Owning a home is undoubtedly everyone’s life ambition. Despite this ambition and desire, getting to own a home in one’s lifetime might seem daunting.
Other times, one may experience doubt and concerns when seeking to make a purchase of a parcel of land or landed property.
As a result of these concerns and other rigors of dealing in the real estate market, one might wonder if there is such a thing as a good time to buy a home and when is the right moment.
According to Olaposi Lawore, managing director, Dynastic Real Estate, DRE, a member of VFD Group, there is no such thing as a “proper” or “ideal” time to purchase a home.
However, Lawore identified five things to consider before making that big step. They are:
The nature of your finances is a crucial determinant
He stated that one must first set aside enough money to cover a significant portion of the required purchase price of their dream home or should earn enough money to pay off a mortgage regularly.
He added that if the individual answer is positive to either question, then it is the best time to buy that home.
He urged potential buyers to look out for a reliable real estate firm with flexible payment plans and offerings that matches their budgets.
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Are there any available distress properties up for sale?
In response to the above questions, Lawore advised that if any is available, it can provide greater value for the investment, because the seller is likely to be pressured into selling for a much lower price than what is typically obtainable.
However, he urged the potential buyer to go the extra mile to validate the authenticity of the sale and ensure documentation is in order.
“Sometimes what you think is a distress sale might be a spin-off of a family squabble. Hence, it is pertinent that you carry out due diligence—or ensure that your agent gets the facts right— before committing payment.”
Whilst some are buoyant enough to afford the outright purchase of a house and some aren’t
This does not mean that buying a home is the sole right of the former
Having access to mortgage financing can catalyse for you to make that bold move and buy a home, he said.
“In the same vein as distress sales, you must ascertain the credibility of the mortgage bank before signing up for their services. Before engaging a mortgage bank, find out their interest rates and assess your ability to keep up with payments over the number of months that they would be spread out.”
Inspection rounds during the rainy season is an equally crucial consideration
This highlights the property’s strong qualities as well as any potential environmental challenges, he noted.
It is a wise choice for your home purchase to be a function of your plans
Do you intend to have a family or make your present family larger, or are you buying simply for investment purposes, he asked. When buying a home, these factors should be considered. This way, the immediate family need alongside your investment portfolio is considered and catered to whilst making the purchase, he advised.
“Now that you are aware of some key considerations for your home purchase, you would certainly find a property that fits your budget within our diverse property portfolio at Dynasty Real Estate. In collaboration with leading financial institutions, we are able to offer mortgage,” he said.
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