As one of the largest financial decisions in a person’s life, buying a home requires discretion, sensibility and budgeting. The following tips will keep you on the right path as you look to purchase your first place.

Have your cash ready/ mortgage good to go

In Nigerian real estate cash is king. Once you’ve got the cash, you’ve got the power to purchase any property your heart desires. The goal is to ensure that you’ve accumulated enough cash to purchase the property, pay all fees and make needed modifications and improvements as necessary. However, given the emergence of the mortgage industry, there’s now an alternative for cash strapped buyers who do not have the complete funds to make an outright purchase.  It’s best to work with a mortgage bank and mortgage broker you like and trust and try and obtain any concessions on rates and tenor.

Consider all costs

The cost of a home is just the start, and smart buyers tighten their belts before buying to meet the monthly and yearly financial demands of home ownership. Expenses such as utilities and possibly homeowner association dues need to be covered. You’ll also need cash on hand for the upkeep and repair costs that come with any home. The average homeowner spends a decent amount of money on property maintenance each year. Expect to pay for repairs or maintenance even within the first year of owning your home.

Be flexible in your search

Home-buyers who distinguish between wants and needs make the most sensible decisions. A list of must-haves should include items that affect your quality of life, such as a home’s location, its price, number of bedrooms, security, light and square meter. You should be prepared to concede nonessential items, such as views and extra rooms, if you find a house meets your must-haves and is within your budget. Being flexible also involves adjusting your criteria as the home search progresses. For example, your budget may require looking at a town house rather than a detached home, or buying a fixer-upper in order to live in a better neighborhood.

Keep your cool

Don’t get overly excited in your search, especially in markets where homes are selling quickly. A bit of self-restraint prevents you from overspending or choosing a home that doesn’t fully fit your needs. Be prepared to walk away if a home inspection reveals more defects in a home than you’re able to deal with. Also, keep calm if you find yourself in a bidding war. Your agent can help you make the most competitive offer, and if it doesn’t get accepted, then your agent can help you find the next great option. Finding the right home that fits your lifestyle and budget can take weeks or months. By starting early and being patient, you’ll avoid the sense of urgency that often drives home-buyers to make hasty decisions.

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If getting rich were easy, then everyone would be rich. I’m sure you’ve heard this statement before. But this is especially true in real estate. In real estate, there is a fair opportunity to get rich if you start early and commit to becoming an intelligent investor. But becoming a successful, intelligent real estate investor takes time, energy, education and consistent daily action. In this latest column from RE/MAX, we look at a few critical questions to ask yourself before embarking on a career as a real estate investor.

1. Do you have an action mindset?

I love this question because it is a question that only you can answer. As a matter of fact, you know in your heart the answer to this question without having to think about it. Sure you can try and convince yourself that you do have a bias for action, but you’re only doing yourself a disservice.
The ability to take action despite the obstacles in your way is a key determinant of your success in real estate. You may be dreaming of retiring early to travel the world while earning millions of naira passively, which is fun & exciting, but the effort required will be intense and challenging. However, if you have a bias for action and the resolve to follow, you can be rest assured that your success in the real estate business is secure.

2. Are you future-oriented and able to delay gratification?

In the early stages of investing in real estate, a lot of investors are typically seeking short-term gains of within a few years. The intelligent investor should realize that by thinking long term and being able to delay gratification, the potential return on your investment would far exceed any other investment opportunity available.

3. Do you know your opportunity cost?

Now that you’ve decided to become an intelligent real estate investor you need to determine if have you considered the opportunity cost of your investment? Ideally you should consider the cost of alternative investments for your capital and the time cost involved for each option.
While the capital opportunity cost is easy to determine, the time opportunity cost may not be so easy to determine. To be successful in real estate in the long term, you’ll need to create the time required to study the market and other aspects related to your investment and become adept at leveraging your knowledge into other deals.
In conclusion, though real estate investing success is possible for anyone that wants it. It usually requires some perseverance, dedication and self-mastery. The goal of this article is to help you start thinking about the right steps to take and inspire you to push beyond your personal limits.
So my dear friend why don’t you start today, your riches in real estate might be just around the corner. You owe it to yourself and your family to grab it and never let go.

Get smart real estate advice by speaking to one of our agents today, call 0700-GO-REMAX (0700-667-3629)

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Thanks to the Internet and your realtor’s digital tools, you can learn a lot about a home before visiting. However, some things, are best to ask the agent in person when you’re touring a property.

Who is the owner and why is he/she selling?
It’s crucial to know who the owner of the property, their relationship to the property and their motivations. Is it the original purchaser or the recipient of a bequest from a will? Though, the agent isn’t obligated to tell you, he or she might. The answer could reveal issues not included in the listing description.
Is there a new highway planned nearby? Is the seller experiencing financial difficulty, are there litigation issues, any family disputes or criminal activity? If the agent does reveal, for instance, that the owner is desperate to close quickly, you might be able to use that to your advantage when negotiating price.

What type of title does the owner hold and will the originals be handed over at the close of sale?
Some homeowners are finicky about disclosing their title deed on a property directly to buyers for a number of reasons. however, a professional agent would have seen the document and can attest to its originality before showing the property. In that case, ask the almighty question of what type of title it is and whether or not you will be given the original copies at the point of sale.

What is the sellers’ timeline?
Does the property owner need to relocate immediately for work/green card lottery/business venture? Or are they waiting for the kids to finish the current school year? It’s important that your timeline for moving into the home and the owner’s timeline for moving out match up.

What, exactly, is for sale?
Find out precisely what is included in the selling price. Are the furniture and fittings part of the deal? What about the adjoining land/compound? Learn whether the appliances and fixtures, such as ceiling fans, are included in the sale price.

Are there any issues with the property?
Though, sellers are supposed to reveal most problems; the norm is that any problems will usually be hidden but a chatty sales agent, neighbor or landlord might reveal more than is included in the listing. It certainly can’t hurt to ask. Does the house or street flood during the rainy season? Is there security? Light?

Who are your neighbors?
Asking about the people that live nearby and their profile is a significant piece of information in your property search. Is there an ex-Governor down the street,  or perhaps a current state commission, diplomat, public servant, business mogul or first class royalty lives next door.  These personalities because of their standing and status in the society can significantly affect the attractiveness of a particular neighborhood.

Have the owners completed any major renovations?
A recently renovated house can indicate that the house is in better shape than ever and ready for you to enjoy. It could also indicate less work will be needed in the future. Be sure to get the full story about any recent property updates.
You’ll have tons of questions as you search for your next home. An RE/MAX agent can help you find the answers. To meet an agent, start here: www.remax.ng/agents

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We get it, for some of us, we could have done a little better last year but not to worry as reading this post is the first step to redemption! We have handpicked a few properties we think are awesome but did'nt find owners last year for you to consider!

1. 5 Befroom Fully Detached House at Magodo 

Marketed by: RE/MAX Masters
Managing Agent: Femi Falola
Asking Price: N120,000,000
Features: Fully fitted Kitchen, spacious & paved compound area, marble flooring, great natural light in all rooms, in a very serene area of Magodo, family friendly and in great proximity to local amenities!

See full listing here

2. 3 Bedroom Apartment & Penthouses at Crystal Apartments, Guzuape, Abuja.

Marketed by: RE/MAX Premier
Managing Agent: Ezi Ubani - Ebere
Asking Price: N30,000,000
Features: Iinterlocked paved road network, perimeter fencing, stand by generator, street lights, CCTV monitoring cameras, pipe-borne water, external cleaning and security services. 

See full listing here

3. 4 Bedroom Terraced House at Osapa London, Lekki

Marketed by: RE/MAX Premier
Managing Agent: Lesi Kpagih
Asking Price: N50,000,000
Features: 4 spacious bedrooms, 1 living room, 1bedroom BQ, partially furnished for interested buyers, sufficient parking space for each unit, water treatment, steady electricity and in great proximity to the new shorprite development at Jakande roundabout

See full listing here

If you made it to the bottom of this page and still want to see more amazing properties for sale and lease, head over to our website or call an agent on 07026020181

We have home financing options available for interested, serious buyers. Be sure to ask an agent or start a conversation with us in the comment box below! 

Happy Investing in 2016! #DoitwithREMAX #Dreamwithyoureyesopen

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If your ego was bruised by the high property prices of 2015 or if you made a few bad investments, we’ve got one word for you- regroup! For those interested in buying in 2016 and buying well, we have some New Year’s resolutions for you.

1. Befriend real estate agents

No need to blame agents for the crippling market. They do have an advantage in one thing – favorite buyers; where they hold their best listings for, before loading them online. Bring them a gift basket and get the property ball rolling.

2. Do your own price research before making an offer

Don’t always rely on what real estate agents are quoting, plus the extra costs on top. Don’t rely on relatives and friends opinions on what the property is worth. Do it yourself, search through comparable sales and make up your own mind on the maximum you’re willing to pay before making a final offer on a property.

3. Do not compromise

Ok, you may comprise on a few things. This is about you not giving up easily on the important stuff – like buying near a main road or next to a service station unless the residence is completely unlivable.

With these three resolutions approach 2016 property market with a fresh pair of eyes, that could pay big in the long run!

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