When searching for a house whether physically or electronically, it is imperative to write a checklist that will guide you in making the right decision.

Houses built with expensive materials or houses situated in busy areas tend to be higher in price than others. Similarly, houses built in the cities where social amenities tend to be abundant and security tend to be tighter will be high in value.

If money is an issue, then consider looking for houses in areas that are not so popular i.e. outskirt of the city. 

How to determine the best price to pay for your new home.

Below are the most important criteria you should consider before paying for your new home;

Flexing your price range

Ask yourself this question: How much am I willing to pay for a home? Once you have a figure in mind, then decide whether you want to rent or buy — which would make more sense considering your circumstances? Would it make more sense to wait another year or two in other to save more money?

Let’s assume you have a budget of ₦5,000,000 — then the next thing on your mind should be;

Type of property

What type of property are you looking to buy or rent? i.e. Land, Bungalow, Duplex, townhouses, etc. You might have to do a market research or consult a property developer in other to determine whether is cheaper to buy a house or buy a land and build from scratch. If you are looking to rent, find out the average market value for that type of property you seek to rent.

Location

This is an important factor that influences the value of a property. Houses in downtown Abuja or affluent areas in Lagos are valued at a higher price compared to houses situated outskirt of the city. 

Is your budget enough to buy the type of property you want in your desired location? If Yes, consult with an estate agent to see if he can get you at least five offers in that area. If No, turn your searchlight towards areas where the prices of houses or lands are within your budget.

Other criteria

Market temperature

Believe it or not, there are times and season when the prices of houses skyrocket. For example, if there are many people interested in buying or renting a particular property, this may cause the landlord to inflate the price of the house five times its original value. Furthermore, the value of a property may appreciate or depreciate over time depending on various circumstances i.e. additional social amenities, security, war, crisis, natural disasters, etc. 

That is why it is very important for you as a prospective buyer or tenant to be aware of all the facts and figures of the property you are planning to buy or rent before buying or renting. 

Last words

I hope the points explained above have given you an idea about how to determine the best price to pay for your new home? 

The worst thing to do during your home buying or renting process is not to exercise caution. Some people lack patience, they jump the gun and pay for a house without performing due diligence. You could save a lot of money if you follow the steps described above before buying a property or renting a house.

If you have questions or if you think i missed out on an important aspect in home buying process, please do not hesitate to call my attention to it. Leave a comment below.

All the best!

How To Find A House In Abuja to Buy. Abuja is Nigeria’s capital, and the most planned city in the whole of Nigeria. Aside from being the seat of the Nigerian government, it is also a city many wealthy Nigerians call home.

Facts

Abuja was built from scratch in the 1980s. Most planned city in Nigeria. A popular destination for most tourists. Most expensive city in Nigeria. Abuja is bounded to the north by Kaduna, to the east by Nasarawa, to the south by Kogi and to the west by Niger.

The cost of buying a house

Because of Abuja’s affluence and social amenities, many Nigerians have and are migrating to Abuja either for business or pleasure. As people go in and out of the city, the cost of housing increases almost every year.

So how much does a house cost in Abuja? Depending on where you live in Abuja (highbrow or ghetto), you can buy a house anywhere  between ₦2,000,000 – ₦500,000,000.

How to find a house in Abuja to buy

When finding a house in Abuja to buy, the most important factors to consider are price, location, nature of the house and so on. Ensure that the house you want to buy meets your housing needs and budget. That being said, finding a house in Abuja to buy is depends on the following:

Type of house

Depending on your capacity and financial strength, there are many types of properties in Abuja for sale, as such, you must first decide on what type of house you want to buy. For example, bungalow, duplex, mansion etc.

One’s budget

Having decided the type of house you want, the next step is to determine whether the type of house is within your financial boundaries, as you don’t want to buy a house or invest in an apartment that is overpriced or outside your budget.  It is not a good idea to buy a house under pressure. Furthermore, don’t be pressurized into buying a house.

Location of the house

There are many places in Abuja with adequate social amenities such as good transportation, hospitals, schools, and entertainment, just to mention a few. Typically, houses are expensive in areas with complete social amenities as opposed to areas with few or inadequate social infrastructures. You can tell a house will be expensive when you look at the surrounding area. It’s a no brainer.

Real Estate Listing website

There are a good number of real estate listing websites on the internet that focuses on Nigeria properties. Whichever you choose to use, just make sure the houses and sellers are verified before engaging with them. Some people might upload pictures of houses that are not under their care.

The right estate agent

Finding the right agent can lead one to the right property and help get a great deal. The right real estate agent can also assist you with the specifications you prefer and guide you in making the right choice. Choose an agent that is not about the money but your satisfaction.

Avoid “any type of property agent”, some agents are unethical and have no experience — ensure to interview the agent before working with him or her.

Paperwork

With the help and assistance of the real estate agent, they can do quickly all the documentation required for the house efficiently with little stress after the deal has been closed.

Payment

Before you pay for any property, be sure to consult with a property lawyer in other to verify that the property belongs to the person whose name is on the documents. Do not pay into any account without verifying the owner of the property.

See also

7 Factors To Consider When Buying A House In Lagos

7 factors to consider when buying a house in Lagos. If you are planning on settling down in Lagos State, Nigeria. There are factors to bear in mind. Before that, let’s first look at some facts about Lagos, Abuja, and Nigeria.

Nigeria is a great nation with its capital being Abuja, —  a country with a fair living condition and great opportunities. When it comes to natural resources, Nigeria is among the list of the top ten countries with natural deposits such as natural gas, tin, coal, zinc, iron ore, petroleum, just to mention a few.

Nigeria is indeed a very rich country. With a population of over two hundred million people based on the 2020 world meter elaboration of the latest united nation data; equivalent to 2.64% of the total world population.

Lagos state facts

Lagos is said to be the most populated city in Nigeria and Africa, with over twenty million people living in the city. Lagos state occupies 3,557 sq km landmass, smaller in size compared to Nigerian’s capital Abuja which occupies a landmass of 8,000 sq km. It may be smaller in size but unbeatable in terms of population.

Lagos is popularly known as the commercial and entertainment hub of Nigeria — the most fast-paced and diverse city in the country.

Housing affordability

With this population, it means the demand for housing will be dire and could be an issue for many. This enormous population could also attract many people to become real estate professionals.

Depending on where you live, the cost of buying a house can range from ₦10,000,000 to ₦500,000,000. And the cost of renting can be anywhere between, ₦100,000 – ₦10,000,000.

7 factors to consider when buying a house in Lagos

If you are looking to buy a house in Lagos, whether for short term or long term purpose. There are 7 factors to consider when buying a house in Lagos.  These factors are not to be treated as the be all end all. However, they may come in handy during your search.

Budgeting

This is the first and most important step in the home-buying process. Once you determine how much you want to spend to buy a house, only then would other factors come into play. Ask yourself this question: how much am I willing to spend on a house? Once you have an answer, then you can proceed to the next step.

Location

There are so many areas in Lagos mainland and island. Houses in highbrow areas such as Ikoyi, Victoria Island, etc, can be very expensive. That being said, there are other areas in Lagos where houses are “affordable”. This factor can be a hassle, as many would want to live in decent areas or an area that is close to their place of work, but those areas might be outside their budget.

If you are looking for a good house to buy in a decent area that would not break the bank, then you need to exercise lots of patience during your search.

Cheap houses

One mistake a lot of people make during their quest to buy a house in Lagos is the fact that they go for cheaper or the cheapest houses. This can bring a lot of regrets later on in the future, as “cheap houses” are often built with low-quality building materials or may have other underlying issues.

Real estate listing

There are many property listing platforms that can be used to find a house to buy or rent. Some are garbage —  flooded with spam ads, and fake listings. Use a reputable real estate listing platform for your house or land search. In fact, some platforms do a good job by matching you with suitable properties for sale or rent.

Type of people

In as much as the fact that this factor is not as important as other factors, I feel it is still worth mentioning. While some areas in Lagos might not be safe due to the type of people that reside in those areas. You cannot completely writeoff those areas as inhabitable. There may be some decent and affordable houses in those areas that may appreciate over time, you never know.

Lifestyle

You should choose a house and area that suit your lifestyle. If you are married with children, then you should search for houses in family-friendly areas. Similarly, if you are a single, bubbly, working-class individual, then seek houses in areas that match your lifestyle. Bear in mind, some places are prone to heavy traffic congestion which can be very frustrating when commuting to work by car or public transportation.

Social factor and maintenance

It is important to know the available social amenities in your environs, how the houses are maintained and the cost of maintenance. For example, waste management, markets, school etc.