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TIPS FOR EVERY PROSPECTIVE HOME OWNER

06 May
Anthonia Uzoukwu May 6, 2020 14

TIPS FOR EVERY PROSPECTIVE HOME OWNER

For a lot of us, being a home owner brings a sense of pride and freedom that cannot be compared to renting. When you become a home owner, you would no longer be bound by the rules of your landlord and you get to save up more as you no longer have to pay rent.

Buying a home may be the first step towards attaining your long-term goal of being wealthy. It is one of the most important purchases you would ever make. It is a huge financial commitment that needs adequate research.

Take time to consider the following:

The Size of the Home You Need
Whenever you want to buy a home, always have it at the back of your mind not to pick a space larger than what you currently need (Except you are looking at growing your family) If this happens, you will realise there will be a lot of unnecessary space which you need to clean and maintain regularly. The best advice we can give is to look at the space you currently occupy and probably the space you have lived before, if you think you want to maintain the number of rooms, then by all means do so. If the house you are looking at seems larger than what you need, try going for a flat as an option as opposed to a fully detached or semi detached house.

Understand the actual value of any property you are buying and buy what you are comfortable paying for
If you want to avoid overpaying for your house, make sure you ask around or get a professional to value the house for you. Err on the side of caution and tread carefully when negotiating so you don’t end up agreeing to pay for what you haven’t planned for. Make sure to have a budget and follow it (there may be exceptional cases).

Know what you want
There is always an initial excitement that comes with purchasing a house, after that, comes the reality of living in that house. So you want to make sure the right decision is made even in all that excitement. You should pick a house that meets your needs and matches your lifestyle. Make a list of the things you need and want around you on a daily basis and make sure to tick them off the list as soon as you see them in your potential property. Know that location is key as you are not just buying a house but also that location.

The State of the Neighborhood
Walk around your prospective neighbourhood. Go through some streets right about the property and fill yourself with whatever is there to see. Do the houses look dilapidated? Are there too many “to let” or “for sale” banners up? What is the average age of people around the area you notice? Ask questions also about the security and crime rate around that area.

Proximity to Work and Schools
Check the routes to work and nearby schools as appropriate. Note any public transportation stops as well. Don’t just look at a map: Travel the routes yourself and see what they are like, how busy they are and how much time it will take to commute in and out of the area

Look for any water-related problems
A home in good condition will keep water where it belongs. Exterior moisture should not be making its way inside. Water flowing through the pipes should be staying in those pipes. Any precipitation that falls on and around the property should be directed towards safe areas, like away from your foundation. Your roof should be functioning as intended. Buying somebody’s water issues is not what you want. Water issues have a direct correlation to market value, as well as marketability.

14 Comments

  1. Feyi Togan

    This is a insightful article, home ownership is that pill we all must swallow at one time. I am sure with the right partner, it should not be too bitter a pill to swallow *wink*

    In addition, electricity in the interested community is key.

    Reply
  2. Tonia

    Well said Feyi! Electricity is a very important factor in Nigeria.

    Thank you for reading.

    Reply
  3. Faith Adeosun

    This is quite informative. For me the neighborhood is key.

    Reply
    1. TONIA

      Neighborhood knowledge can never be overemphasized.

      Thank you for reading!

      Reply
  4. Damilola

    This is such a beautiful piece, and very filled with insight. That water-related problem and state of Neighborhood has been my mistakes in my search. It’s something I would definitely put in my options. Thank you Anthonia!

    Reply
    1. TONIA

      We are glad you will not be making such mistakes in future.

      Thank you for reading!

      Reply
  5. Damilola

    This is such a beautiful piece, and filled with insight too. Water-related problems and state of neighborhood has been my challenges in my search. I will definitely add that to my options. Thank you!

    Reply
    1. TONIA

      We are glad you will not be making such mistakes in future.

      Thank you for reading!

      Reply
  6. Opeyemi

    These tips are insightful and helpful, and I will be keeping this in mind until I am ready. Thank you for sharing.

    Reply
    1. TONIA

      Thank you for reading!

      Reply
  7. Victory

    This is really insightful. There are many things to look out for when it comes to getting a house. This article does justice. I am glad to gave read this. Well done

    Reply
  8. Nkoyo

    Very insightful read. I am am advocate for school to be close to the home.

    Reply
    1. TONIA

      Proximity if very key!

      Thank you for reading.

      Reply
  9. Lulu

    Pretty good read, you’d be surprised how many of these new home owners overlook. I look forward to your next piece.

    Reply

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