Owning a house is a smart choice and also a huge investment. For most people, this would be the biggest investment they’ll ever make.
There are so many benefits of owning a home, but the question is: Are you ready to make such an investment?
Before you decide to take the bold step, do well to ask yourself the following questions:
1. Am I in a financial position to own one?
Owning a home is a huge financial investment, so if your finances aren’t in order, don’t think of taking this step at all. Be sure you’ve saved enough for the down payment, or the entire fee of the property if you are thinking of buying one. And if you are thinking of building your dream home, make sure you are ready to go through the financial and emotional aspect of such a responsibility. You may also consider the use of mortgage facilities.
2. What can I afford?
There are various options in the real estate market, but you have to figure out what you can afford. You can’t just pick out any property. You have to make sure you make a choice that won’t leave you in a financial mess. I advise that you speak with your financial advisor so you can be sure what option and the type of property you can afford.
3. How long do I plan on living in the house?
This shouldn’t be a property you plan on staying in for just a year. It is advised you invest in something you want to stay in for about 10-15 years.
4. What is happening in the market?
You should know what’s going on in your market, as the market varies from city to city. Taking Lagos has an example, there is a difference in the value of properties in Lekki as compared with property in Ikorodu.
5. What professionals do I need to meet?
This is very important when investing in a property. Since a lot of people claim to be agents, property owners and the likes, you should be careful of who you meet in this instance, so as not to get duped. Your lawyer should be involved while you are making this decision or you can get in touch with a reputable real estate firm like ToLet.com.ng
After considering all these questions, you should be ready to invest in your dream home.
– By Jemimah Abimbola