Financial Literacy Series: Acquiring A Home

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Continued from here

Shelter is very important to the overall well being of all, hence many people desire to own their own homes. But times are tougher these days and we are all watching our money.

Banks are not as quick to lend money as they were a few years ago. However, there are many homes for sale that are being offered at very competitive prices.

Many factors come into play and should be considered in purchasing a new home. Research is important and plays a major role into the purchase of a new home. Once the research has been done, speak with a lawyer or estate agent.

Know where you want to be. This is talking about location. Think about your lifestyle – how it is now and how it might be in 5 – 10 years.

After considering the location, next is what do you want the house to have? Do you want a newer home with all the amenities or a functional home. Do you want a large yard for children that would require maintenance or would you prefer something requiring less maintenance. Make a list of all your Must Haves.

Visit the location of the house you wish to buy. Once you’ve searched and found some houses that meet your criteria, you need to see them in person as photos can often be deceiving. The only way to know if a house is right for you is to go out and see it for yourself.

It is also important to get a second opinion about the property with your partner, a friend or a professional. Keep an open mind to the defects they may point out.

Most importantly cut your coat according to your size. Take on something you can afford and is comfortable for you. Don’t look at a house because it is expensive, you may get stuck paying for it especially if you have taken a mortgage.

This has been courtesy Rand Merchant Bank as part of The Bankers Committee Financial Literacy Public Enlightenment Programme brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria.

What do you think about post on acquiring a home? Tell us here:  https://redmedia.typeform.com/to/xjAjiB

Read “Saving For A Child’s Education” Here

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