So many of us rush into buying a house without asking ourselves some crucial questions, while some buy their house because they like the idea of owing a home while others are because of the problems of landlords and landlady. Buying a house is very good please don't get me wrong but before you do so there some questions you must ask yourself and answer them before you start looking for a house. Here are the 4 Most important

1. Why Do I Want to Buy a House?

Before you do anything else, ask yourself why you want to buy a house so badly.
Many first-time home buyers jump into buying because family and friends push them. They convince first-time buyers that prices are so low, they’d be fools not to invest in a home right now.
While it’s true that prices are low, buying a home for the wrong reasons often spells disaster.
Instead, buy a home because you want a stable place to live, or a place to decorate and call your own. But don’t do it to use your house like an ATM machine. You’ll likely lose money this way, and you sure won’t be happy.

2. Is My Life Stable?

Do you feel safe enough in your job to commit to a 30-year mortgage? Do you have enough stashed away in savings to cover your mortgage for six months?
If you’re married, are you happy? Is your spouse or partner someone you can depend on?
Job loss and divorce are two of the most common reasons homes slip into foreclosure. Make sure you’re comfortable with where your life, and your relationship, is at before you sign on the dotted line.

3. Can I Really Afford It?

Most mortgage companies have really tightened their lending standards since the recession. These days, you pretty much have to have some kind of down payment in order to qualify for a loan. It’s worth it to take the extra time to save up a 20% down payment, if you can. This will make you more appealing to lenders, and you’ll save money because you don’t have to pay Private Mortgage Insurance (PMI).
It’s also crucial that your monthly mortgage payment is in a range that’s comfortable for you. Lenders may approve you for a whopper of a loan. But if your monthly payment is going to make things tight, then you need to buy a smaller house. Plenty of people got in trouble in years past because they used every naira they were “approved” for by lenders.
Use a mortgage calculator to make sure you’re buying a home you can actually afford.
And don’t forget that your monthly mortgage payment is only the beginning. Home ownership costs money. You have to pay homeowners insurance, property taxes, as well as foot the bill for upkeep, repairs, and the inevitable home improvement projects you’ll want to start on.
Make sure you have money stashed away for these unexpected expenses.

4. Will I Want to Live Here 5 Years From Now?

Many experts think that the housing market is going need at least five more years to truly recover. This means that unless you want to risk losing money, you’ll need to stay in your home at least five years.
As you’re looking at homes and neighborhoods, imagine staying there for five years. Does the home, neighborhood, and city have everything you need to be happy? Is the house big enough to accommodate a growing family (if you decide to have one)?
Final Word

There’s no doubt that now is a great time to buy a home. Just make sure that you’re buying for the right reasons, and that you can truly afford it, before you go out looking. You’ll save yourself a lot of grief and expense if you do!
Are you considering buying a home this year? What are some of the other questions that you asked yourself before making your decision?

Add yours too

Source:careafric..com

Buying a home can be a very solid investment. This being said, renting can also be a better option for some, depending on the circumstances.
There are questions that you should ask yourself before deciding to buy a home. One of the most important things to consider is the length you plan on staying in a home, if you were to purchase. If the answer is only a few years, it’s likely the better decision is to continue renting. Another question to ask yourself is whether you are ready to take on the additional “responsibilities” of owning a home. When owning a home there will be general home maintenance that should be done, are you ready for that?
Buying a home is a great option in many cases, but not always.

Source:careafric..com

Careafric real homes and property limited ("Careafric" a subsidiary of Careafric Groups is a real estate agent in Nigeria(RC No. 1313145) with over 7 years of experience.

OFFICES:

Lagos office: GOB 005 Zamfara cluster balogun market trade fair, Lagos, Nigeria.

Onitsha office: 39c Awka road Onitsha, Anambra state.

Asaba office: 9 Dennis Osadebe way Asaba, Delta state.

South Africa office: 7, 1st floor110 Bordeaux Drive, Rand bury. Fax-086506085

SERVICES:

* Acquisition of Land in Nigeria,
* Estate design and development in Nigeria,
* Sales of land and property in Nigeria,
* Estate and facilities management in Nigeria,
* Construction and building of houses in Nigeria,
* Importation of building materials in Nigeria.

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Call us on: 07030359261,
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700 square meters of land located @ Ajah Bodore after Ajah Bodore roundabout before LSDPC(Lagos State Development Property Cooperation Estate) inside Rock villa estate


Price : 16 million(asking)
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Buying your next home can be a daunting task, especially if it’s your first home.

It’s exciting but full of complexities.
While it’s likely to be the largest financial transaction you will ever make, we’ve found that many home buyers are poorly prepared to ensure they make a good purchase decision.
And it’s not their fault.
The system is stacked against them, with much of the power being on the side of the seller.

To help guide you, let’s look at 13 Common Mistakes made by Home Buyers – ones that you should avoid.

1. NOT DOING PROPER RESEARCH AND PREPARATION

Understand your family’s finances and needs.
The wise home buyer will analyse assets, decipher debts and get pre approved for finance before plunging into the house hunt.
Get to know the neighborhood – remember you’re not just buying a house; you’re also buying a location.
It’s important to find out about the quality of schools, the crime level, transport and possibly upcoming zoning issues.
Not all parts of every suburb are ideal spots to live.

2. CHOOSING THE WRONG MORTGAGE

To put you in the best negotiating position, it’s critical to have your loan preapproved (not just pre-qualified) before going house hunting.
Find out how much house you can afford – but you can’t simply go to a bank’s Internet site, use the calculators to see how much you can borrow and assume you’ll get a loan.
There’s a big difference between what the banks indicate they can lend you and what they actually will.
It’s important to pick your finance package carefully.
Don’t just go to one bank; instead use an independent finance broker who has access to a range of lenders and finance products.
3. BEING INFLUENCED BY “THE MARKET”

Don’t be influenced by “the market” more than by your own needs.
Sure the property market moves in cycles and there are times when they suit buyers and there are
sellers’ markets when prices are booming.
However, waiting for the “right time” or prices to go down is gambling with your family’s future.
At times the mixed messages in the media may confuse you and you’ll be tempted to put off the decision to buy.
If you know your budget, have your finance organised and think about your current and future needs, then you should rarely let short term market conditions influence what will be a long term lifestyle decision.
4. GOING BEYOND YOUR BUDGET

Every home buyer knows the feeling – you’re looking for a home that fits your budget, but that much more expensive property just looks that much more appealing.
However buying a home that’s way out of your price range could well derail your finances in the
future.
It’s human nature for us to want a little more than we can afford, and there’s always a real estate agent who’ll talk you to the next level.
But don’t be tempted – the bank has usually offered you a borrowing limit for good reasons based on your ability to repay the loan.
Spending more than you can sensibly afford leaves you exposed to potential financial shocks, including rises in interest rates.
You must also allow for changes in your future circumstances

5. FALLING IN LOVE

If you think a house is ideal, don’t let the seller’s agents know.
Agents are good at reading emotions and negotiating the last cent out of prospective purchasers.
A wise home buyer knows there’s lots of houses – and there’s one out there that’s the right house at the right price.
If you can’t afford it, move on and keep looking.

6. IT’S NOT ALL ABOUT PRICE

We all know you make your money in property when you buy, but that doesn’t mean you must buy cheaply.
You make your money by buying the right property not a cheap property.
Price is what you pay, value is what you get.
This means you don’t make your buying decision purely on price.
You can always buy cheap properties in secondary locations or on main roads, but you’ll be stuck with a secondary property – not a good idea.
However, when you’ve found the right property – it’s important to make a proper offer.
One that secures your home, but that does not overpay.
Don’t base your offer on the seller’s asking price.
Instead, get a comparative market analysis from your buyers’ agent.
This analysis will reveal recent asking and sales prices of similar homes in the neighborhood.
With this type of knowledge, a wise home buyer can make an offer that is appropriate.

7. NOT HAVING THE RIGHT PROTECTION CLAUSES INSERTED IN THE CONTRACT OF SALE

Don’t sign anything until you are sure your interests are protected.
While the standard contract to purchase a property will give you a “3 day cooling off period” (this varies in different states) smart purchasers request additional clauses to protect their interests.
Don’t be fooled by an agent who says you can always ask for changes or an extension later. That’s not the way it works.
The only way to get changes to a contract once it’s been signed is to end the existing contract and renegotiate a new one. And the seller doesn’t have to agree to your requests.

8. UNDERESTIMATING THE FULL COSTS OF BUYING A HOME

Many home buyers fail to budget for the full costs associated with buying a house.
Firstly there’s the acquisition costs.
Things like stamp duties, rates, valuation costs, loan application fees and mortgage insurance.
Apart from budgeting for moving costs, be prepared for the unexpected when you move into your new home.
It’s funny how things that have been working for years seem to break down, as if they knew there was a new owner.
Set aside a budget for those irritating and sometimes costly breakdowns.
Then…don’t underestimate the ongoing costs of owning your property.
Owning can cost much more than renting with expenses like rates, insurance and maintenance.

9. THE “FED UP” PURCHASE

You’ve been looking for a few months but haven’t found your dream home.
The agents are misleading you; you may have been out bid by someone who had deeper pockets than you.
You’re Fed Up!
One big mistake home buyers make is to buy a property in desperation.
They buy something reasonable rather than something that really suits their needs because they’re sick of the emotional roller coaster of home buying.
This is a decision you may live to regret for a long time.
Rather than buying out of frustration, stop looking for a while, or better still get a buyers’ agent on your side to save you time, to look in nooks and crannies you wouldn’t have thought of and to find those silent sales for you – the off market properties.

10. NOT ORGANIZING A PROFESSIONAL BUILDING INSPECTION

It’s important to engage a competent and independent (not one recommended by the selling agent) professional to check your potential new home.
Remember… these inspectors are trained to find faults, so don’t freak out when they produce a long list.
Look out for major faults but don’t let minor faults that are easily repaired trouble you too much.
If you’re not sure how to interpret the report, have a chat with the building inspector and ask questions like – would you buy this property?

11. MISUNDERSTANDING THE REAL ESTATE AGENT’S ROLE

Real estate agents are friendly people and in the course of shopping for a house, you will spend a lot of time with various agents.
However, the wise home buyer understands who’s working for whom.
Unless you have engaged an exclusive buyers’ agent, then the agents are working for the sellers.
Don’t be mistaken – a selling agent can’t work in the interests of both the buyer and the seller.
In fact they’re legally and morally obliged to work for their client the seller.
However wise home buyers know how to level the playing field by engaging a buyers’ agent to represent their interests.

12. GOING SOLO

The sellers have an agent protecting them, looking after their interests and advising them, but most home buyer’s go solo.
Sure you’ve read some articles and done your research on the Internet, but this is likely to be your largest purchase ever.
And those emotions will cloud some of your decisions.
You wouldn’t go to court without a solicitor on your side – would you?
You probably have a good head on your shoulders and may even have a good working knowledge of the home buying process.
What you probably don’ t have, however, is perspective.
If, how and when you buy a home are all decisions that will have major consequences.
That’s why it’s important to have the same protection on your side that the seller has.
That’s why it’s critical to engage a professional buyers’ agent to represent your interests.

13. THINKING THIS LIST IS EXHAUSTIVE
It’s not. There are many other issues to consider.
But, hopefully, this will help you avoid a few common mistakes as you contemplate buying your next home.

YOU CAN CONTACT US WHEN U WANT TO BUY YOUR NEXT HOME, WE OFFER YOU GREAT HOMES WITH PEACE OF MIND AND REDUCE THE RISK OF MAKING THOSE MISTAKES LISTED ABOVE

SOURCE : WWW.careafric..com.ng

Sammiejo:

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Have sent the email of everything to you

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Everyone wants a piece of land. It’s the only sure investment. It can never depreciate like a car or washing machine. Land will only double its value in ten years.

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