You’re about to embark on the exciting journey of house hunting in Lagos, armed with resources and a trusted real estate agent by your side. To avoid common house-hunting pitfalls and secure your dream residence, follow these essential tips:
Tip #1: Keep Searching Within Your Budget
Every housing market is unique, and Lagos is no exception. While you might come across eye-watering price tags that make you pause, don’t be discouraged. Never lose hope! Remember that your real estate agent is a seasoned pro who can guide you. Your home will likely be one of your most significant investments, so it’s crucial to calculate what you can afford and stick to that budget.
Tip #2: Consider Location and Design
If you dislike the current decor or paint colors, don’t let it deter you. Cosmetic changes are manageable. However, you cannot easily change a problematic neighborhood, an impractical floor plan, or a long commute to essential amenities. Prioritize finding a location and a design that align with your lifestyle. Stay open-minded about cosmetic details, like kitchen tile, as these can often be updated later.
Tip #3: Evaluate Size and Space
Think about your family’s needs and consider the size of the home accordingly. Recent data suggests that most buyers in Lagos opt for 1,850 square foot homes with three bedrooms and two bathrooms. Of course, your budget should play a significant role in determining the size of the home you purchase.
Tip #4: Think About Appreciation Potential
Don’t settle for superficial features like a charming porch or a spacious yard alone. Look for a home that has the potential to appreciate over time. Conduct some research into the area’s economic and real estate history. Are property values on the rise? Is there an increase in local businesses? These are positive signs for future value appreciation. Additionally, try to purchase a home in the best neighborhood that fits your budget. Avoid overstretching by buying a more expensive house in a lower-value neighborhood.
Tip #5: Ask Questions During Home Tours
When visiting potential homes, make sure to ask plenty of questions. Your real estate agent can assist you with this. Here are some important questions to consider:
What is included in the sale price? (Are appliances or fixtures included?)
When were the home’s systems and appliances last updated? (Check for updates on HVAC, plumbing, appliances, and more.)
How old is the roof?
What is the neighborhood like? (Consider the neighbors and community dynamics.)
Has there been any history of pest infestations?
How does the property fare in both wet and dry seasons?
What do the current owners love most about the house?
Are there any known issues or challenges with the property?
By following these six tips, you’ll be better equipped to navigate the Lagos housing market, avoid common pitfalls, and ultimately find the perfect home that suits your budget and lifestyle. Happy house hunting!