CategoriesBlog Real Estate

7 STEPS TO OWNING YOUR FIRST HOME 

The reality of having your dream house is a beautiful feeling, it is indeed an amazing experience everyone would love to and should have.

Buying your first property can be a challenging task, but the beauty of it is millions of people have been there and have successfully gone through this process to purchase their first property; armed with the right information, you will have the best possible chance of getting a great, affordable property at a price you can afford.

Because of the risks associated with the process- one needs to be cautious. These steps are meant to guide you through the process of purchasing your first property. You should follow the steps in order to ensure that it is done safely and properly.

STEP 1; FINANCIAL CLARITY; What is your budget?

Before getting too excited about your dream house and clicking through pages of online listings, there’s need to do a serious audit of your finances. First, you need to take a close look at your monthly income and savings. Do you earn enough income to generate the amount required to purchase your dream house? Don’t even consider purchasing a property before you have emergency savings account with three to six months of living expenses. You need to consider a property you can afford, a property within your means.

Buying a property is a big step involving substantial long-term financial commitment, so think hard about what you can afford.

STEP 2; Knowledge of the Market/Market Insight

Yes – you will have to conduct an extensive research about the real estate industry- trends, insights and information that will assist you in making an informed decision. These can be gotten from real estate experts, property magazines & other online resources as well as real estate reports. Fine & Country also conducts bespoke market research for intending buyers. (Please watch this space for an event targeted towards first time home buyers this April).

Having clearly identified your budget and gained relevant knowledge about the real estate market, figuring out a good payment plan for your new home is very important.

STEP 3 – PAYMENT PLAN:

Most first time home buyers are always under the impression that paying for a home only involves applying for a loan and making payment to the developer, however, It will surprise you to find that there are various payment types & options. Figuring out the best payment plan for you can go a long way in ensuring your financial stability.

  • Down payment plan: This involves you making an initial deposit of the price upfront to the developer. The remaining amount is then released by your bank to the developer within 45-60 days, the duration may vary depending on what is agreed upon between yourself, your bank and the developer.
  • Possession-linked payment plan: This is a more straight forward payment plan that involves making a down payment at the time of booking the apartment and the remaining balance is paid once the buyer takes possession of the property. It is ideally suited for first time home buyers looking to purchase completed projects or projects near completion.

STEP 4 – IDEAL LOCATION:

Your intended property location largely influences your budget. Location is a key factor that influences the price of your property. Often times you need to consider proximity to your place of work, if you have a family you need to consider proximity to your children’s school, family, friends, place of worship and other socio-environmental facilities. This should help you narrow down a general region in which you wish to live.

To be continued…

CategoriesBlog Real Estate Uncategorized

THE WATERFRONT ADVANTAGE – How your view influences your lifestyle

There’s something unique about Waterfront properties that creates a standout factor to your real estate investment portfolio. Whenever you have an opportunity to invest in a piece of property that has anything to do with water, lakes, oceans, rivers, streams or even artificially created water features – you should take advantage, even if you are within view of it and not with direct access.

Direct waterfront access is however the golden standard. There is exponential increase in value (especially in estate/developments where it is in limited supply). Sometimes people waste time trying to negotiate a great deal- and negotiating is great, but never lose an opportunity to invest in a waterfront property if you can afford it. Also be ready to pay the premium because it always has a guaranteed exit. The demand and supply ratio will always make it worthwhile.

So when next you want make a property investment, you have to consider how big a difference choosing a waterfront position could make to your portfolio

We would share with you 3 main reasons why you should invest in Waterfront property.

Health and wellbeing benefits
Research shows that living close to water has significant benefits to one’s mental state, the theory being that water has a calming effect. Further research also shows that living by the water offers more fitness and recreation options. Also, conscious health and wellbeing is becoming a top priority for Nigerians, influencing how they commute to work, spend their leisure time and even where they choose to live. As result, it should become a major criteria for investors to opt for waterfront properties to facilitate a healthy lifestyle.

A rewarding investment

Waterfront properties accounts for a significant value in terms of return on investment. Waterside properties are normally scarce to find and as a result, it allows them to retain their value over a longer period as compared to properties in the city hub. Along with its excellent resale value, it can also be used for lease purposes. People want to lease waterfront homes for the same reasons that you want to buy one.

Demand for the water’s edge

Everyone desires the strong wellbeing and affluence factor associated with waterfronts so it’s always in demand. Research shows that a property on the water’s edge is on average worth more than those located inland, the more reason why a waterfront property in Banana Island (Ikoyi) is far more expensive than properties even within Ikoyi and also in high demand.  The reason for this comes down to the simple laws of economics. Properties which are genuinely on the water are few and far between. The exclusivity of waterfront properties often requires larger upfront capital, however the long-term capital appreciation will be far greater. Therefore, ensure your finances are in order so you can make an offer the minute you have an opportunity.

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