Are you ready to buy your first home? Buying a home is one of the most significant financial decisions one will make in his or her lifetime so it is a decision that a lot of thought and consideration should be put into because making the wrong decision can see you tied to a property you do not take pleasure from for years and years.
It is important to go through each decision meticulously, from figuring out pricing to why you should consider a realtor. Here are some things you should consider when buying your first home.
- Use a realtor you trust: Use a trusted realtor. Buyers can sometimes be wary of realtors as they know realtors get commission so can be tempted to drive prices up. However if you are able to find a reliable and trustworthy realtor who has your best interest in mind you will have a professional that knows the market working for you guiding you through the buying process – from identifying the best locations to look for a home in from negotiating a price to navigating home inspections and more.
- Buy a home you know you can afford: As mentioned earlier buying a home is an expensive life changing decision and whilst it is expensive to buy the home, running a home is also expensive and there are costs that go beyond the purchase such as estate management fees, insurance, taxes and other service costs. These costs are higher with more expensive properties so ensure you buy a home that you not only can afford now but one you will continue to be able to afford.
- The neighborhood: A good realtor will always have information on the genuine character of a neighborhood, one tip in researching is to google the area and read up on the news that has occurred there. This can enlighten you on important information like the crime rate in the area.
- How the area copes in all seasons: In Nigeria especially, the rainy season is much different from the dry season, and both are extreme. As a result, when it rains it can have severe effects on day to day life depending on where you live and the infrastructure in place to cope with flooding, for instance traffic is associated with the rainy season and if you live somewhere that floods this could be problematic.
- Don’t buy a home just for the life you live today: Your first home is likely to be someone you like for a while meaning you could go through different stages of life in this home , therefore you should buy a house in preparation for the different things life has to offer and consider your long term plans, Are you planning on staying at your current job? Getting married? Having kids?
- You do not have to buy a house: A lot of people go into the decision of buying a house based on preconceived notions and beliefs such as “ I must own a home by the time I’m 35’. However everyone’s situation is different and there is often a lot to consider such as the housing market, interest rates, timing and your future plans. So consider if buying is the right decision for your situation, in some cases renting or leasing could be the better decisions.
Kindly reach out to us at Demaxon for your real estate needs from rentals to leasing, acquisition, building project management and facilities management.
