Business

10 Ways to Get a Good Deal on Your Home in Nigeria by Dennis Isong

Published

5 months ago

July 19, 2024

10 Ways to Get a Good Deal on Your Home in Nigeria by Dennis Isong

Buying a home is one of the biggest decisions you’ll make in your life. In Nigeria, where the real estate market can be tricky, it’s important to be smart and careful when looking for a good deal. This article you are about to read will give you 10 useful tips to help you make sure you’re getting the best value for your money when buying a home in Nigeria.

1. Do Your Homework on the Area

Before you even start looking at houses, it’s crucial to learn about the area where you want to live. Different parts of Nigeria have different prices and benefits. Some areas might be cheaper but far from good schools or markets. Others might be more expensive but safer or closer to your work.

Take time to visit different neighborhoods. Walk around, talk to people who live there, and get a feel for the place.
Ask yourself:
– Is it safe?
– Are there good roads?
– How’s the electricity supply?
– Is it close to important places like hospitals, schools, or your workplace?
– What’s the community like?

2. Set a Realistic Budget

It’s easy to get carried away when you’re looking at beautiful homes, but it’s important to stick to what you can afford. Before you start house hunting, sit down and figure out your budget.

Think about:
– How much money you have saved
– How much you can borrow from a bank
– Your monthly income and expenses

Remember, buying a home isn’t just about the price tag. You’ll need to think about other costs too, like:

– Lawyer fees
– Taxes
– Repairs or renovations
– Moving costs

Make sure you have some extra money set aside for these things. It’s always better to buy a slightly cheaper house and have money left over than to spend everything on the house and struggle later.

3. Use a Trusted Real Estate Agent

A good real estate agent can be your best friend when you’re looking for a home. They know the market, they have connections, and they can help you find deals that you might miss on your own.

But be careful – not all agents are trustworthy. Here’s how to find a good one:
– Ask friends or family for recommendations
– Look for agents with good reviews online
– Check if they’re registered with the Nigerian Institution of Estate Surveyors and Valuers (NIESV)
– Meet with a few different agents and see who you feel comfortable with

4. Don’t Rush – Take Your Time
Buying a home is a big decision, so don’t feel pressured to make it quickly. Some sellers or agents might try to rush you, saying things like “This deal won’t last long!” or “Someone else is interested in buying this house!”

Don’t fall for these tricks. It’s better to take your time and make sure you’re making the right choice. Visit the house more than once, at different times of the day. This will help you notice things you might miss on a quick visit, like noisy neighbors or bad traffic at certain hours.

If you feel rushed or pressured, that’s often a sign that something isn’t right. A good deal today will still be a good deal tomorrow.

5. Get a Professional Inspection
Never buy a house without having it checked by a professional inspector. This might cost a bit of money, but it can save you from much bigger costs in the future.

An inspector will look at things like:
– The foundation of the house
– The roof
– Electrical systems
– Plumbing
– Signs of pests or termites

They might find problems that you can’t see with your own eyes. If they do find issues, you can use this information to negotiate a lower price or ask the seller to fix the problems before you buy.

6. Check All the Legal Documents

In Nigeria, it’s very important to make sure all the legal papers for the house are in order. This can be confusing, but it’s crucial to avoid problems later. Here are some key documents to check:

– Certificate of Occupancy (C of O): This shows that the government has given permission for the land to be used for housing.
– Survey Plan: This shows the exact boundaries of the property.
– Deed of Assignment: This shows that the current owner has the right to sell the property.
– Tax clearance: This shows that all taxes on the property have been paid.

It’s a good idea to hire a lawyer who specializes in real estate to help you check these documents. They can spot any problems and make sure everything is legal and correct.

7. Negotiate the Price
Don’t be afraid to negotiate! The first price the seller asks for is often not their final price.
Here are some tips for negotiating:
– Start lower than you’re willing to pay. This gives you room to go up.
– Point out any problems with the house that might lower its value.
– Be ready to walk away if the price is too high. Sometimes, showing that you’re willing to look at other houses can make the seller more flexible.
– If the seller won’t lower the price, see if they’ll include other things, like furniture or appliances.

Remember, negotiating isn’t about winning or losing. It’s about finding a price that’s fair for both you and the seller.

8. Consider the Future
When you’re buying a home, don’t just think about your needs right now. Think about the future too.
Ask yourself:
– Will this house still be good for me in 5 or 10 years?
– If I have children, will there be enough space?
– Is the area likely to improve or get worse over time?
– Could I easily sell this house if I need to move?

Buying a home that will still be good for you in the future can save you money and stress in the long run.

9. Compare Prices of Similar Homes

To know if you’re getting a good deal, you need to know what other similar houses cost. This is called “comparing comparables” or “comps” for short.

Look at houses that are:
– In the same area
– About the same size
– In similar condition

You can find this information online, through your real estate agent, or by visiting open houses in the area. If the house you want is much more expensive than similar houses, that’s a sign that it might be overpriced.

10. Trust Your Instincts
Finally, trust your gut feeling. If something feels wrong about a deal, even if you can’t explain why, it’s okay to step back and think more.

Maybe the seller seems too eager to sell quickly. Maybe the price seems too good to be true. Or maybe you just don’t feel comfortable in the house.

These feelings are important. Buying a home is not just a financial decision – it’s also an emotional one. You should feel good about your choice.

Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

Business

NLC hails fuel price slash by Dangote Refinery

Published

5 hours ago

December 27, 2024

Sahara Weekly

Enforce the PIA act on crude supply, Dangote urges NUPRC

NLC hails fuel price slash by Dangote Refinery

*Says it bring timely relief for Nigerians

The Nigeria Labour Congress (NLC) has Dangote Refinery over the recent slashed in the fuel price, describing it as a timely economic relief for Nigerians.

Speaking with journalists , the Chairman, NLC Lagos Council, Comrade Funmi Sessi said Dangote Refinery has come at the right time.

She expressed optimism that the reduction would ease transportation costs, lower the prices of goods and services, and provide financial relief to citizens struggling with the high cost of living.

“This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the rising cost of living.

“If not for Dangote refinery, we believe that government will still be importing fuel.

“But now, Dangote is producing about 650,000 litres of barrel per day, while both Port Harcourt refinery and the other refurbished one are producing about 210,000 litres of barrels per day. Which is not even up to half of what Dangote is producing.

“With this, Dangote has brought a healthy rivalry to the sector and we have started seeing reduction in the petroleum prices and even Dangote have started taking Petroleum to countries such as Ghana, Togo and other countries. What this means is that it will bring stability on our own currency. In this instance , we want to give it to Dangote. We also appreciate its timely intervention.

“Don’t also forget that the National Assembly is trying to bring out a bill that Nigerians should start domesticating our own currency. It so disheartening that our currency is no more strong, even in the West Africa region.

“So, government should encourage Dangote and more players coming in because this will allow healthy rivalry.

“We welcome this relief, which will help many Nigerians struggling due to the high cost of living, and we urge other stakeholders to emulate the Dangote Group’s example for the benefit of all Nigerians,” Sessi said.

On the proposed 2025 budget ,Comrade Sessi said if the government can be strict in it’s implementation, there is hope for the revival of the economy.

” With the budget , we can see that there is hope for Nigeria. Most especially if government can be strict in it’s implementations, there will will improvement in the security , food production and other areas,” She said.

Business

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

Published

1 day ago

December 26, 2024

Sahara Weekly

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

By Farouk Mohammed

Once again, FirstBank has reaffirmed its position as a champion of arts, culture, and entertainment through its annual DecemberIssaVybe initiative. This year, the bank brought music lovers an unforgettable Christmas Eve experience with the Davido Live in Lagos concert, held at the iconic Eko Hotel Convention Centre. As part of the initiative, the event was a highlight of the festive season, delivering joy, excitement, and unmatched entertainment to thousands of fans.

Delivering Exclusive Experiences

True to its legacy, FirstBank ensured its customers and followers had the chance to enjoy this spectacular event through ticket giveaways across its social media platforms. By engaging with fans on Instagram (@firstbanknigeria) and Facebook (First Bank of Nigeria Limited), the bank seamlessly connected with its audience, creating opportunities for them to witness one of Nigeria’s biggest stars perform live.

Through its First@arts initiatives like these, FirstBank continues to elevate the entertainment experience for its stakeholders, positioning itself as more than just a financial institution but a lifestyle enabler. The bank’s efforts underscore its commitment to bringing premium opportunities to its customers, creating memorable moments for families and individuals alike.

Davido: The Highlight of DecemberIssaVybe

On Christmas Eve, the atmosphere at the Eko Hotel Convention Centre was nothing short of electric as Davido, the Afrobeats superstar, delivered an exhilarating performance. With hits like “Feel,” “Unavailable,” “FUNDS,” and “Dami Duro”, the audience was immersed in a musical journey that celebrated Nigerian creativity and artistry. The energy was infectious, as fans sang along to every lyric, making the concert an unforgettable experience for all in attendance.

For many, this was their first time seeing Davido live, and FirstBank made it possible, proving once again its dedication to supporting the arts and providing access to world-class entertainment.

The Spirit of DecemberIssaVybe

The DecemberIssaVybe initiative is not just about music; it’s about community, homecoming, and shared joy. Designed to resonate with Nigerians, both at home and in the diaspora, the initiative creates opportunities for family bonding and cultural connection during the festive season. Events like Davido’s concert, the Calabar Carnival, and Flytime Fest have all contributed to making the 2024 edition of DecemberIssaVybe truly extraordinary. Through DecemberIssaVybe, FirstBank continues to demonstrate its commitment to enriching the lives of its customers by providing access to premium events and creating platforms that celebrate the essence of Nigerian culture.

More Than Banking: A Commitment to Community

FirstBank’s impact goes beyond providing financial services—it’s about enabling memorable experiences. By supporting events like the Davido Live in Lagos concert, FirstBank strengthens its bond with customers, enhancing its role as a catalyst for joy and togetherness during the festive season.

With its steadfast support for the arts and entertainment industry, FirstBank also contributes to the economic empowerment of the value chain, showcasing its leadership in promoting culture, music, and creativity in Nigeria.

Stay Connected, Stay Vibing

For those who experienced the magic of Davido’s concert and other DecemberIssaVybe events, the memories will remain cherished. For those who missed out, FirstBank offers more opportunities to join the excitement. Stay tuned to its social media platforms—Instagram (@firstbanknigeria), Twitter (@FirstBankngr), and Facebook (First Bank of Nigeria Limited)—for updates, contests, and more exciting opportunities.

Business

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

Published

1 day ago

December 26, 2024

Sahara Weekly

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

The Afenifere Mandate Forum (AMF) has cautioned the Nigerian National Petroleum Company Limited (NNPCL) against re-introducing fuel subsidy through dubious means, citing the regime’s notorious history of corruption.

The group emphasised the need for transparency going forward, urging the Central Bank of Nigeria (CBN) not to make payments to NNPCL’s foreign partners in the name of subsidy.

In a statement signed by its President, Otunba Davies Folorunsho, the group said the fuel subsidy regime was embroiled in corruption, with allegations of fraudulent payments and inflated subsidies.

Folorunsho said Mele Kyari, the Group CEO of NNPCL, was at the centre of the controversy, with reports of the company importing toxic fuel from Malta.

He noted that this not only perpetuated corruption but also endangered the health and safety of Nigerians.

However, Folorunsho said the he removal of fuel subsidy has been a significant step towards economic recovery, saving the country billions of dollars that were previously spent on subsidizing petrol prices.

“In 2022 alone, subsidies gulped $10 billion, leaving the state oil company NNPC with nothing to remit to the treasury,” he added.

“Fuel subsidy were not only financially ruinous but also largely regressive, benefiting mostly car-owning urbanites and those who could afford petrol-powered generators.

“As a result of the subsidy removal, the financial burden on the government has been significantly reduced, freeing up more funds for critical infrastructure and social programs.

“Additionally, government revenue has increased, smuggling has decreased, and the risk of adulterated fuel has been mitigated. The removal of fuel subsidy has also paved the way for a more sustainable energy ecosystem, encouraging the use of alternative energy sources and reducing Nigeria’s reliance on fossil fuels.

The group urged the NNPCL to maintain transparency in its operations and avoid re-introducing fuel subsidy through the backdoor.

“We believe that the removal of fuel subsidy is a step in the right direction, and we urge the government to continue on this path towards economic recovery,” Folorunsho said.