Buying a home is one of the best investments you will likely ever make. When buying a home, it is important to understand everything that comes with such an investment. There are many things you must take into account before making such a decision. However, with the right knowledge and consultations, this process can be much simpler than it appears. With so many different factors involved in buying a home, it is important to understand what they all mean and how they will impact your life. To help you make informed decisions, we have outlined 4 important things to consider before buying a home.
1. Consider researching about the Location
Location is on our number one list of 4 important things to consider before buying a home. Location is often the most important driving factor for valuable real estate. It is vital to have it at the back of your mind that if you are buying a home, you are not just buying the house but also the land. You can decide to demolish or renovate the apartment on a piece of land, but the truth is that you cannot remove the land from that location. This singular fact shows that the location of your home can, to an extent, impact many aspects of your life.
The classes of people living in the location, the neighborhood, the cost of living, accessibility, future government plans, proximity to amenities in the neighborhood, as well as the rate of growth and development in such an area are all examples of what you should research about the location of your dream home. To understand the impact of location, you must first understand each area in terms of these factors:
An Ideal Neighborhood:
An ideal neighborhood should include major essential amenities such as grocery stores, shops, restaurants, recreation centers, good schools, good roads, etc. These factors are critical in having a unique lifestyle experience and are common in an ideal neighborhood. The historical background, attraction centers, and classes of people that live in a neighborhood can also be factored into your consideration as this can, to some extent, be a driving force for demand for homes in that particular location, hence sustained land appreciation.
Ikoyi, where we have one of our luxury apartments, THE GRANARY APARTMENTS, is considered to be the most affluent neighborhood in Lagos state, occupied by high-net-worth individuals. As at the time of writing this article, the price of a 3 bedroom apartment in The Granary Apartments is 240M, 250M, 260M, 275M, and 350M for the ground floor, first floor, second floor, third floor, and pent floor respectively.
Properties located in good neighborhoods with essential amenities such as Ikoyi tend to appreciate faster in value and bring high returns on Investment.
Cost of Living:
Specifically, this means how much it costs to live in an area. The cost of living is impacted by many factors, including the price of groceries, the cost of utilities, healthcare, the local taxes etc, and this will have a direct or indirect influence on your expenses.
The location layout:
You might also want to consider housing layout and the government plan for the area where you desire to buy a home. This is very important to those that prefer buying a home in newly developed or developing neighborhood such as Bogije, Orofun, Okeogun, Ilamija, Lakowe, etc. Research if anything is going to significantly change in the area, such as any planned developments or construction. A location that may seem undesirable now may undergo comprehensive changes in the near future. Some changes could be positive ones that improve an area’s desirability, and some can be to your disadvantage, such as road construction that warrants the demolition of your home.
Growth and development:
Land is a finite commodity and the fact that it is immovable, makes some areas appreciate in value faster and even become a prime location in some cases, places like Ikoyi, Victoria Island, Lekki Phase I, etc. So, whether you are looking to buy a home in a fully developed area or a fast-developing area, it is not only the current state of development that is important but also the future development plans as well. Plans for new schools, hospitals, shopping malls, and other public infrastructures can dramatically improve property values in the area.
There are many more things to look into when researching the location for your dream home; land title, crime rate within the neighbourhood, etc. WhiteGate Homes and Facility Management Limited consider these factors very important. We do the heavy lifting for you to provide you with a place you can call a home in prime locations across Lagos State and Nigeria at large without having to deal with all these challenges all by yourself. Browse our estates here at www.whitegatehomes.com.ng/estates
or call Olumide: 08028913436, Lanre: 08173773769
2. Consider researching the type of home to reflect on your wants vs. your needs.
When you’re building a completely new apartment for yourself, it is easy to build it according to your wants or needs. You can determine the number of rooms, toilets, and the structure, such as: single-family home, semi-detached home, duplex, etc. In the same vein, you should carefully research the type of home you want to buy to reflect what you want or need before sealing up a deal.
This is where prioritizing comes in to enforce your decision. For example, if you run your business from home, you might want to factor in an office space in your apartment. If you have kids, especially grown-ups, you might want to buy a home that has a room for everyone for privacy or even close to a good school in the neighborhood.
Lighting and fittings, furniture, cabinetries, painting, etc are examples of what you could want in a home. You must bear in mind that you can modify your wants as per the kind of home you desire.
However, changing your needs after you have purchased a home might be next to impossible. Location and the size of your land, which have direct influence on the home, constitute what reflects your needs. You will not be able to relocate your landed property from one place to another, and expanding your already purchased home to accommodate your expanding family might be next to impossible if you have a small plot of land and will also consume additional funds.
To help you make an informed decision on which type of home is right for you, let’s talk about the differences in the three most common types of homes.
A Single Family Home:
A single-family home is perhaps the most common type of home. It refers to a home that is meant for a single-family. A single-family home is most commonly a detached home. Detached homes are separated from other homes by a space or barrier.
A condominium is a type of housing that is commonly found in urban areas. Condominiums are often occupied by multiple families. Condominiums usually come with shared amenities, such as a pool or fitness center, etc.
A townhouse is a type of home that is attached to another home on one side. Townhouses are often used as rentals. They are often less expensive than single-family homes.
WhiteGate Homes and Facilities Management Limited can guide these 4 important things to consider before buying a home and beyond. Contact Olumide: 08028913436 or Lanre: 08173773769 to get started.
3. Consider Your Finances
Buying a home is a huge undertaking that demands commitments in terms of funds, time, and sacrifice. This makes the financial aspects of buying a home perhaps the most important considerations you must take into account before making such an investment.
There are many factors you must consider when researching your finances before buying a home. To begin this process, you must first determine how much money you can afford to spend on a home, the initial payment and mortgage if available, as in the case of THE GRANARY APARTMENTS, a 3 bedroom luxury apartment located in Ikoyi.
Before you begin searching for homes, you must first take into account the initial payment needed for your home. The down payment is the amount of money you will pay for the house in cash. While a down payment is not required for every home, it is often a requirement for those that are more expensive.
Before you begin searching for a home, especially the expensive ones, you can also consider getting pre-approved for a mortgage. You can learn more about mortgages in our previous article, 5 Key Considerations Before Taking a Mortgage Loan. If your credit score and debts aren’t ideal, you may want to consider paying off some of your debt, improving your credit score, and saving more money before you purchase a home.
4. Prepare for ALL Aspects of Home Ownership.
You must know that when you purchase your home, it does not end there. There is a lifetime culture that you must cultivate and that is MAINTENANCE. All home owners must be maintenance cultured to ensure the durability of such home.
Taxes, service charges, renovations, replacement and some other things the home suffers as a result of wear and tear are things you should put into consideration and be detailed about when you are taking a tour.
The cost of maintenance can vary, daunting and huge depending on the location and how luxury the home is. A home is an investment, and that includes being prepared for maintenance or surprise costs when you need to fix parts of the home that aren’t holding up
Buying real estate is a lifetime investment that worth your commitment to knowing all you need to know before sealing a deal. The type of home you buy and the location you buy it in will have a significant impact on your life.
You will equally agree that location isn’t entirely subjective, in fact, it’s based on a fairly static set of conditions. When you are ready to buy a new home, make sure the neighborhood isn’t just desirable to you but has objective qualities such as attractive amenities, good schools, recreation centers, grocery stores, malls, business hub,s etc that will help ensure your investment appreciates in value over time.
To make sure you make the best possible investment, it will be a great idea to start with this 4 important things to consider before buying a home. When you understand these, you will be able to make a more informed decision and know what it is the right choice for you.