There are so many houses for sale in Nigeria, especially in Lagos. But not everyone starts out knowing exactly how their dream home should look like. Real estate agents will agree that most clients aren’t certain of what they’re looking for. They may have a vague idea but not the real thing. How do you determine if a particular house is a right fit for you?
Whether you’re buying your first home or choosing the right rental apartment, you’d need to narrow down the factors that are a must for you. The following guidelines will help decide what is a top priority and what’s not. Get a pen and paper ready and let’s dive in.
How to set general guidelines
The following questions will guide you towards understanding your personal housing needs. These questions are divided into 6 sections, to help you identify your housing objectives, evaluate your financial state and draw a roadmap to achieving your goal of buying or building a new home.
Section One: Define Your Goal
- What is my current housing situation?
- Is there anything you can do to change or improve your current housing situation?
- What do you want to achieve by buying a new home or moving into a new apartment?
Section Two: Establish Your Criteria
- List two features your house must-have. (e.g. proximity to work and 24/7 electricity)
- How many bedrooms, bathrooms and toilets do you need to be comfortable?
- Would you rather build your home or buy a home?
- How long are you looking to live in the area?
- Consider your outdoor space. Do you need a backyard?
- Can you live in a high-rise building? Do you mind the stairs?
- What about the neighbours? What type of neighbourhood would you like to live in or raise your kids in? Do you have any need for a recreational park?
It’s important to determine which features are a must for you and your family. This helps you streamline and avoid houses for sale that will not meet your needs. For instance, a young couple who’s looking to live in an area for five years might not actually need a house with a kid’s recreation park, especially if they aren’t planning on having kids yet. Most estates in Lagos highlight a kid’s park and an outdoor swimming pool as a top ‘luxury’ feature. However, if you’re a professional who’s always travelling and prefers privacy, an outdoor swimming pool might just be extra expenses you do not need.
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Section Three: What are your financial options
- How much are you willing to spend on your housing project?
- Do you wish to take a loan or a mortgage?
- Can you pay outrightly? If no, how long do you need to complete payment?
- Can you afford up to a 30% down payment?
Most real-estate companies like Sevic PDC offer a flexible payment plan over a period of 3 to 12 months. Others go as long as 24 months. It’s important to determine which payment option suits your pocket. If you’re looking to own a home in the future but cannot afford to buy one now, buying a plot of land might be your best option. In investing in your home, make the efforts to plan long-term.
Section Four: Identify The Pros and Cons
Make a chart of your top features and consider the pros and cons of each decision.
- Buying a house vs Building a house
- In your opinion, what are the implications of building a house over buying one?
- If you decide to buy a house, how much would it cost to renovate it to your taste?
- Should you decide to build your house; what is your time frame?
- Do you have the time to properly coordinate a building project?
- Owning a home vs renting
- How long are you looking to live in the area?
ALSO READ: Land for sale in Ibeju Lekki
Time is the greatest factor when choosing between renting or owning a house. If you’re planning on staying long-term, it’s advisable to buy or build a home. However, if you intend on relocating or moving to another town in a couple of years, rentals might be your best bet. Whatever the case, owning your own home should be at the top of your list.
Section Five: Decide Which Option To Go With
- Choose the home that matches your criteria. For instance, is it a condo, a penthouse, a two-bedroom apartment, a three-bedroom apartment, etc.?
- Choose the location you’d want to live in. E.g. Sangotedo, Ibeju-Lekki, Lekki Phase 1, Magodo etc.
- Choose the real estate company you’d like to work with. Write down three top companies and investigate which company you find most suitable.
- Choose where to buy land. Decide and act on it.
- Make a list of the houses that have at least three top features you need and book an inspection.
- Decide to act now!
Once you’ve decided where you want your new home to be located, how much you are willing to spend and the kind of home you want to live in, act on it. There’s never a perfect time to buy a house or land.
Check Out Lekkivale Estate
LekkiVale Estate is a low-density residential development located at Ibeju Lekki. It is spread across 17 hectares of 100% dry land with a carefully planned layout and offers world-class amenities. Lekkivale Estate has a C of O (Certificate of Occupancy) and instantly allocates your plot once payments are made. To learn more about Lekkivale Estate, Click Here: https://sevicpdc.com/lekkivale-estate-2/