Thursday, 13 September 2018



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  or simply comment on the post below.

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