When you buy a property, it is important to ask yourself several questions before making the final decision. The answers to these questions will help determine whether or not this real estate investment is good for your needs.
Are you buying a property for your home or for investment?
Before you start your home search, there are two main things to consider. First, is this a home or investment property? Second, do you plan on living on the property for an extended period of time or are you looking to move within three years? There are many reasons why people choose to purchase real estate: some investors prefer rental properties while others buy homes as investments that they can live in. Depending on what type of buyer you are, there will be different pros and cons for each option.
If you’re buying a house for yourself then it’s important to have a plan in place that takes into consideration how long you intend on living there. If this is going to be your primary residence then it’s best if the purchase price fits within your budget and allows room for growth over time. However, if buying real estate purely as an investment then purchasing any type will suffice as long as it meets all financial requirements such as mortgage affordability and potential rental yields (whether it’s short term or long term).
In addition to knowing whether this will be used primarily as a residence versus an investment property – another question worth asking yourself is whether or not now might be the right time for you to buy.
Where is the property located?
Location is the most important factor in purchasing a home, but it is not the only consideration. The location of a property should also take into account proximity to amenities and transport, schools, work, and family or friends.
For example, if you are looking for something close to public transport then you might want to avoid an area within 10km of the Lekki. However, if you would like your children to attend one of Lagos top-performing schools then you may need to look at suburbs closer in distance to Lekki.
What is the price range of the property?
It is important to find out the price range of a property before you make an offer. This can help you avoid paying too much for the home, which might mean having to sell it later at a lower price. Or, if you pay too little for your new home, it could cost more in repairs than what you’re saving on your mortgage payment. You should also consider how long it would take to sell at that price and how much profit (if any) would be left over after all expenses were paid off.
A fair price is one that both parties feel good about, so don’t be afraid to negotiate!
On the other hand, we recommend buying a newly built home. This way you know you are the first to live in the apartment and there won’t be a need to spend additional money on repairs.
Are there any hidden costs?
There are many hidden costs that you should be aware of before buying a home. Here’s a list:
- Land transfer tax
- Utilities
- Insurance
- Maintenance and repairs (e.g., painting)
- Renovations (e.g., kitchen and bathroom upgrades)
- Property management fees
- Legal fees for closing the deal on your dream house (you’ll likely need to hire an attorney for this)
Read Also: 6 Costs To Consider When Buying An Investment Property
Is there a legal issue with the land?
Before you buy a piece of property, it’s important to make sure that there are no legal issues that could affect you later on. For example, if the seller has not paid taxes on the property for years, you may be responsible for paying those back taxes yourself. Or maybe someone else owns an easement over your plot of land and needs access to it in order to continue using it as they always have. If these things aren’t discovered before purchase, they can cause problems down the road — so be sure to check them out!
Is there an option to sell or rent in the future?
If you’re looking at a property that’s incredibly out-of-the-way, it may not be as valuable in the long run. If you’re buying a home that’s located in a city center and has good access to public transportation, chances are it will be easier for you to sell or rent out.
If you want to sell or rent the property in the future, you need to know about the market. If you are buying for investment, you need to know about the market. If you are buying for home, you need to know about the market.
Are their neighboring estates that will attract potential investors?
A good investment property is one that offers a steady stream of buyers, so make sure to ask about the neighborhood. Is it occupied by residents who will be around for a while? What is the population density in that area? What is the average age of the residents? What’s their average household income? Are they older or younger than you’d expect from your demographic research, and why might that be relevant (e.g., because they’re retired)?
What are the amenities in this area? If it’s near a park, beach, or other highly desirable location then there may be more potential for appreciation over time—but if those attractions get crowded with tourists during peak season then it could affect your ability to rent out your property easily when you need some extra cash flow here and there!
What kind of properties exists nearby: condominiums vs single-family homes; detached houses vs attached townhouses; high-rises vs low-rise apartments; etc.? These things might affect both how much money people spend on them as well as how much work needs to be done before someone can move into one fully furnished ready for occupancy immediately upon purchase date being finalized (e.g., flipping).
There are many questions to ask yourself before buying real estate.
Before you buy a piece of real estate, it is important to ask yourself several questions. These questions will help determine if the property is a good investment, as well as whether or not it will be a safe investment.
You should never rush into making any decision regarding real estate and finances. You should always take time to consider all of your options before making any decisions that could have long-term effects on your life (and your family’s lives) in general. When considering the purchase of land or property, there are four main areas that are especially important: location, price range, legal issues with the land, and other factors such as quality of construction.
Conclusion
If you are looking to buy a home, it is important that you ask yourself many questions before making your final decision. This will help ensure that you make the right choice for both yourself and your family. While buying real estate can be very rewarding, it also requires careful planning and research. If you take these steps into consideration before going forward with any transactions involving land, then chances are high that they will prove successful in the end!
We recommend checking out our fast-selling properties here. Need more help? Feel free to email us.
