Recommended Real Estate Tips for Buyers in Lagos

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Land / Property for sale in Lagos

this is a makeup guide that will that will give buyers in-depth percussion to put in place when buying properties in Lagos.

 

To some, the dream of home ownership conjures images of picket fences, acres of floor space and tons of natural sunlight shining through windows along with birds chirping gently to announce your arrival into the neighborhood. But for the rest of us, who weren’t born in a Disney fantasy land, there are tons of practical concerns that go into finding a home to call your own even before you figure out where to park your car so it isn’t open to bombing by you would be feathered heralds.

 

Plan to Meet Your Needs

 

Start with a blank piece of paper and put together your wish list. Start with the absolute must haves for your situation, then move down to things that are important but not critical, then on to the things that would be nice.

Be realistic and practical! Is it better to rent or to own? Is this home going to improve your living situation?

Get your financial documents together, learn how much buying power you actually have, get pre-qualified for a mortgage you can afford now. Don’t take into account things that aren’t currently in your budget; if you have doubts about other forms of income, don’t figure them into your calculations.

Armed with this information, set a budget and allow for the inflation of your expenses.

Above all, stay detached from your purchase until the escrow closes out. Things can (and will!) happen, don’t let it ruin your day if something doesn’t go right.

 

The Hidden Factors

 

It should go without saying, but educating yourself on local market conditions especially in Lagos is how you can the best deals, but there are a ton of little things that go into the cost of real estate and the fluctuating prices of homes.

When you’re searching listings, look for words like ‘TLC’ or ‘investment’ and ‘potential’ as these can indicate a property that might need a little work but can net you a substantial discount on market value. Of course, this can also mean the place is a rundown pit, but a walk through and inspection will help with that.

Consider your timing: statistically, the second week in December sees homes sold for as much as three percent less than the median price.

Once you find a place, prowl the neighborhood night and day, see what’s going on and who is coming and going. You’ll quickly learn if the place is right for you and whether or not the neighborhood is one you’ll want to live in.

Bid smart. Many people will submit bids with round numbers and they’ll wind up blurring into one another as the seller tries to find one that looks good for them. Instead, submit a odd number that you believe the house to be worth. In a sea of ‘100,000’ offers a ‘97,545’ is going to be remembered and may well get you an opportunity to negotiate simply based on character alone.

 

Another, seldom used tactic is to speak to the county clerk’s office and see if the property you’re looking at has any back taxes associated with it. This will give you more room to negotiate for the price and can save you as much as fifteen percent on your new dream home.

 

In Conclusion

As with anything, preparation is the most fundamental and often overlooked of real estate tips for buyers; expectations need to be set and the reality of your financial situation needs to be thoroughly explored and documented and above all, you need to be patient with yourself and the process. In no time at all, you’ll be in the home that’s right for you with plenty of money left over!

I put a list of top real estate companies in Nigeria, You will want to see who made it to my list.

 

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