The path toward Property or being a landlord can be a long and winding road. By thoroughly understanding each step of the process, home buyers can avoid obstacles, eliminate uncertainty, and experience the excitement of finding a house to call home. You can break the property buying process into Eight (8) but nine (9) essential steps:
Find the Real Estate Agent
To start your home-buying journey, it’s important to hire a real estate agent. With expertise in the real estate market and process, an agent serves as a trusted source of information to help you make decisions. There are countless brokerages and agents to choose from, so the challenge isn’t just finding an agent, but finding the right agent for you with marvelrealtor, you are sure to get the right agent for your real estate journey.
If you are buying your house or property with a Loan, I will advise you to get pre-qualified for a mortgage. Pre-qualification for a loan provides insight into how much house you can afford.
Search for your Ideal Home
After determining your budget, it’s time to begin searching for homes. Be realistic by identifying your wants versus your needs before beginning your search.
Make an Offer
Once you find the property you want, your real estate agent will prepare to make an offer based on the price and terms you choose. Including an offer, letter helps distinguish yourself from other candidates. The owner of the properties will take you seriously when an offer is submitted for any proper negotiation to commence
Negotiating the price of Buying a Real Estate Property is one of the most crucial aspects of your real estate journey. It’s also the point at which your agent’s expertise can make the most dramatic difference.
Inspecting and Appraisal
Hire a professional property or home inspector officer who will examine the property to identify any damages or fixes that need to be made. Using the inspection report, your agent can negotiate with the seller to get the damages fixed or price compensated in the final sale.
Property Document Verification
Before closing the deal, You need to do a proper document search to verify its legitimacy with the help of a professional like a Lawyer or Real Estate Consultant. Documents like Certificate of Occupancy, Governor's Consent, or Other Landed Documents search must be carried out to as far back to 30years ago as required/advised by Land Registry in Lagos State and Judiciary, and also check if the property is subject to Litigation (In Court).
When closing the deal, you and the seller will sign all necessary documents to finalize the sale and transfer the ownership of the property.
Move Into the Property!
The long-awaited home is officially yours. It’s time to start boxing up all your belongings. To relieve the stress of moving, preparation is key.
Most Real Estate Brokers & Agent says starting is the success road to acquiring a property.
Are you looking to buy a property in Nigeria, it’s time to start planning. Follow these steps as a guide in achieving your goal of acquiring new property for the year.
Owning and renting out your property is increasingly a choice investment for more real estate Investors in Nigeria. Despite the perceived risk of the housing market, the outlook is favorable to become, or continue being a landlord.