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7 Important things to look out for when buying a property

AbdulGafar Olaniyan by AbdulGafar Olaniyan
9 months ago
in Real Estate Investment, Research
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7 Important things to look out for when buying a property
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    So you’re finally tired of paying rent. You’ve genuinely had it with your neighbors always screaming at each other whenever you try to rest your eyes small and your wicked landlord too keeps increasing rent for this shabby place you’re staying in. You’ve had enough, you’ve prayed to baba God and he has heard you, sold your fuel leaking car, and finally you’ve saved enough money to buy your own place, or are you just a tired family looking for a better upgrade, a business owner hoping to start his company or get a space for his business. You’re so ready but you also have no clue on what to look for in a standard home. Well, I’m here to help.

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The location should be your first priority:

     The most important thing in getting the right place is getting one in the right location. You would need a place that’s easy to commute from to your workplace or your children’s schools. You also do not want to live in an industrialized area and get affected by pollution, noises from factories or marketplaces if you’re a family or a spinster/bachelor. If you’re a business owner who needs a place for a school or market store it is best to find a place in a residential-commercial area where students can have easier access to attend and customers can buy wares. If you want to build a company or an office space it is best to find a place in commercial avenues beside other office spaces. It all depends on your needs.

 

Duration of stay:

     It’s very consequential to know how long you intend to stay at the place that you choose, more importantly for business owners. As a  business owner, you should likely take into consideration the rate of development in the area both in the past and in the present, especially if the business will be launched immediately so as to weigh properly, consumer engagement. If one is also getting home all the arrangements made, concerning size, space and every other thing put into consideration depends on how long you’re willing to stay there.

 

Neighborhood:

     The type of neighborhood you pick for any venture is also very important. Do you want to be surrounded by friendly neighbors who look out for you? Or young people like you who mind their business and go about their daily lives. Is it in a space of highly competitive businesses alongside yours?  Are you looking for a space of more entrepreneurial minds who can even help grow your business? If it’s a growing business and maybe your first company chooses a place with unhealthy competition, choking up your business might be inadvisable. Instead, look for a place that allows your business to grow properly and flourish and it can still be around other businesses. It’s also very vital to get a place where you envision yourself as comfortable. Things like gang fights, cultism should be considered before moving into any environment too. In Lagos, lovely places for families include Ikeja, Ilupeju, Magodo, and for young entrepreneurs Yaba, Surulere, or even Lekki. For business owners, ikeja, apapa and lekki. It is best to stay in an environment that suits your style and needs.

 

 

 

Costs:

     Before buying a house/office/space or any property. You should make note of your budget and weigh not only the downpayment but the future costs attached to the location you choose. You should check if you can afford the upgrades your property will require.  It’s important to buy a place or property that is convenient to your lifestyle. The light bill is a perfect example. The electricity tariff in Nigeria is now generally 62.3 naira /kWh (kilowatt unit of energy per hour) However it has recently been increased for certain areas, like Northern foreshore an estate in Lekki which had theirs increased to 80.80 naira/kWh and millennium estate also in lekki increased to 105.4 naira/ kWh. It is important to weigh these costs when choosing a location.

 

Bedrooms, bathrooms, and ceilings:

     When choosing, do not forget to check around and inside the building for things like leaks that might be dropping from the ceilings or flooding from toilets to other rooms. One should check if the bathrooms are safe and clean and even check for clogged toilets and flushers. It is important to be detailed about certain things. Are the bedrooms safe and comfortable to your taste? If you’re particular about colors, soft, warm, dark, minimal pastel you can consider putting those to question. Your safety matters as much as your satisfaction.

 

Circuit and low voltage:

       The wiring of the house is also of large importance. It is extremely frustrating having to deal and live with poor circuits and terrible voltage. Make sure they are solid and full proof before banking on the house to prevent your appliances from getting destroyed

 

Space:

     Finally, The last thing you want is to live or work in a place that is unbearably small. Down to the parking lot, the space should be extremely convenient for you. You don’t want to have to stay in a home that inconveniences your family especially if it’s a long-term home or an office space that makes people want to turn back because it looks uncomfortable and small from the outside. We act based on our senses; which include sight and your business has to be appealing.

 

     Keeping these key points in mind, you’re sure to get the perfect home or office space you desire. Good luck on your journey!

 

AbdulGafar Olaniyan

See author's posts

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