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How To Buy A House / Flat


Buying your own house, especially if it’s your first real estate purchase, is such a serious steps that buyers often feel intimidated by the amount of work that seemingly goes into this process. We all know that a mistake or two during the choosing or buying of the house can result in bitter disappointment within years or even month. Plus, if you’re not being careful enough, you even risk losing your money. How to make the real estate purchase process effortless and satisfying? Find out the answer to this question today with us!


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Decide how you’re going to pay

Most buyers have only two options when it comes to paying for their new property. They can either pay the whole amount in cash or via a bank transfer, or they can take a mortgage. There are several mortgage programs in Nigeria, but if you’re considering taking a loan to buy a house, make sure to study the details and read the “fine print”, so that you’re fully protected from unexpected fees or legal action in the future. Paying with cash is easier, but you also need to be careful and have several witnesses during the payment process.



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Find out what you can afford

There are people who won’t be stopped by anything when they find their dream house – they’re prepared to be in a lot of debt just so they could buy this particular property. However, the smart approach to buying property is to only buy the house or flat you can really afford, whether you’re paying with cash or taking a loan. Generally, your new house shouldn’t cost more than your salary for three years – only in this case your new property purchase won’t leave you broke.



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Find your agent

In a lot of cases sellers sell their property through a real estate agent, but the truth is that those agents work for the seller and on commission, which means they’re interested in making you pay more. Instead you need to find an agent who will work for you exclusively with your best interest in mind. You can let your agent do the negotiations with the seller’s agent, achieving the best price and best conditions for both parties. Buyer’s agents usually work on commission as well, but the size of the commission should be discussed in each particular case.



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Start looking for a home

This is arguably the most important part of the process, because while payment and other purchase terms are negotiable, the quality of the house is not. There are many things to pay attention to while looking for a new home. Most buyers start looking for the right location. Then it comes to close proximity to various establishments, like hospitals, schools, and business centres. The condition of the property is also essential, because if the property is in poor condition, you’ll need to spend hundreds of thousands on renovation. If you’re looking for a house with a particular price, it can severely limit your search results, which is why you need to add 10% above and below your selected price to see more options.



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Inspect the house

This step should also not be taken lightly, because even a one-hour viewing can tell you a lot about the house and whether it’s worth your attention. We recommend to never go house viewing alone – take your agent, a friend, or a family member with you. Start by carefully checking the condition of the house, paying attention to various defects of the plumbing, electrical system, walls and floors, and anything that influences your quality of living. Then check the neighbourhood to see if it feels safe, and, if possible, talk to the neighbours to see what kind of people you’re going to live next to. If there’s anything bothering you during the viewing, don’t hesitate to tell your agent or the seller about it – you can either ask for a discount if the house has any significant flaws, or look for other options.



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Proceed with the purchase

Once you’ve decided on your perfect house or flat, it’s time to close the deal. Make sure the proceedings are supervised by an independent lawyer and several witnesses from each side. When you’re given the paperwork, don’t just sign it to get it over with – study every paragraph, because property law is a tricky subject and you need to thoroughly understand what you’re doing. If you’re taking a mortgage instead of paying in full, make sure to read the financial conditions very carefully, so that you know exactly how much you owe and how the money is going to be paid.



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