Doorstep of Homeownership: Buying a Starter Home in Nigeria
Many individuals in a nation like Nigeria would be thrilled with owning a place of their own, but even if it’s thrilling, there are still many things to consider first. Purchasing a starter home is an enormous financial and psychological commitment. Hence, investing in Nigerian real estate might be intimidating when you know little about the sector. However, if you are considering buying a starter home in Nigeria, you probably have a lot on the line. One of the most noteworthy large purchases you’ll ever make is purchasing your first residence. Furthermore, locating a beginning home necessitates extensive planning and preparation.
What’s A Starter Home?
A starter home is one that a first-time homebuyer purchases. They typically consist of one-family homes, apartments, or modest housing developments. Additionally, they frequently represent lower-priced ventures suited to young professionals starting families or working in their fields. You may stop renting homes, save money, and increase your home equity by purchasing a starter house.
Important Nigerian First-Time Home Buyer Recommendations
Even while the bulk of adverse encounters involve the purchase of land, many other circumstances entail the construction process, and these are some of the rationales why owning a completed property is generally safer.
However, even that choice is not completely effective by itself. The Nigerian real estate market undoubtedly has a ways to go before title security is guaranteed, but if you consider these tips, we think your risks and the likelihood of any unfavourable experiences will be kept to a minimum.
Here are a few things to keep in mind when evaluating potential starter homes:
- Adequate condition
The fact that you will now be liable for home upkeep is one of the largest issues you will face if you’re about to purchase a house in Nigeria rather than rent one. Choosing a newly built starter house is one of your best decisions. However, even if the property is relatively new, undergo an in-depth house inspection before purchasing it.
You have to look into the starter home’s location, just like you would with any other house, you’re thinking about getting. You must consider whether the location of the potential property is close to any amenities you require in addition to the city itself. Once you move into your first home, you’ll appreciate how conveniently located the mall, educational facilities, hospitals, and commercial centres are.
- The condition of your finances
Before you move on, you must understand your financial situation because you need money to purchase a starting home in Nigeria. You must start saving to have enough, know what kind of house you can afford, and know how long you must accumulate funds to build your dream home.
Always choose options that you can afford to pay for comfortably. We do advise staying away from foreclosed or distressed properties. Even though these fixer-uppers first appear inexpensive, they are full of traps that could cost you more in the long run.
You want to be able to live in the house you purchase for at least a few years to come. For starter homes, the same holds. You need to think about whether this property is a place where you can stay for at least two years. A starter house in a gated community can easily accommodate the changes in your life over the next few years.
Find the Best Starter Home You Desire at PlistHub
If you’re looking for a way of life that values difference, encourages connection, and lives on movement, Property List Hub connects potential buyers and residential and commercial property tenants with our real estate agent and developer partners across Nigeria. It also aims to provide better and more affordable ways for all property hunters to locate the best homes that meet their preferences and demands. Review our extensive inventory of the top commercial properties in Nigeria to track the first home you desire!