangerous for your infant child who would crawl wondrously around the house. Consider the layout, fixtures and furniture in the house. Find out if built-in closets or cupboards can trap your toddlers inside or are the stairs safe?

Do countertops, tables and shelves have sharp, dangerous corners? Are the wiring and sockets out of reach or at least childproof? Is there an open pool nearby?

Safety concerns also extend beyond your house. Ask around for information about the crime rate of the area. How close is the house from a major highway? Is traffic moderated? Are the streets safe for kids to cross? Do drivers slow down or do they ignore road signs?

Are there any factories or other sources of pollution that may affect your children’s health?

The answers to these questions will determine to a large extent the well-being of your children and your peace of mind.

At Sevic PDC, we believe that homes should be comfortable, safe, convenient and affordable. We’re developing LekkiVale Estate with your family in mind, putting in place amenities suitable for you and the whole family. LekkiVale Estate captures the essence of nature, safety and accommodates the proper live-play environment for your family.

Your dream house could be one call away. Call us today on 09081234564, 09095757575 and we’ll walk you through the entire process of buying a home at the most affordable rates in Lagos.

You can also chat with us on WhatsApp: 09095757575 or email us at info@sevicpdc.com

To book an online appointment for inspection of our Estates, simply click here: https://sevicpdc.com/book-an-appointment/

Mortgage

Mortgage

Buying a home for your family is one of the benchmarks for success in our society. What makes buying a home harder is usually the lump sum required and the lack of knowledge of how the mortgage system works in Nigeria. Cost is the single biggest factor for the low house purchases among middle-income earners, as they would need to save for long periods to have enough money for an upfront payment. This’s where mortgages act as a better subsidy.

A mortgage lender loans a good part of the cost required to pay for a house, which you will have to pay back with interest over an agreed period of time. On the flip side, if for unforeseen circumstance reasons you’re unable to pay the mortgage bank when due, your home can be taken through a process called foreclosure.

The mortgage system is typically favourable for homeowners who don’t have sufficient cash on hand to pay for a house upfront. However, taking up a mortgage typically takes you a step closer to home ownership compared to perhaps, renting.

 

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There are different types of mortgage loans and depending on what plan best suits your budget and the amount of payment period, you should carefully assess which is best before opting for one. Mortgage loans are characterised by their time span, usually from 5 to 20 years in Nigeria.

 

Before opting for a mortgage loan, ensure you understand the following factors:

  • Consider your budget and monthly income. It’s preferable to have a relatively stable source of income. This is to prevent overstretching yourself to keep up repayments.
  • Keep in mind other than the cost of the owning a home, you’d need to cater to additional expenses like household bills, utility bills, insurance and maintenance.
  • Mortgage lenders will usually request to see proof of your bank statement to assess your income flow and expenses, and if you have any debts. This assessment is simply to prove you can keep up with repayments plus interest rates.
  • The mortgage lender can decide to refuse to offer you a mortgage if they think you can’t afford to keep up with repayments.

How Does The Process Work?

When compared to regular loans, mortgages typically have lower interest rates. Typical mortgage interest rates in Nigeria range between 7-25%. The lender requires the potential buyer to have a certain percentage of the total amount needed for the purchase available, called equity. This percentage should range between 30-70% of the total cost of the home. Ideally, your mortgage payments shouldn’t require above 25-30% of your monthly income to enable stay afloat with other bills and engagements.

As mentioned above, the length of time required to pay back the loan is important. In most cases, the maximum period of time given is 20 years.

 

Read more: What it takes to turn your house into a Home 

 

What Documents Do You Need?

The documents needed to get your mortgage loan to approve vary from institution to institution. They include the following:

  • A comprehensive statement of account (12 months or more)
  • Employment and confirmation letter (if employed)
  • Certificate of Incorporation of business (if in business)
  • Nationally accepted means of identification
  • Utility bills
  • Application form (provided by mortgage institution)
  • Original title deed of property (To confirm that property is not in contest)

In Nigeria, taking mortgage loans is increasingly becoming popular and it’s one of the surest ways to owning your own home. However, before considering a mortgage, keep in mind the following questions:

  • Is this the right time for me to buy a house?
  • What kind of property do I need? And where?
  • Do I need to take out a mortgage?
  • Can I truly afford to buy a house on a mortgage?
  • How much do I want to borrow and for how long?
  • What are the pros and cons of taking out a mortgage compared to renting?

Also read: How to effectively transition from renting to owning a house

 

 

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 more. Let’s narrow it down for you. LekkiVale Estate 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 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 0908123456409095757575. 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.

You can also chat with us on WhatsApp: 09095757575 09081234564

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