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Buying A Home/Land? 3 Things to Do to Get Ready.

Whether you’re just starting to think about buying your first home/land or you’re already going to open houses, purchasing your first home is a big deal. The home buying process can feel daunting for a first-time homebuyer, but you can do a few things to get ready. Consider these tips to help you prepare for buying your first home. 1. Hire A licensed Realtor A popular trend is using a buyer’s agent to do all the hard work for you. A Buyer’s agents are licensed professionals who specialize in searching, locating, evaluating, and negotiating the purchase of property on behalf of buyers. 2. Where can you afford to buy? When determining your budget ask yourself the following questions: – How much can I borrow and still live comfortably? – Can I still live comfortably if interest rates went up by 3% – Do I have a backup plan if my circumstances change? Draw up a budget with your incoming and outgoing expenses with both of the above scenarios in mind. 3. Choose a qualified legal representati...
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EFFECT OF COVID-19 ON REAL ESTATE SECTOR

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If you have already bought a house and were waiting for possession, get ready for a delay. If you are planning to buy one, wait for things to settle down or engage a professional broker to handle the transactions because the broker has been trained on screening a client, negotiation title searches, legal forms, and the pricing market. It is difficult to think of a business that has not been impacted by the COVID-19 pandemic. However, for the Nigerian real estate sector, the impact of the crisis can be a double whammy. The sector, especially the residential segment, has already been struggling with project delays, regulatory changes and low sales for the last few years. The quantum of impact will depend on how long the lockdown will last and how long the economy will take to get back on track. Many experts said that the situation may deteriorate into a recession similar to what we saw in 2016, if not worse. Here are the possible outcomes for the real estate sector. Project d...
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3 REAL ESTATE OFFERS YOU MUST NOT MISS IN LAGOS

Buying Distressed Properties: A distressed property is a home that can no longer be maintained by the current owner, in need of money for a better deal either physically or financially (or both). For the sake of real estate investing, distressed properties (otherwise known as pre-foreclosures) are homes in which the owner has been unable to keep up with mortgage obligations and are therefore at risk of falling into foreclosure. Distressed property usually fetches a price that is much below its market value. Tips For Buying Distressed Real Estate • Choose a target neighborhood: If you don’t already have a target market in mind, selecting a neighborhood will help focus your search. Location still matters, even when it comes to distressed properties. In order to maximize your profit margins, the property must be in a location that could potentially attract buyers. Start with a few specific areas, and if they do not yield satisfactory results gradually widen your search for more optio...
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Real Estate Vs Fixed Deposit

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HOW TO RENT AN APARTMENT

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A lot of people don’t take renting an apartment as seriously as they should. I don’t understand those people. While renting an apartment is not buying, the place will serve as your home and should be considered carefully. Not only is your home a big part of the way you feel about yourself, but it’s also a reflection of how others see you. In Lagos, an apartment market I know all too well, people often feel lucky to find anything. There’s enormous demand, and sometimes hundreds of people will charge through the streets to look at exorbitantly expensive shoe boxes that they all saw on the internet. To play in this apartment market, or any other real estate market, you have to do your homework. Have a clear idea of your financial needs and your living requirements. Going blindly from apartment to apartment will be a waste of everyone’s time – particularly your own if you are the busy type. I feel strongly that an apartment should be rented with the help of a good broker. It can ...
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5 Things To Look Out For When Renting An Apartment In Lagos

Renting an apartment in Lagos could be nerve-racking and time-consuming leading most “house hunters” to make hasty decisions, most especially when you fall into the hands of unprofessional/substandard agents. In order not to fall a victim of regret when renting an apartment in Lagos, below are helpful tips to have in mind when searching for that dream apartment; Contents Real Estate Professionals Location And Budget The House Itself Proximity To Work Place Or School The Environment Real Estate Professionals: Consulting a real estate professional is one of the most important factors to consider when renting an apartment. Real estate professionals help you source for the best legitimate property at the best calculated rental value compared to unprofessional/Brokers who gives a predicted rental value. Location and Budget: After deciding what kind of apartment you want, having a location in mind is the next step and it cannot be overemphasized. The location, in turn, dete...
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How to Sell Your House

How to Sell Your House If you are selling your home and there is no or little activity, or activity but no offers, you should revisit the price. The real estate is volatile, and prices change daily. I always keep in my mind the saying” Old listings, like old soldiers, never die – they just fade away” when it comes to pricing. Also, don’t worry about competition; count on it you will save yourself a lot of time. Competition may even help you by drawing in prospective buyers within the same market. If you know your property is valuable, remain patient. As long as you’re realistic about its value, there will be a buyer eventually. Just make sure what you have to offer is the best and you need not worry. If you have a broker/Real Estate consultant, make sure he or she understands what the value of the property is to you. But don’t be too bullheaded if your broker thinks the property is worth far less than you do. The broker should be the expert, and you’re paying him or her not...
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