Buying a house is one of the most important steps in the majority of peoples’ lives and can be a huge financial burden; even if done at a good time. When toying with the idea, it has to be clear in your mind whether or not buying a house is a viable option for the near future. We’ve put together five pertinent questions you need to ask yourself before considering buying a house in Lagos or anywhere else for that matter.
1. Can I afford it?
This is possibly the most important question to ask yourself before you make any tangible decision or effort in purchasing a new home. If you have recently achieved financial stability, you may be tempted to improve your circumstances with a new house, but be warned; staying where you are and saving up some of that money could be a wise decision. While looking at properties that attract your attention, always consider the financial implications, both obvious and hidden. Buying a house is a massive financial burden, so if there is any question that you may not be able to come up with the money, consider waiting to buy a new house until you’re ready.
2. Is this a good time to move?
Ask this question about yourself as well as anyone who may be moving with you, such as your spouse and children. If your family is in a stable position and could positively benefit from buying a new house, then continue searching for houses in the area you believe would be great for your family to live in. However, if you and/or your family have been under a considerable amount of pressure lately or have recently gone through hard times, you may want to wait until things have settled down before you bring something as big as moving into the picture.
3. Is this really the perfect house for me?
This may seem to be the perfect house, but be realistic and objective when looking at houses. If you are anxious to move out of your current location for whatever reason, you could be easily convinced that any other property is better than the one you are in right now. The grass may not be greener on the other side, though.
4. Does the house look as good as the picture?
Site visitation is necessary for anyone who intends to invest in a property; therefore, you need to visit the house you would like to buy during different times of the day for you to be able to assess the environment and to see what life there is like. The quiet part of the street in front or in the environment of the house could turn into a raging traffic nightmare when school or work lets out, and the small airport nearby that didn’t seem like an issue could have a variety of flights going directly over your house at inconvenient times of the night. Ensure you visit the potential property you intend to put your funds into and ask residents questions so as to be able to make the right decision.
5. Why do I want to move?
Asking yourself the reasons behind your desire to leave your current house could provide valuable insights into whether or not it is actually a good idea for you to move. Moving closer to work, school, or into a safer neighborhood are good reasons to look for new houses, while simply desiring a change of environment may not be.
The reason you should consider these five things is that they would undoubtedly prevent you from making costly mistakes that could cause you to regret your actions in the future. They will form the basis for making the right decision on when, how, and where to channel your funds so as to ensure that even when you intend to relocate or put the property on the market, the value of the property would be retained such that an anticipated high return on investment would be maintained on that property.