Asides from the Lagos traffic, getting an accommodation in Lagos is another big fear people have. Whether you are renting a house or you decide to buy a property in Lagos, thinking about it is enough headache for a start. Even though it is not as hard as people make it seem, it is a time-consuming and an expensive investment.
These easy steps will help you achieve your dream of buying a house in Lagos and becoming your own Landlord.
- Have a budget
It is not enough to just have the wish to become your own landlord, you must have a budget to backup your dream. Preparing a budget for your dream house in any part of Lagos saves you from any unwarranted headaches before you set out.
One major mistake people make is not planning for their budgets, they therefore end up overspending or getting fed up along the line. Having a budget also helps to keep you in check especially when searching for properties.
To avoid unnecessary hiccups, having in mind the kind of real estate property you want and having a budget for it is the first step to a stress free house hunting.
Your budget should however cover lots of expenses from legal fees for buying a house to property levies to agency fees, there are extra and sometimes hidden costs you need to be aware of.
- Understand the nature of the property
Because buying a house in Lagos or anywhere in Nigeria translates into you investing in real estate, as a potential investor, you must understand the nature of the property you intend to own.
It is not just owning a house or becoming your own landlord but also understanding the possible returns on investment your house can bring.
For instance, before purchasing a house in Lagos, you should evaluate the potential growth of that particular area. Also, you need to determine the type of property, location and whether it is for personal use or not.
- Research properties and get an agent
There are no rules that guide against you searching for your desired house by yourself and being your own agent but having one – real estate agent – can ease off a lot of stress.
Having an idea about real estate is not enough; having a trained real estate professional as your real estate agent can prove vital because of the wealth of knowledge skills and experience from handling similar properties.
Getting professional help is made easier because of online property listing sites like www.prodealproperties.com It helps to make your search for trusted real estate agents easy from the comfort of your home.
- Make a thorough search and compare
After taking the above steps, you are likely close to finding that dream house which you can afford. You however shouldn’t be in a hurry to make down payments. A thorough check on the property and its environment should be the next thing on your list.
You want to avoid making payments and having to make lots of repairs before even moving in. You should buy a house that would allow you sleep even when it rains.
Also, in order to carry out proper inspection, you can actually go with one or two persons who are knowledgeable about property quality. Having another eye inspect with you actually helps because the other person might point out what you missed.
If after your inspection, there are damages that need repair, you can either choose to renegotiate or not to buy at all. Before payment is made for any property, you also have to find out who the previous owners were, why they are selling and if the real estate agent is trustworthy.
- Verify the documents
After all proper checks, if you are still sure about the house, you need to confirm if the house documents are complete and authentic. Asides the possible stress of searching for house for sale in Lagos, getting scammed is another fear people have.
Therefore, confirming from the Bureau of Lands of Lagos if the property is registered as a government acquired property and if there are any issues about the property is also another step to take.
Verification of the property validates your purchase and saves you from fraudsters or any future heartache from the government.
- Make payment and collect all receipts and documents
With everything in place, you should make all payments regarding the house with your lawyer. After making payment, make all efforts to collect every related receipt forms. This is in order to guide against future problems that might warrant you show your receipts and everything concerning your ownership of the house. Documents required for land purchase include the deed of assignment, contract of sale, letter of allocation, affidavits, purchase receipt, deed of gifts, letters of administration, e.t.c.
- File your new purchase with the state government
This step is important as it legally makes you the new owner of the property. If the property already has a Certificate of Occupancy, you already have the Governor’s consent for it which is great. If it does not, then you start processing your Certificate of Occupancy as soon as possible.
And there you have it, the easy steps to take when you eventually decide to buy that house in Lagos.