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Mistakes to avoid when buying a real estate property

Posted by Surel White on June 3, 2024

When buying a real estate property in Nigeria, especially as a first-time homebuyer, it’s very important to avoid certain mistakes to ensure a smooth and successful purchase. Here are some common mistakes that first-time homebuyers in Nigeria should avoid:

  1. Not researching the market: Failing to research the real estate market can lead to overpaying for a property or missing out on a better deal. It’s essential to understand the market trends, pricing, and the area where you plan to buy.
  2. Not setting a budget: Without a clear budget in mind, you might end up looking at properties that are out of your financial reach. Determine how much you can afford and stick to it to avoid financial strain.
  3. Neglecting property inspection: Skipping a thorough property inspection can lead to hidden issues that might cost you a significant amount to fix later. Always conduct an inspection to uncover any structural or maintenance problems.
  4. Ignoring legal checks: Ensure all necessary legal checks are completed before finalizing the purchase. This includes verifying the property’s title, obtaining necessary permits, and ensuring there are no outstanding disputes or liens on the property.
  5. Not considering additional costs: Buying a property involves more than just the purchase price. Consider additional costs such as legal fees, stamp duty, property taxes, maintenance costs, and other expenses associated with homeownership.
  6. Not getting pre-approved for a mortgage: If you require financing, it’s essential to get pre-approved for a mortgage before house hunting. This will help you understand your budget and make your offer more competitive.
  7. Falling for misleading marketing: Be cautious of misleading property listings or advertisements. Visit the property in person to verify its condition and amenities before making a decision.
  8. Rushing the decision: Buying a property is a significant investment, and it’s crucial to take your time and not rush the decision. Carefully weigh your options, consider different properties, and make an informed choice.

9.Not researching the neighborhood: The location of a property is as important as the property itself. Research the neighborhood for amenities, safety, school districts, property value trends, and potential for growth.

  1. Not planning for the future: Think about your long-term plans and whether the property meets your needs and goals. Consider factors like location, resale value, and potential for appreciation when making your decision.
  2. Not negotiating effectively: Don’t be afraid to negotiate the price and terms of the sale. A skilled negotiator can potentially save you money and secure a better deal.
    By avoiding these common mistakes and taking a cautious and informed approach to buying.
  3. Not seeking professional advice: Real estate transactions can be complex, especially for first-time buyers. Consider seeking advice from real estate agents, legal professionals, or financial advisors to guide you through the process.
    👉 Speak with a professional 👍realtor (agent) @

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