The Dream and the Decision
Buying your first home is more than acquiring a property — it’s a milestone. In Nigeria, where property is often the most significant investment someone makes in their lifetime, the decision carries weight. As a first-time buyer, the excitement can easily lead to rushed choices. But a home is not only about walls and a roof; it’s about comfort, long-term value, security, and peace of mind.
Before you sign any contract or make upfront payment, pause. Consider these five critical factors to ensure your first home is a decision you celebrate — not regret.
Your Budget and Financing Options—Know What You Can Afford
Understand Total Cost Beyond the Price Tag
When you look at a property, the listing price is seldom the entire cost. First-time homebuyers must account for:
- Down payment
- Mortgage interest (if applicable) or loan repayment schedule
- Legal fees, stamp duties, and registration charges
- Survey and documentation fees
- Renovation or finishing costs (if property is delivered “bare-shell” or old)
- Utility hookups — electricity, water, possibly generator or water borehole
Choose the Right Financing Strategy
Your financial situation will greatly influence your approach:
- Cash purchase – avoids interest and extra cost, but requires lump-sum readiness.
- Mortgage/developer financing—spreads cost over time, ideal for salaried workers or diaspora buyers, but interest and payment discipline matter.
- Installment plans—many developers offer staged payments; helpful if you earn monthly, but ensure the schedule aligns with your income.
Build a Buffer
Always cushion your budget with 10%–15% extra. Unexpected costs (repairs, upgrades, legal holdups) often surface later—better to be safe.
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