Congratulations! You’ve made the bold, and wise decision to become a home owner. It’s no easy feat but the rewards greatly outweigh the challenges. This will easily be one of the most significant and exciting time in your life, however, it can quickly turn overwhelming without proper planning and budgeting. We want you to enjoy every step of this life changing transition, so we’ve come up with 8 simple tips to get you financially on-track for your first home. Keep reading to find out!

1. Set a target
The beginning of a successful house purchase is a well defined target. Setting a target will assist you in defining and narrowing your choices down before you buy a house. Questions like what size, style, features and neighborhood should be on your target list. Most importantly, a well thought out price range should also be defined considering all the aforementioned features. What type and size of home do you prefer? What features do you want in your home? As an aspiring home owner, the answers to these questions will act as a guide to a smooth and financially sounds decision to purchase your dream home.


2. Start budgeting
If your bank account is set up like ours in any way, you’ll probably need to do some saving before you can purchase your dream home. And in order to save, you need to also start putting yourself on a budget. Once you start budgeting and prioritising you’ll be able to project and plan when you’ll be able to purchase your new home.

3. Projected expenses
Don’t forget to budget for the extra expenses to come with buying a home such as occupation documentation, estate maintenance fees, repairs and utility bills. Draw up a realistic plan for keeping up with these expenses.

4. Negotiation is key
Brush up on your negotiation skills. They will really come in handy to ensure you are getting the best deal. It is possible some real estate agents and developers will have a non negotiable fee, but it is advisable to ask and be clear about your options. Not familiar with the art of negotiation? You can easily make a case for yourself by paying attention to any faults or areas that may need some work after purchase. Request that the homeowner should consider lowering the price based on these shortcomings of the house.


5. Take advantage of housing schemes
You may or may not have noticed the numerous housing schemes cropping up across Nigeria. These housing schemes in conjunction with several federal government organisations are aimed at assisting Nigerians secure mortgages at favourable interest rates. Some notable housing schemes in Nigeria that are worth checking out include the, the Nigerian Housing Finance Programme, Lagos H.O.M.S, the National Housing Fund Scheme (NHF)and the Federal Integrated Staff Housing (FISH) programme.

Regards,

Tosan Irenroa