Buying A New House: The Ultimate Guide For First-Time Home Buyers

Buying a new house is exciting. It’s also stressful and complicated. There are so many moving parts that can go wrong, but it doesn’t have to be that way! In this article, we’ll teach you everything you need to know about buying a new home from start to finish so you can enjoy the fun parts of owning your own place without worrying about all the things that could go wrong along the way.

Why buy a new house instead of renting?

Owning a home is a good investment.

Instead of paying rent, you can invest the money you save into your down payment and go from there. And when you buy a new house, it’s going to be more valuable once you sell it—and the appreciation on a new home is usually higher than that of an older one because it hasn’t been lived in for as long (meaning fewer wear-and-tear issues). After all, who wants to buy an old house with outdated plumbing and electrical wiring? Of course, if you plan on sticking around for a while then this isn’t important; but if not then new construction is definitely worth considering!

You can customize your living space however you like.

New houses come with built-in features like air conditioning or fireplaces—not all rentals do! You also have more control over how much space each room needs before deciding whether or not it works well enough for what needs doing in there (like sleeping/playing games).

How much can you afford?

You should be able to afford the house and the mortgage payments as well as taxes, insurance, maintenance, and repairs.

In addition to being able to pay for the house itself, you should be able to afford all of its other costs. These include property taxes (which vary depending on where you live), homeowner’s insurance (the cost of which can vary greatly based on location and size of your home), maintenance (which includes such things as mowing your lawn), and utilities (like water).

What is your credit score and how does it impact your home loan?

It is important to understand the importance of your credit score before you buy a home. A good score will help you qualify for better rates and lower fees. A bad one may lead to higher costs or even disqualification from some lenders. If you’re wondering where your scores stand, they’re easy to check online (try Credit Karma).

While there are many factors that go into determining whether or not someone qualifies for a mortgage loan, including their income and assets as well as their debt-to-income ratio, the most important factor is their credit score. The higher it is, the fewer risk banks see in lending them money; conversely, if your score isn’t high enough you may need more cash on hand in order to cover closing costs which can range anywhere between 2% and 10% of your loan amount (depending on where you live).

What kind of mortgage are you looking for?

There are three main types of mortgages: fixed, variable, and tracker.

Fixed mortgages remain at the same rate throughout their term. This is a good choice for someone who wants to keep their repayments the same each month and knows they won’t be selling or moving house within five years. If you think your circumstances will change during the length of your mortgage, then a fixed rate may not be right for you.

Variable rates move up and down with changes in CBN base rate – which happens every few months – so depending on where interest rates are going in relation to when your term ends, this could result in either cheaper or more expensive repayments over time compared with a fixed mortgage (see our guide on what interest-only mortgages are). However, because lenders usually offer more competitive deals when they’re trying to attract new business from borrowers who have never had their own home before (or haven’t done so for many years), if you’re buying for the first time then we’d recommend taking advantage of these introductory offers as long as there’s no penalty attached if you decide against moving over into one later on down the track (such as being charged extra fees).

What do you prefer, a townhouse or a single-family home?

You may be wondering whether you should buy a townhouse or a single-family home. Here are the pros and cons of each:

Townhouse Pros:

  • You live in your own house, but it’s part of a small community with shared amenities.
  • Maintenance costs are often lower because you don’t have to take care of the exterior of your home; this is typically done by an HOA (homeowner’s association).
  • You have no yard work or landscaping chores to worry about, which makes for less hassle than owning a larger property would require.

Townhouse Cons:

  • If all the units on your street are rented out, then you won’t have much interaction with neighbors unless someone moves away and leaves their place empty for a while—which can sometimes happen!

Single Family Home Pros:

You live in a house like everyone else on your block. It feels more private than living in an apartment building or condo unit because nobody is above or below you. There’s also plenty of room for kids to play outside without having to worry about them getting hurt from traffic passing by, which could happen in some neighborhoods where streets are narrow and cars often speed down them at high speeds.

Single Family Home Cons:

It’s harder to get approved for a mortgage if you have bad credit because lenders don’t want their money going towards something that will probably never be paid off in full. You also won’t benefit from any tax breaks that come with owning property.

If you prefer the privacy of a single-family home, then be prepared to sacrifice some convenience. Townhouses are typically located in a neighborhood where all the homes have similar layouts and features such as shared walls between units. This means that if one person lives above another, there’s less noise coming from upstairs than what might happen if they were separated by different floors.

How much money do you need to put down?

If you’re a first-time home buyer and have some money saved up, you can put down as much as 20% on your home. This will reduce the amount of money that you have to borrow, which will lower your monthly mortgage payments. If a 20% down payment isn’t possible for now, remember that this is just one way to save more cash over time. You can also look into saving in other ways such as decreasing your spending habits or investing in mutual funds or stocks.

Whether or not you plan on paying off your house quickly, putting down more than 10% is always recommended because it could help with getting approved for loans and saving time during each part of the home buying process (applying for mortgages and inspections).

Should you use a realtor when buying a house and how to find an experienced real estate agent?

On the real estate side of things, you’ll be working with a real estate agent. A realtor is a person who works as an intermediary between buyers and sellers of properties, as well as manages the entire transaction from beginning to end. Their job is to help find the right home for you at an affordable price while also making sure that your interests are protected throughout this process.

The first step to finding a good Realtor is to do some research on them beforehand so that you know what type of experience they have had in your area and what kinds of homes they specialize in selling or buying. Check their website or portfolio for examples of their work. You can also ask friends or family members who recently bought houses if they had any recommendations; sometimes word-of-mouth referrals can lead us down wonderful paths!

Once you’ve decided on someone who seems promising enough based on all these factors listed above; it’s time now to take action! Again though: keep in mind that this isn’t something which should happen overnight—it’s important not to rush into anything because doing so could cause more harm than good when trying new things out.”

If you are looking for a reliable real estate agent with proven track records on Lagos Island, then we at Elitewise Homes Limited are here to help; having helped hundreds of clients within and outside Nigeria secure great real estate investments right in Lagos Island axis. Do reach out to us today

Do you want to buy a new house in the city or in the suburbs? Does the school district matter?

  • How important is the school district?
  • Do you want to buy a new house in the city or in the suburbs? Does the school district matter?
  • The city or suburbs: what are your options and what are the pros and cons of each one?

You may also be wondering about whether it’s more exciting to live in a big city, or quieter and more peaceful to live outside of one. The answer will depend on your personality type, but there are other factors that should influence your decision as well. Here’s a breakdown of some important considerations when thinking about whether to buy a new house in the city or in suburbia:

When should you start looking for homes and what exactly does this entail?

The next question you’re probably asking yourself is when to start looking for homes. The answer to this question depends on your situation, but it’s generally best to begin looking as soon as possible. Your real estate agent can help you narrow down the list of potential homes by using their knowledge of the area and past clients’ experiences. The more information you have about what types of properties are available in your area, the easier it’ll be for them—and ultimately, you—to find one that fits all of your needs.

After finding a few houses that seem like a good fit for your needs and price range, it’s time to decide which one is right for you! But before getting into specifics about what makes each house unique (that comes later), there are some questions we need answers to; What exactly does this entail? How long should I look at houses before making my final decision? And how much time do I spend visiting each property while searching? As with any big decision in life (or business), there will always be pros and cons associated with every option available.

Is it possible to buy a new house with no money down if I am a first-time home buyer who has never owned property before?

If you’re a first-time home buyer and have never owned a property before, it is definitely possible to buy a home with no money down. In fact, there are several ways that you can do this.

Here are some of the most common scenarios in which homeowners may be able to purchase a new home with no money down:

  • The homeowner has enough equity in their current home to transfer it into their name (also known as “cash out refinance”).
  • The homeowner has been approved for an FHA loan and will use their personal savings account or retirement funds as part of their down payment requirements.
  • The homeowner has been approved for an FHA loan and will use gifts from friends or family members toward their down payment requirements.

Things to keep in mind

  • You need to make sure you have enough time to sell your home.
  • You need to make sure you have enough time to close on the new home.
  • You need to make sure you have enough time to move into the new house or apartment, as well as get used to living in a completely different area and neighborhood than what you’re used to before closing day arrives!
  • When will we get the keys? Will they take care of all these things before they leave so we don’t have any problems with the moving company?


We hope this guide has been helpful in answering all your questions about buying a new house. It’s not an easy process, but there are many resources out there to help you along the way. If you’re ready to start searching for your dream home today, check out our list of top real estate agents who specialize in helping first-time home buyers locate the perfect property at an affordable price point!


How to Find the Right Property for Your Investment Needs


There are many things to consider when buying a property for investment. It’s important that you understand what your goals are and how the property will fit into them. You may be looking for income from the rental or trying to keep the home as an appreciation play. There are different strategies for each scenario, so it’s important that you know what they are before making an offer on anything.

Understand the difference between investing for cash flow and appreciation.

When considering a property for investment, it’s essential to understand the difference between investing for cash flow and appreciation. Cash flow is the amount of money that comes in from rent, while appreciation is an increase in the value of your property.

Investing for cash flow is a good way to make money since you can use that income to fund the next investment. However, if you want to maximize profits and recoup some of your initial investment costs faster than investing purely based on cash flow, then it’s helpful to think about how much appreciation will factor into your decision as well.

Be knowledgeable about your investment goals.

It’s important to understand what you are trying to achieve by investing in real estate. For example, say you want a certain return on your investment and want to limit your risk as much as possible. Or maybe you’re looking for long-term appreciation as opposed to short-term gains. Understanding these things will help determine whether or not buying a multifamily property would be right for you based on the type of investment goals above.

However, if done correctly and with experience in real estate investing (which comes from the time), owning multiple units can be very beneficial because of their ability to provide passive income through rental income and positive cash flow from expenses such as repairs and maintenance costs being covered by tenants’ rent payments each month instead of out of pocket by homeowners like most other properties might require before becoming profitable investments themselves after purchase costs have been paid off which typically take anywhere between 1 – 10 years depending on factors such as amount invested/debt burden ratio etcetera…

Know a target area for your investment property.

The first step in finding the right property for your investment needs is to know a target area. Knowing this will help you determine if it’s a good investment and if there are any risks associated with purchasing property in that area.

First, let’s talk about what a target area is. A target area is an area where you would like to invest because of its potential growth over time, its proximity to where you live or work, or simply because it feels right when you look at the numbers (like price/rent ratio). This means that you’re looking for something that has potential as an investment property but also works as an overall location in which to live.

Once you have identified your target areas, begin researching them further by looking up information on MLS listings and asking around with realtors who specialize in investing so they can give specific advice tailored specifically for their client’s needs (as opposed to general advice). When putting together this research ask yourself: does this location seem like it could be profitable? Will other investors be interested in buying properties here? Does it fit my criteria?

Find homes in that target area that are a good fit for you.

Once you have a target area, it’s time to start looking for properties. However, before you do so, it’s important to make sure that the homes you’re looking at are a good fit for your investment goals. For example: if you’re looking at properties in an area that has traditionally been targeted by investors but want to live in the house yourself after five years and rent it out starting in year six, then be sure that there are enough renters nearby that will keep paying rent once they move into their new home (and not just because they like living there). If not, consider another property like one where everyone is already renting when they move out of their old place or one where most of them are moving out within six months so that you can fill up with new tenants quickly and easily.

You may like: The Top 5 Trends in the Real Estate Market This Year

Understand the market analysis.

The first thing you need to do is understand the market analysis. There are many ways to do this, but one of the most important things is to look at the data. You need to look at trends and see if they’re going up or down and why.

You should also consider different factors like competition, pricing, and history when making your decision about the property. For example, if there’s a lot of competition in a particular area then you may want to avoid it because it would be harder for you to turn a profit on each sale compared with another location where there isn’t as much competition (and therefore higher prices). It’s also important not only what price was paid in previous transactions but also how long ago those transactions took place; some areas may have seen values rise significantly since 2005 while others haven’t changed much at all during that time period.”

Read Also: 6 Costs To Consider When Buying An Investment Property

Consider the home’s condition compared to its price.

The first thing you should do is consider the home’s condition compared to its price. If you find a fixer-upper that has been on the market for months or even years, it might be tempting to think “Hey, I can make this property profitable!” However, don’t ignore the fact that there may be something wrong with it that hasn’t been mentioned in its listing.

If the home is dirty and neglected but priced below market value, this could be a sign that something disastrous could happen if you buy it at such a low price—i.e., your investment won’t pay off due to unexpected repairs. On the other hand, if your dream house looks as though it was built by angels (and priced accordingly), then consider whether or not an angel should live there instead of yourself!

On top of these considerations when looking at properties for sale:

Get an inspection before you close on your property.

  • Get a home inspection.
  • Get a home warranty.
  • Get a pest inspection.
  • Request an appraisal of the property you want to buy, even if it’s already been appraised before.
  • Ask for an estimate on your insurance costs so you can budget accordingly.

If you understand how the property will be part of your portfolio, you are well on your way to making smart decisions about it

If you have been investing in real estate for a while, it’s likely that you understand the difference between an investment property and one that is just your home. But if this is your first time buying a house, or if you are looking to increase the number of properties that you own, it may be helpful to think about how each house can fit into your portfolio.

There are two main reasons people choose to invest: appreciation and cash flow. If you’re investing for appreciation alone, then it makes sense for us to buy on the nicer side of town because we want our investment to be worth more as soon as possible—and there will always be some value in having a nice-looking yard. If instead, we want good cash flow from our rental properties (i.e., money coming in from tenants every month), then we’d probably be better served by looking at homes with less expensive repairs required when they move out so that we don’t lose money paying their rent while their unit gets fixed up again after they leave (which means finding units where tenants aren’t likely to stay very long).

Ask yourself what kind of investor I am. Do I want quick profit? Or do I love real estate enough so much as where I’m living now never feels like home without one?”


The property you choose for your investment portfolio can be a good way to diversify your portfolio and add some value. As with any investment, there are risks involved. But if you do your homework first, then make sure the property is in a good location and has potential for appreciation, you can reduce those risks while maximizing returns on your money.

Types of houses you should know before buying a house in nigeria (1)

Top Space Decorating Ideas For Modern Homes.


When decorating a home, you want it to be both functional and beautiful. You want to enjoy the space you live in and make sure that it is something that reflects your personality and style. However, there are many people who do not have the budget for large pieces of furniture or room-sized installations. This does not mean that you cannot create an open feeling or space with your decorating choices! Here are some helpful tips on how to make sure your modern home feels spacious without breaking the bank:

Convert your empty space into something creative.

Convert your empty space into something creative.

  • Use a wall-mounted shelf to make the most of your wall space.
  • Turn a floating shelf into an area for storage and display.
  • Create a display area with bookcases.
  • Let your office supplies take over the bookshelf when they need some room of their own.

Wall storage is a great way to save space.

The first thing you’ll want to think about when it comes to space-saving is wall storage. Wall storage is a great way to save space because it allows you to store items that aren’t used often. If you have items that are used often, like cookbooks and other kitchen tools, consider putting them on shelves or in cabinets instead of on the countertops where they will take up valuable real estate.

Invest in Multi-Functional Furniture.

  • Invest in furniture that can be used in more than one way.
  • If you are looking for a new dining room table, consider buying a table that can be used as a desk or workstation at the same time.
  • This way, you will not have to invest money in two different pieces of furniture and get to enjoy their benefits at the same time.

Never skimp on lighting.

If you’re looking to make a lasting impression, the lighting in your space is one of the most important facets to address. It’s so important that poor lighting can quickly undermine everything else you’ve done to create a beautiful space.

Here are some essential tips:

  • Lighting should be balanced—both in terms of brightness and temperature. You want ambient lighting that’s neither too light nor too dark; this will help establish consistency across multiple rooms, which helps them feel like they belong together while also maintaining their individuality.
  • Lighting should be functional as well as aesthetically pleasing. It must give off enough illumination for tasks like reading or cooking without being so bright as to be distracting during conversation or TV watching (which we all know has been shown repeatedly over decades). In addition, lights should not cast shadows on artwork or furniture pieces when turned off at night—this will help keep things looking sharp 24/7 instead of just during business hours when most people need them most often!

Decorate with mirrors for open and airy space.

Mirrors can make a room appear larger, as they reflect light and open up the space. You can use them to reflect natural light into a room or to brighten up a darker corner. Mirrors are also great for creating the illusion of space in small living rooms.

Floating shelves add a sense of openness to any room.

Floating shelves are the perfect way to add a sense of openness to any room. They also work well in small spaces, as they will create the illusion of making it appear larger. Floating shelves allow you to display art and/or books that would otherwise be hidden away in cabinets or closets. You can even use them as a space for displaying your favorite collections!

When decorating your modern home, you can create a sense of openness and plenty of space by choosing carefully when it comes to furniture, wall decor, and accessories.

  • Wall storage: Vertical storage like wall shelves and cabinets are great ways to make the most of the vertical space in your home. They also help keep things organized while keeping the floor uncluttered.
  • Multi-functional furniture: Using items that do double duty is another way to maximize on space without taking up too much room. For example, chairs with built-in desks or coffee tables that double as side tables are both handy ways to save room in small homes or apartments where every inch counts!
  • Lighting: Lights play an important role in any room’s overall design scheme so finding smart ways for them to blend into their surroundings (rather than stand out) will make a huge difference on how spacious each area feels overall!
  • Floating shelves: Floating shelves add interest without taking up valuable floor space—perfect for those who need some extra storage but don’t want all those “extras” cluttering up their living areas.”


We hope that these ideas and tips will help you create your dream home and give you a sense of freedom when decorating. You should now have an idea of what to look out for when shopping for furniture pieces or accessories such as mirrors, shelves, or floating shelves. The most important thing is not to skimp on lighting and remember that it’s okay if things don’t always go according to plan because they might just turn out better than expected!

Types of houses you should know before buying a house in nigeria

Kinds of Houses In Nigeria You Should Know Before Buying


There are many options available for houses these days. You can choose from a variety of different types of houses, depending on your needs and preferences. Some people like to live in the suburbs while others prefer living closer to the city centre. Both types have their own unique set of pros and cons that must be considered before deciding which one would be best for you. In this article, we will discuss some of these different kinds of houses so that you can make an informed decision when purchasing one!


An apartment is a self-contained housing unit, usually on one floor of a building. The apartment is usually rented furnished and often contains all the equipment necessary for cooking and cleaning. A large city will have many apartments in buildings with other apartments.

An apartment may be owned by the occupant or rented from a landlord, who collects rent so that they can pay taxes on their property.

A completely self-contained housing unit, usually on one floor of a building. Usually in a large city and very often rented furnished. Often, within the same building, some apartments are owned by their occupants (the co-op model) ,and others are held by the landlord.


You will find that the term condominium covers a wide range of ownership arrangements, from a single unit to an entire complex. A condominium is an individual unit in a multi-unit building or complex in which the air space is owned by one person and common elements such as hallways, heating system and elevators are shared among all owners. Condominiums can also include limited common areas such as exterior grounds. Because they share these things, owners of condominium units enjoy lower maintenance costs than renters living in other types of housing because they do not have to pay for upkeep on those items themselves.

Common Areas of Ownership:

The owner of any other type of home has complete control over how their property looks and feels; however, this isn’t always true when buying a condominium unit because many times there are restrictions placed on how you decorate your house and what kinds of plants you can keep inside (or out). Some complexes will even require approval before making changes to anything inside or outside your home!

An individual unit in a building or complex in which the air space is owned and common elements such as hallways, heating system, elevators and exterior grounds are owned jointly with the other unit owners. The owner of a condominium may use it as a residence or rent it to others under a lease.

A condominium is a type of real estate that is individually owned. Each unit has its own kitchen and bathroom, but there are common areas that are shared by all residents. These include hallways, heating systems, elevators, and exterior grounds (such as lawns). Condominiums can be found in complexes with dozens or even hundreds of units.

Ownership is divided between two people: one who owns the land (the “developer”) and one who owns the condominium itself (the “unit owner”). The developer often maintains ownership of the common elements until all units have been sold; after that time they become joint property between all unit owners.


Image Source:

Two-family homes, or duplexes, are what you get when you combine a single-family home with another house that’s attached to it. They’re typically found in urban areas and can be found in suburban areas as well. Duplexes can also have one story or two stories and often feature basements below the main living area.

Two units, either side by side (side by side duplex) or one above the other (back to back duplex). Each unit has its own entrance, kitchen and bathroom facilities. Ownership is normally divided between two people who may live in either half of the building that they own..

Semi-Detached Duplex

Image Source; Pinterest

If you’re considering buying a semi-detached duplex, there are a few things to consider. First, the cost of a semi-detached duplex is typically higher than other types of houses. Also, in many areas, it can be difficult to find land for sale that includes enough space to build two separate units at once.

Semi-detached duplexes are also similar to townhouses and row homes because they share walls and/or floors with one another. However, unlike these other types of housing options (which are often confused with each other),

semi-detached duplexes have more than one unit on each floor level and do not share any common walls or floors with their neighbors’ units(s).

Fully Detached Duplex

Image Source: Acebode

If you like the idea of owning a home but want to avoid the responsibility of maintaining it, consider purchasing a duplex. While you’ll still have to pay for utilities, this option allows you to live in one unit while renting out the other. This can help you make your mortgage payments if both units aren’t currently occupied by tenants (or even if they are). It also gives you more freedom when remodeling because each side has its own individual entrance and kitchen/bathroom.

Terraced Apartment/Townhouse/row house

Terrace apartments elitewise Homes ltd
Image Source: Elitewise Homes

A terraced apartment is a style of living in which the units have their own kitchens, bathrooms, and bedrooms but share some common areas. The word “terrace” comes from the French term for “flat plot of land”, or “to spread.” You can think of terraced houses as multiple single-family homes built on top of each other, with shared spaces between them.

Terraced houses are so popular because they offer more privacy than row houses while still being convenient to walkable neighborhoods and public transit hubs. This type offers an ideal compromise between home ownership and living in an apartment building – you’re not stuck paying high rent while also having access to nearby services like grocery stores or parks!

Townhouses, row houses, and terrace homes are all single-family residences. They are similar to detached houses in that they have walls on at least two sides and have definite front and back yards. Townhouses, row houses, and terraces also have private entrances from a walkway or stairwell overlooking the street. However, unlike detached houses, townhouses do not have common interior hallways or entrances shared with other structures.

Townhouse- Image Source: Fit Agency

A row of houses joined by a common wall(s) but not attached to other structures. Generally an urban property type with more than one story (typically 2 stories). Unlike an apartment building, townhouses do not have common interior hallways or entrances. Townhouses usually have small front and backyards. An owner usually owns the whole property from the roof down to the ground beneath the property (including any underground parking stalls).

Townhouse properties are similar to standard single-family homes but are two stories tall and have an attached garage or carport instead of a driveway. They share some characteristics with apartments as well since they typically contain multiple units, but each unit has its own kitchenette, bathroom and bedroom space within each unit rather than sharing these spaces with other individuals in an apartment complex (although some may be shared in townhouse communities).


Image Source: LekkiLagos Properties

A bungalow is a small house that is usually designed to be cheap and easy to construct. The name comes from the Malay language, which means “house on stilts.” They are often built on stilts to prevent flooding, and they are often built without walls. Bungalows can be made of wood or concrete, but they are generally simple in design and construction.

The main feature of a bungalow is its open floor plan. The floorplan will be open and uncluttered, allowing for quick access between rooms. It will also have large windows that allow light into the home and make it feel bright and spacious.

Just like duplexes, bungalows can also come in the form of fully detached or semi-detached bungalows.

The average price of a bungalow in Lagos Nigeria is about N20,000 to N200,000 per square foot (depending on location), which is much cheaper than other housing options available in Lagos Nigeria such as apartments or condos.


A townhouse, also known as row house or terraced house, is a type of residential dwelling, often a form of terraced housing. A townhouse has a facade that faces a street and is part of a line of similar townhouses that share side walls, but not always garages or basements. Townhomes are often built as part of large residential developments that offer many amenities and shared spaces such as lawns, pools, and tennis courts within the complex; however, they can also be built individually as free-standing homes