BUYING MISTAKES YOU MUST AVOID WHEN BUYING A HOUSE IN LEKKI
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Do you want to become a homeowner in Lekki?
You want to bam-bam? You want to chill with the big boys of Lekki?
Have you been checking apartments in Lekki and thinking of buying one? It is very important that you read this article to the end to avoid some mistakes when going through with the purchase.
Lekki has recently been the go-to residential area for Lagosians. Lekki is famous for its luxurious estates and some of the fanciest beaches in Lagos. Owning an apartment and living in Lekki has become the dream of many Nigerians. Talk of beautiful houses, good and conducive environments, good electricity, and standard security, Lekki has it all.
Most of the houses for sale in Lekki can be found in gated estates with security personnel. Access through the gate is limited and controlled, people can’t just barge in and out of the estate without permission. These, and many other reasons, people choose Lekki as their home. It is also a very good and safe place to raise your kids. Lekki also has some of the best schools in the city located there. The whole environment is what you call a “perfect home” for you and your family.
Buying a house in Nigeria generally can be quite tedious. Should I talk about the numerous adverts everywhere, the time-wasting inspections for several days without knowing who to trust, or the real estate jargons, processes and documentation, or is it the several dodgy “agents” out there lurking online to scam their next victim, but everyone reading my article right now will never be a victim of such or any unnecessary stress.
This is exactly why I am writing this article to help prospective buyers/investors to know what to do when buying a house, what you need to look out for, the common mistakes that occur when looking to buy a house, and ways to prevent them. Without much delay, let’s get into it.
Before we get into it, let me tell you a short story about how one of my friends ended up buying a bad property in Lekki. It was about 6 months ago, he contacted me that he was thinking of buying a house somewhere close to his workplace because he was always getting to work late as a result of heavy traffic. Since his workplace was so close to lekki, I advised him to get a house somewhere in the estates of Lekki. All would have gone smoothly if he had listened to more of my advice. On his way home one afternoon, he saw a “For sale” sign on one of the houses inside the estate and he called up the number to ask for the price of the house. Without carrying out a proper inspection on the house or seeing the right documents, he decided to go ahead to make payment for the house just because he was too eager to own the house and probably scared that another buyer might come along and buy the house before him. After making the payment, he went to check the interior of the house and was disappointed. So in order not to end up like my good friend, who is now in debt from trying to fix the whole building and make it livable, you should read the next points to know those mistakes you should avoid when buying a house in Lagos in general.
PURCHASING WITHOUT A STRATEGY
Buying a house is a significant financial commitment, and you have to make sure you plan a long term for how to establish equity. Note that buying a property in Lagos is pretty much the same as buying property in any other part of Nigeria, I simply chose to focus on Lagos for this article.
Moreso, I believe every Nigerian with the capability of buying property in Lagos should own at least one property simply because Lagos State is the major economic centre of Nigeria, its rate of population explosion is very high and return on investment is one of the highest in the country, but this is also another topic for another day.
As previously stated, purchasing property is a huge decision that should be carefully considered, and any effective strategy should include methods or strategies for achieving the greatest results.
Why are you looking to buy a house in Lekki?
This stage may appear straightforward, yet it is critical to the entire real estate investment process.
For example, you may be weary of paying rent and opt to purchase barren property to build on or an existing home.
Others may wish to purchase or construct a home solely to generate rental revenue.
If you intend to stay in the house you’re buying, will it be for a short or long time? you need to prepare ahead. If you are buying a house, your first home doesn’t have to be your permanent home, however, having a long-term strategy will help you choose a property that suits your needs. You might decide to have children in a few years, and then you’ll need to have to deal with a new set of issues. What if the rooms are no longer enough for your new family? What if your compound is no longer big enough for your cars, what if you need extra rooms for some kinds of stuff? As your family increase, you might have to move out and find a new house to purchase. These are factors to take into consideration while purchasing a property. Long-term demands, such as growing a family should be balanced with what you can afford and what’s available in the locations you visit. If you plan to have children, good schools and parks are necessary.
POOR PLANNING BUDGET
How much are you willing to spare for this HOUSE IN LEKKI, that you want to buy?
Some clients don’t like hearing this question from realtors but similarly, realtors are also wary of speaking to clients who claim they have an open budget. The reason is simple, it is important and expected for the buyer to have a projected amount to be expended on the property investment.
This information will help realtors like me give you the best service because, in situations where your budget is not adequate for an outright purchase, I can give you information on projects with instalment plans where you can pay between 6 months and up to 36 months in some cases.
Many buyers fail to make a proper planning budget before getting a property thus making the wrong choice of property. Before you even start looking for a house to buy, you should have a fixed budget you are willing to spend on the purchase, and you should stand your ground on the budget range you have planned otherwise you may eventually spend beyond your limit.
You cannot allow yourself to be enticed by the beauty of the house so much that you will be willing to spend every dime you have to acquire the house. It is always a bad idea to spend all of your money to get the house. How are you going to be able to maintain the house if you spend all of your money acquiring the house? This is common mistake buyers make when purchasing a house, they lose focus and allow their wants to be stronger than their actual needs. Owning a house is a big investment, invest wisely. Spending more than you can sensibly afford leaves you exposed to potential financial shocks, including rises in interest rates.
NOT ENGAGING THE SERVICES OF REAL ESTATE PROFESSIONALS
One major mistake that buyers make especially first-time buyers, is not engaging the services of Real Estate professionals when buying your home in Lekki. The real estate industry in Nigeria is so porous that lots of people claim to be agents/brokers but they are actually “quacks”.
A real estate professional is a licensed professional either by studying Estate Management in the university or going through professional real estate courses that will make them licensed to facilitate real estate transactions.
The No. 1 professional to speak with is an estate surveyor and valuer.
The estate surveyor and valuer is a professional trained in the art and science of estate management who directs and supervises an interest in landed properties with the sole purpose of obtaining the best possible returns for the property owners. They play an important role in people’s well-being and the overall development of society.
Exelproperties Limited is managed by Mrs Iluyinka Adeyemi who is an estate surveyor. and who has your best interests at heart? This is critical because skilled realtors know how to ask the proper questions and will not let their clients make poor choices.
For example, did you know that you can acquire a piece of land with a C of O title and yet have regrets a short time later?
Yes, C of O is a fantastic title, but it isn’t everything when it comes to purchasing a home.
Delegate to specialists and let them do their job.
when you work with an estate surveyor /licensed realtor, they are the ones to ensure that your entire house buying process is seamless and regret-free.
URGENCY
Buying a house takes processing. It should not be a rushed process, you can’t decide to buy a house today and acquire the house on the same day. Being in a hurry to acquire the house may not be the wisest decision in the long run. You need to take time to find the right house for you, to avoid “had I known”. Take the required time to go through every step thoroughly. Think about how much money you are about to spend, take a step back and analyze the whole process. This may save you a lot of trouble in the future.
NO PROPER INVESTIGATION OR LACK OF DUE DILIGENCE
It’s critical to conduct a background check on the house you wish to buy. It assures that all information about the house you want to buy is correct and not false if you conduct thorough research. In addition, to ensure that vital details about the house are adequately documented.
Some buyers do not conduct thorough research on a property before purchasing it and this usually leads to future problems.
This is the stage where you will need a lawyer to oversee the legal aspect of the real estate transactions, draft and analyze real estate-related legal documents, negotiate real estate transaction terms and conditions, and help with title transfers
SKIPPING A HOME INSPECTION
If you are buying a house, you must inspect the house thoroughly. Do not disregard this. It is very important. Appearance might be deceiving sometimes, that is why you need to check every part of the house and make sure they are in good condition before making payments. Buying a house is like an investment for the future, the value of the house increases as years go by, so you must make sure that it is in good condition 100% before you go ahead with the transactions and signing of documents. Even if you have seen the images and videos of the house, find a means to do a comprehensive examination. When buying an older house, an inspection is more important. An inspection might even help you bargain with the present owners to have the issues rectified or negotiate the price if the property requires major repairs that you can’t see.
WHILE INSPECTING THE HOUSE, CHECK FOR THE FOLLOWING;
Plumbing works and Electricity installations: Make sure that you check the electrical installations to ensure that everything works perfectly. Also, check that the plumbing works are in good condition, the taps should be running properly, and the pipes should be in good condition to avoid water leakage.
Walls: The walls of the building should all be in good condition without any cracks. The presence of cracks in the walls shows that the foundation of the house wasn’t properly done. Sometimes, the materials that were used in the construction of the house might be of less quality, which can affect the house later. Some houses end up collapsing because of inadequacy from the builders, and if this happens the loss will be on the new owner of the house. Therefore, it is advised to always do a proper check for the walls and pillars of the house and make sure they are all strong and in good condition.
Sewage system: Check that the sewage system is properly channelled and that the borehole is not close to it.
Research the property documents: You have to make sure all the documents presented to you are original and authentic by checking from the Land registry at Alausa, Ikeja. Also, hire a professional surveyor to check the coordinates physically as some companies tend to put uncommitted land coordinates on a committed one.
Request for the building plan approval: it is very important to request the approved building plan of the house to make sure that the building complies with the building laws and codes and to prevent people from just constructing as they deem fit
If you do not know the right documents you need to request from the seller before making a payment for the property, I recommend that you read our last post on “Documents to be asked for when buying a Land”. I’m sure it would help you know the right and necessary documents you need to see before you make payment for any property.
The above-mentioned tips will prevent you from making mistakes that will leave you saddled with regrets. If you take note of all these mistakes and you avoid them when buying a house in lekki, You won’t have any issues in the whole process. Buying a house is never easy, so do not think it will be easy and stress-free. If you want to get yourself that dream house in Lekki, you have to follow the processes, talk to the right people, consult a professional realtor, and make good choices. That is why Exelproperties is here for you. We make your dreams come true by providing that dream house for you. You do not need to stress yourself finding the apartments or falling into the hands of fraudsters, Exelproperties got You covered.
If you enjoyed reading this article, leave a comment for us. And if you have been a victim of fraud, tell us how it happened in the comment section. Thank you for reading this article to the end.
Stay tuned for our next article, you do not want to miss it!
Finding your Property is our mission. And we are delighted to be a part of your real estate journey.
I’m Iluyinka Adeyemi, I’m your very Caring Realtor and with me by your side, all your Real Estate expectations will be met and your peace of mind is guaranteed.
Can’t wait to work with You!
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