So, you just got that big business break or that contract profits worth tens of millions. A large sum of money just hit your account, boom! You are excited but subtly scared that you might “blow” the money away out of excitement if you don’t plan quickly and well enough! You turn to your phone and then type on Google “fastest ways to double your millions in a month” and nothing tangible pops up. You come back to reality, and try again…. “Best investments that are secure” and “Real Estate” pops up! Instinctively, you check for available plots of land that you can buy, but remember that you live in Lagos and don’t have energy for “omo onile” wahala. So, after arguing with yourself, you decide to buy a house.
Erm.., not so fast. We wouldn’t advise anyone to spend millions of naira on anything [including real estate] without doing their proper due diligence. This is why we have chosen to tell you about 4 important things to do before buying a house. Here we go, in no particular order
- FIND A REAL ESTATE COMPANY/AGENT
This is the most important thing to do. A solid real estate company [like ours] will do the foundational and background check for you. Most real estate companies usually have an array of properties that you can choose from [click here to check our latest product, serenity court]. They are credible, government accredited and reliable. With the right real estate company, you are “delivered” from scammers and this will make the purchasing process as seamless as possible.
- RESEARCH THE NEIGHBORHOOD/LOCATION
Choosing a location that can cater to your personal and family needs is equally an important thing to do when looking to buy a property. Check for nearness to schools so that your children won’t have to travel kilometers to school everyday, check for nearness to market so you don’t have to unnecessarily travel ages to get foodstuff. Also check for good roads, good drainage systems, good and adequate water supply, electricity supply and many other factors that makes life easier.
Also, every neighbourhood has a definite character and what it is known for. Usually, your realtor should supply you with this information but that does not excuse the need to do your personal research about the neighborhood. It is also advisable that you research on the news to check recent happenings in the environment that you choose to buy a house in; this is where Google comes in handy. Be sure that you like the neighborhood to your satisfaction before you buy the property.
- BE REALISTIC WITH YOUR POCKET
A popular Nigerian adage says “na who wear shoe sabi where the thing dey pain for leg” meaning that only a person carrying a particular burden knows the cost of carrying it. While it’s a good feeling to own a property like a house, it is an indescribably terrible feeling to realize that you cannot complete payment for that property. Therefore, it is important to realistically analyze your financial capacity to promptly pay for a property before making any down payment. This way, you have a clear-cut payment strategy, no matter how long is takes. Our current product, serenity court, has a flexible payment system that enables you to pay less that 20% as down payment for the property [click here to find out more]
Always check your pocket before you buy a house.
- ENSURE TO GET ALL THE REQUIRED DOCUMENTS
In order to avoid “stories-that-touch” it is best to always have your lawyer or legal counsel by your side when signing or reviewing the ownership documents of the property you’re about to buy. The lawyers know the needed documents that you must posses in order to confirm ownership for the house
It’s better to be safe than sorry.