Tips for first-time home buyers
You know what they say about making big decisions? It doesn’t come easy. The quality of your decision, whether it’s a permanent relocation or a vacation destination, is directly linked to the amount of information available.
Likewise, when planning on buying a house, you need some guidance to make the right decision.
In our last publication, we reviewed how to buy real estate on a budget. Today, we are reminding you again that, whether you want to acquire a property as a first-time buyer or not, you will need to follow these steps:
Assess Your Finances and Budget: It is important that you save up at least your down payment before signing official papers.
Know your law: You not being a lawyer is not an excuse for ignorance of the law. As a first-time real estate buyer, you don’t want to start your real estate journey being duped. At the very least, you need to know the various documents and their importance. If you don’t want to bother yourself with that sort of detail, it’s best you hire a real estate lawyer. Mind you, not every lawyer can handle property laws adequately.
Consider the location: the value of a property is largely determined by its location. It is important that you know at least the surrounding landmarks in the area.
Here are a few factors to consider when assessing the location: proximity to work, schools, healthcare facilities, infrastructure development, security, and the neighborhood amenities.
Hire a qualified real estate agent: An experienced agent can help you find suitable properties, understand market trends, and negotiate deals. However, you must ensure the agent is registered with the relevant regulatory bodies.
Conduct thorough due diligence. Verify the property’s title and ownership status to avoid legal issues. Ensure the property is free from encumbrances, such as unpaid taxes or mortgages. Conduct a physical inspection to check for structural integrity and necessary repairs.
Explore Housing Schemes and Mortgages: Look into government or private housing schemes, such as the National Housing Fund (NHF), which may offer lower interest rates and longer repayment periods. Some developers also provide installment payment plans.
Plan for Future Needs and Investment: Consider the property’s potential for value appreciation, especially in rapidly developing areas. Think about future family needs and lifestyle changes when choosing a home.
This might not be all you need to know before acquiring your first property, but you’re already ahead if you have this information at your fingertips.
