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.
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.
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?
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.
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/
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.
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.
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:
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.
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.
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.
“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:
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.
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.
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.
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 outright 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 firstname.lastname@example.org 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.