Tips on how to buy your dream Home in Nigeria
There is a joy that comes with being a new house owner. You can get this feeling by following these steps on buying a home in Nigeria.
There are many benefits to owning your own home, security, reduced expenses, and the ability to create a beautiful home or your dream. Here are some tips on how you get on the property ladder.
1. Secure Finances
The first thing you must do is evaluate your financial position so that you can fully understand what exactly you are worth and how much you can potentially borrow. For example, Trussle recently launched a new mortgage in principle service. You calculate your mortgage in principle with an online broker and get expert mortgage advice before committing to anything. As part of this service, a soft credit check is performed, which doesn’t affect your credit score, and the process provides an accurate picture of how much you can afford to borrow.
Once you have a realistic figure to work with, you can start looking at properties, whether this is an existing property or land with the potential to develop yourself. Sellers and agents will also take you more seriously when you show that you are approved in principle for a mortgage, giving you a leg up on the competition.
2. Talk to the Professionals
Buying a property in Nigeria can get a little complicated, so it is vital that you get professional advice each step of the way. Find qualified agents, mortgage advisors, architects, etc., to help you navigate successfully through regulations, land registration, and evaluations. However, before you speak with anyone, it’s good to do some research yourself. Get a general idea of current real estate market trends and property values, and put together a list of helpful questions to get the most from the professionals.
If you are looking to buy a property as a potential investment, speaking with an experienced estate agent is critical, as they understand market trends and forecasts. A property valuation undertaken by a professional is always important, especially for investment properties, as they will advise you on what the property is truly worth, helping you get the best deal and identifying any potential scams.
3. Verify the property land Title
Don’t take anything for granted, especially the land title. A property land title search can be undertaken at the Land Registry where the property is located, and this step is usually taken care of by your attorney. The purpose of the land title search is to verify that the information the seller has given you regarding the property matches what is recorded officially on the Land Registry. You may then need to rectify any discrepancies before proceeding with your purchase.
Your legal representative should also obtain a true certified copy of the original Land Title and confirm their findings on the property in question. Even if this step takes a little time, it is paramount and worth any effort it may take.
Buying your first home or investment property is a very exciting time, but don’t skip these important steps, as they could save you some money and potential heartache.