Thursday, 13 September 2018

BEGINNERS GUIDE TO BUYING A HOME





BEGINNERS GUIDE TO BUYING A HOME



Are you enthusiastic of buying your dream house? You just want to flee from the hassles and constant bickering of landlord and landlady? I’m strongly convinced you’re pondering on the right thoughts. The right thought backed up with the right actions with respect to buying your dream house is top priority any day, anytime. Right here on my blog, I’ll unveil to you firsthand tips on what exactly to look out for when considering buying that dream house of yours with your hard earned money and also make you know that buying a house is like buying an investment.
Home buying is a great investment, and its cost/benefits advantages in the long run outweighs what conventional home builders/renters suffer; the fear of falling into the hands of land dupers, buying dispute lands, legal hassles associated with community lands, touts, local council issues, quack builders and make shift architects etc.
Frankly speaking, house buying in Nigeria is still considered in some quarters as waste of money, some even muse about it in sarcastic terms but the truth to be told is that home buying saves you the sleepless nights and hassles involved in building yourself, instead it gives you a better appraisal of the house you want to buy, adjustments and repairs if any you desire to make, the environment and outlay of the neighborhood and the possible kind of neighbors you will living around with etc.  
Armed with these avalanches of tips gives you a better leverage to buy that home sweet home you desire always.  Just as the saying goes “information acquired and applied is your ability”.
However, here is a checklist on what to consider before buying your dream house:

1. Your Budget: Anything done without a clear cut budget is a bad investment! Take it or leave it! Home buying is an investment, please budget for it first. You must put this fact into consideration before you go for home search or contact a Realtor/agent, because the money in your pocket would decide/determine the kind of house you would go for, the location you would be living and It gives you the negotiating power you may need. At this time you need to get down to the nitty-gritty of what you can afford.
Plan your budget to give yourself a clear vision of what kind of home you should look for and there are a ton of unexpected costs associated with buying a house, including various closing fees, increased utilities, property taxes and Homeowners Association fees. However, moving into your new house could cost some millions of naira. Make sure you’ve budgeted for it all.
2. Differentiate between Wants and Needs: We live in a consumer’s world, constantly ads are being thrown at us telling us what we need. Can you imagine that? However, that’s what the 21st century is all about. Most of these items, however, are just tips to what we truly need. Map out your priorities in your budget, separating the wants and the needs. Let’s say you really want a 4 bedroom apartment with a store, large master bathroom and you need to be close to your kids’ schools, however. Differentiating between wants and needs will help you choose the home five minutes from their school with everything you want except the large master bedroom, rather than a home 30 minutes from their school. Your kid’s education and convenience is a top need than any form of want.

3. Find the Home type for Your Lifestyle: You’re the boss here!, You get to figure out the type of house you want and go for it. Figure out if you are looking for a Duplex, a Bungalow and Condos etc. Let your realtor know your needs and your wants. Finding the right house is important, but I also recommend researching the town you choose as well. Try driving around different neighborhoods at different times of the day. Familiarize yourself with the area you want to live in; find restaurants and shops, research schools and figure out traffic patterns. Let your new home become your favorite investment. Research what style and layout of home suits your needs and be sure to keep in mind that this is your first home. Make sure it caters to your lifestyle now.
4. Get a Real Estate Agent: A real estate agent is a professional who helps the buyer in the house-purchasing process. Most agents work for a realtor. As a buyer, you want to hire a good real estate agent when you are buying a house.

5. Inspection: A home inspection is an examination of a home done by a home inspector or the buyer to determine the condition of the home at the time of inspection. This point is very important to determine the physical condition of the house before payments are made to the house owner. An eagle’s eye view is needed to determine that the house is in good and proper state. When you’re touring homes, pay close attention to the home’s overall condition, and be aware of any smells, stains or items in disrepair. Ask a lot of questions about the home, such as when it was built, when items were last replaced and how security of the place is, the availability of power in the area, flooding propensity of the area and room convenience and ease of accessibility etc. If other potential buyers are viewing the home at the same time as you, don’t hesitate to schedule a second or third visit to get a closer look and ask questions privately.

6. Making an offer: This is what you should do:

1. Call up the estate agent or Seller as the case may be
2. Say you want the house.
3. Say the price you want to pay.
4. If they accept, you’re good to go!
5. If they tell you NO, we can sell at your price, repeat step 3 but with a different number.
Don’t be afraid to start with a lower offer – haggling is part of the fun. Just keep in mind how much is within your budget so you don’t overspend.
You’re a first-time buyer. This means you aren’t locked in a chain and can finish the sale quickly.
·Do your research and find out the values of similar houses on the same street. That way you’ll know if what they’re asking for is fair or ridiculous.
·  If the property has been on the market for a while, a lower offer might be accepted to finish the sale.
·    Also, any flaws you noticed that would cost to sort can be deducted from your asking price.
7. APPROVAL AND LICENSES: Once you zero in on the property, check the builder’s paperwork ranging from ministry of urban certificate for work, environmental clearance and approved building plans. Also ask for the status of the land title and see if the builder has bought the land or has just development rights for it. Here is a list of documents you should check. 
(a). Title Deed: Check whether the seller has a right over the property. While buying a house, see the title deed of the house to confirm if the seller has the full right to it. You can also get help from a lawyer to get the deed examined. 
(b). Release Certificate:  This is very important, don’t overlook it. If you are buying a property in resale, remember that it may have been pledged to get a bank loan. In such a case, you will have to get a release certificate from the bank, which will prove that the loan on the house has been repaid, also Check Encumbrance Certificate. It is also important to verify that the land is free from all legal dues.
 (d). Approvals by Local Body: Make sure that the entire layout has been approved by the development corporation and the local body of the city.
(e). Property Tax Receipts: If you are buying a property in resale, ask for previous property tax receipts from the seller along with other bills. This way you can ensure there are no pending bills.
8. Think repair cost: It is often the case that you’ll have to make a few renovations when you buy a new house. While it is inexpensive to fix cosmetic issues (a bit of paint or some wallpaper) but making changes to kitchens and baths can be expensive. That doesn’t mean that you should give up on a house in need of a significant fix but you should factor in those costs when determining whether you can afford to buy (don’t forget to include labour).
9. Transfer Documents: “Transfer documents” refers to the documents relating to the transfer of ownership from the seller to the buyer. Documents include:  Deed of Conveyance/Transfer, Certificate of Occupancy etc.. It’s important that you use due diligence and read through the transfer documents to make sure everything says what it should say. You could hire the services of a Lawyer to assist you in checking through/perusing the transfer documents.
We hope this has been a helpful checklist of items for you as a beginner to consider before purchasing a house. Follow us instagram: @myhouseman
We wish you the best in your search, and if you have any questions, feel free to contact us info www.myhouseman.com.ng  or simply comment on the post below.


Friday, 10 August 2018

TOP SECRETS ON CHOOSING AN APARTMENT



 TOP SECRETS ON CHOOSING AN APARTMENT


A friend of mine just moved into a new apartment last month only to discover that the apartment is in poor and deplorable state i.e. the plumbing is leaking, leaking ceiling etc. These are defects you wouldn’t just notice except your take a closer look at the property you intend renting. So next time you go house hunting put this points stated below into consideration:

CHECK LIST BEFORE RENTING A PROPERTY

1. Is the neighborhood secured: You don’t want to live in a place where you sleep with your eyes open, money paid must give value so this point is very important also find out about the security system is it a may guard, night watch, vigilante etc and how do they operate, also when are you expected to be at home at night especially when you work late, so that you wouldn’t be locked out from your house throughout the night when you return from work. Also check out for alternative exit in case of any emergency.

2.  The State of the road: We all live in Nigeria where some of our roads are in bad condition, it is therefore important to consider the road before you rent a house especially if you drive a car always rent an apartment where the road is motor able. Most at times people are often deceived during the dry season by the state of the road and during rainy season they can’t believe the transformation of the road. When next you go for house inventory during dry season, please endeavour to interview people living in the neighborhood on the state of the road.

3. Is the area water-logged: this fact can be seen on mere observation of the fences of the houses within the neighborhood, just looking at the wall you would observe marks of water lines even if it has being painted a closer look will disclose this fact.
4. How long has the property been listed for rent: this are warning signs you would love to know while the property has not been rented for a long time this would aid your judgment you can also ask neighbors within the environment to discover why, a lot of factors may contribute to that, don’t ignore them.

5. Previous Occupant: although this point isn’t always necessary when it is a new house, you have to consider the previous occupant and what actually took place in the house before you rented, you wouldn’t want to rent a hose previously occupied by a witch doctor, occultist or people of questionable character.

6. Leaking Roofs: very, very, important or imagine you sweet night sleep being disturbed by drops of water (remember sleeping when the rain is falling is always the sweetest). Check the ceiling, side of the walls and even if it has been repainted you would still see the map of the drops of water on the ceiling.

7. Leaking pipes and cracks on the wall, Tiles etc: You wouldn’t want a reptile/insect infested apartment, to prevent these things you must carefully observe the walls for holes/cracks and also the drainage/pipes in your bathroom and kitchen.

8. Utility Bills: Some landlords/previous occupants are mostly unrepentant debtors especially electricity bills (for estimated users) to avoid the risk of paying for what you did not use. Also find out if the bills are the ones you can pay.

9. Kind of Neighbours: This point is very important and should not be trivialized when you esteem yourself and the comfort you deserve when making decisions of renting an apartment. The kind of co-tenants you share a compound with is a major factor that can affect your marriage, single-hood, children upbringing and peace of mind. Check out for the number of children living in the compound, watch if mums are full time house wives, look out for any form of communal living existing amongst co-tenants, come in the evenings to ascertain the kind of atmosphere prevalent there, the quality of automobiles parked, if any.

Have this in mind, the money you pay for the rent of a house should be considered/viewed as a business investment. Utmost caution is needed.

N/B. You need to CONSIDER all this questions for the sake of your peace of mind or consider the risk of living with them.

Ads Inside Post