Choosing the best place to buy a property is not as complex as it sounds. There are several things to look out for when buying a house for the first time. It’s not a choice between a nicer house or a better location. NO, IT ISN’T! Both must align. It’s about getting the optimum property in the optimum place.
So, as an intending buyer, among other things, you must consider the best place to buy your desired property to maximize value. Although value may imply comfort and status to a buyer, it may be real estate profit and property appreciation to a real estate investor.
I cannot overemphasize the importance of location in real estate. It makes 70-90% of the difference in real estate investing.
Thus, if you want to succeed in real estate investing, you must know the location factors to consider before buying a house in Nigeria.
Go get a chilled bottle of mineral and popcorn as I highlight some of the most important land and house hunting tips investors apply in real estate to make a lot of money.
Banana Island is a great place to buy land or a house. However, a plot of land there can go for as high as N652 million ($1.8 million). Obviously, not everyone can afford it. That’s why smart real estate consultants advise investors to consider up-and-coming areas like Ajah and its environ like Lakowe, Eleko, Ibeju Lekki, Mowe Ofada and places around Lekki-Epe Expressway. The opportunities in Lekki and Ikoyi have gradually spilled over to these places, and real estate investors there are already smiling. Thus, they are some of the best places to consider when you want to buy a house or a piece of land in Lagos Nigeria.
Why Do You Want To Buy The House Or Plot Of Land
Your purpose is another location factor to consider before buying a house in Nigeria. People buy a home or plot of land for residential or commercial/investment purposes.
Those buying for residential purpose should ensure it is close to the vital places they frequent like their workplace, worship centre, children’s school, hospital, grocery stores etc.
While those buying for commercial or investment purpose should ensure it is in a business booming location.
Proximity To Commercial Hubs
An area you considered the best place to buy a property should be close to a commercial hub. As development further expands to neighbouring communities, the value of your property will rise significantly. The influx of people boosts commercial activities and the resultant high volume of money boosts the value of property and rent.
Government Policy and Restrictions
The government (through its town planning body) sets aside different locations for different purposes. While some areas are set aside for agriculture, others are set aside for schools, roads, bridges, stadiums, industries etc. These places are government acquired land. Anyone who invests their money there has thrown it into thin air.
Buying a property close to these places is a smart move. The facilities there will be manned and maintained by humans, and these humans will need shelter over their heads.
Infrastructure and Accessibility
If you don’t know how to choose a house or plot of land to buy, you may get carried away by the looks or price, but in the end you may love the house but not the location and vice versa.
How does it feel, rolling up your pair of trousers to walk through a pool of water in the street before you get to your house or parking your car at the Bus/stop because the roads are not motorable?
Neighbourhood With Good Lifestyle
Another set of important things to look for when buying a house for the first time is the values and lifestyle of the people living in that environment.
Are they lousy, rough, dirty, uneducated etc? How do their children behave and what impact will it have on your kids?
A reasonable homebuyer needs to consider these things when choosing the right place to buy a house.
Security And Safety
I know, for sure, that you definitely do not want to buy a house or plot of land where oil spills into your well, boreholes and streets because of pipeline linkages. You don’t want to risk living where you will be experiencing pipeline explosions or industrial waste proliferations. It is needless to add that nobody wants to live in an environment where their lives, family and property are under any form of threat.
Ensure you carry out background checks before you buy a house or plot of land to guarantee the security and safety of your life and belongings.
Proximity To Recreation and Fun
A vital house hunting tip that will help you get the best place to buy a property in Nigeria is proximity to recreation and fun. You should live close to areas where you can get adequate relaxation and fun to maintain a healthy mental state and social life. At worst, access to recreation shouldn’t be too far from home.
My Final Note
So far, I have done justice by explaining some things to look out for when buying a house for the first time in Nigeria.
Applying the house hunting tips in this article will help you spot the best places to buy a house in the country.
Do not undermine the importance of location in real estate. It can make or mar a real estate investor.
In conclusion, note that a good house in a bad location is a bad house.