Congratulations, your dream home is now so close. You don’t have to travel so far.
Abuja is one of the choice cities to live in Nigeria, followed by Lagos, Port Harcourt, Calabar and Enugu. Buying a house in Abuja is the dreams come true of every Nigerian, both home and abroad. One of the reasons maybe because Abuja is a metropolitan city, one of the best and most attractive city in Nigeria and Africa as a whole, that attracts many visitors who visit for both business and tourism.
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However, purchasing a house in any city in Nigeria can be a herculean task, especially in a city like Abuja. This Article will provide you some free tips and advice that will enable you make the right home buying decisions and therefore buy your dream home at a good price and get great value on your investment whether you are a first time home buyer or you are one of the many real estate investors currently under the heavy burden of bad credit home loans.
Below are key steps to take when you eventually decide to take the step of purchasing your dream home in the Capital Territory!
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- Prepare your budget
A lot of people, when buying a house, make the mistake of not working on a strict budget before setting out to house hunt. As simple as this sounds, a potential buyer can fall into the trap of bursting their budget as they end up buying on impulse. Buying a house cannot be compared to buying household utensils. It is one of the biggest and most important buys you can ever make. From legal, property levies to agency fees, there are extra and sometimes hidden charges you may not be aware of.
The property you wish to buy may be on a flat ground, but what about the structural integrity? We have all heard about the numerous collapses in Nigeria due to one excuse or the other, so, take a very good look at the building, inspect the walls, and look for cracks that might indicate that the building is structurally defective.Remember, once you buy a house, you buy the asset and liability, so, buying a structurally defective building is a huge liability!
- The roofCheck that the roof is still in good shape and if it has got some renovating to be done, then it is something to be negotiated on during the agreement. Reducing the cost of property purchase will give you enough money set aside in replacing the roof.
The geometric location of your proposed property is something to be highly considered. For instance, a property can be located on a slope of a hill, a flat ground, a swampy area, a flood site, and drainage at these different locations could cost a huge sum of money considering the fact that the Nigerian drainage system is still far from ideal.
Make sure all documents are available and valid before making any payment. Ensure that all payments are made through your lawyer. After making payment, ensure that all receipts are collected. Also, ensure that all documents, inclusive of the deed of assignment, contract of sale, letter of allocation, affidavits, purchase receipt, deed of gifts, letter of administration, etc are all collected and properly documented to guarantee authentic ownership.After you have collected the valid documents and receipts, file them with the State Government. This is important, so your transaction will be valid in the eyes of the law.
- Current tenancy
Is the house vacant or currently occupied? If the house is occupied, you need to find out the nature of the tenancy, the tenancy schedule, and how soon the existing tenants will vacate the premises upon purchase of the house.Insist on seeing the tenancy agreement between the seller and the tenants. Also, look at copies of the latest receipts issued to the tenants by the seller to get an idea of the tenure for each tenant.