What are the Things to Keep in Mind when Buying a House? – Business Post Nigeria

It’s critical to be well-informed when making major financial decisions, and a few are more significant than buying a house.
Before you acquire any property, take the time to educate yourself on what you’re getting yourself into. The following home-buying ideas will assist you in getting started with your home ownership journey.
The processes involved in purchasing a home are straightforward and worth your time and effort and you can get more info on homes for sale in Miami Florida.
While looking into the factors to consider when purchasing a home, the process can get overwhelming. After all, there are numerous factors to consider before commencing to purchase your dream home.
Having set priorities will help you navigate the process without missing crucial aspects that are important to you and your family.
Your realtor will want to know about your priority list as well. Understanding which qualities are most important can assist you in eliminating residences that will not work for you and comparing those that will.
Here are 7 Things You Must Know Before Purchasing A Home
Location is one of the most critical aspects of any piece of real estate. Pay great attention to the neighbourhood where you intend to purchase your home. You’ll want to make sure that your home is close to your workplace.
Some people want to be tucked away from busy streets, while others prefer to have more access to main city roads.
Homebuyers with children or those considering starting a family should look into the local schools. For many homeowners, school quality can make or break their decision. Examine the public and private alternatives, as well as information on entrance and registration. Knowing the important information ahead of time is usually a smart idea.
Buyers are looking for a location that is convenient to their favourite places (work, school, shopping, recreation centre, place of worship, friends and family). Check traffic flow and look for easy access to important roadways.
It’s not uncommon for your dream house to include that one area that you’ve already imagined remodelling. It’s vital to note that while a coat of paint or some wallpaper can alleviate cosmetic issues, making modifications to kitchens and bathrooms can be costly.
People often concentrate on the cost of cabinets, appliances, and counters, but they overlook the expense of labour, which may easily double or triple the cost. That’s not to say you shouldn’t buy a house that needs a lot of work, but you should consider those costs when considering whether you can afford it.
Are you looking for a house or an apartment? This is one of the first challenges that many first-time house purchasers will face. In fact, many customers may consider both options because they can’t decide.
You should be aware of the advantages and disadvantages of living in an apartment versus a house in order to make informed selections. More consumers will be disappointed when choosing an apartment because they are unaware of the consequences of how restrictive they might be or how quickly fees can alter. Of course, the appeal is typically for buyers who do not have time to maintain their homes.
After the thrill of purchasing a property wears off, you’ll have to live there for years. Make certain you’re looking for a home that fits your wants and lifestyle. More space isn’t necessarily a good thing. Lawns require maintenance. It may turn out that being close to the things you enjoy is more significant than you know.
Understand that you are not only purchasing a home, but also a location. Many buyers overlook the importance of learning how to choose a neighbourhood they would enjoy when purchasing a property. First-time buyers frequently place too much emphasis on the home and not enough on the area.
We all know that real estate brokers get a percentage of the home’s sale price, which makes some purchasers wary of using one since they fear it will raise the overall cost. Keep in mind that the commission is paid by the seller, not the customer.
A listing agent (the agent representing the seller) does not safeguard your interests and would simply pocket both sides of the commission if you were to buy a home. That means you aren’t saving any money. A knowledgeable broker working for you like PwanMax can defend your interests and guide you through the whole buying process, from price negotiations to home inspections.
If you want to avoid overpaying for your home, you’ll need to work with a real estate agent like PwanMax that knows the local market.
Other expenditures such as appraisals and inspections, in addition to the purchase price, might mount up quickly if you don’t grasp the home’s value.
If you ask about adjusting the price afterwards, sellers and banks may not be accommodating.
Each family will have a preference on the number of bedrooms they require. Most individuals want at least two, and the number grows if there are children.
Some families prefer that their children share bedrooms, while others prefer that they each have their own bedroom to suit various bedtimes and study habits. It’s ideal to have a distinct guest room if you have regular visitors for an extended period of time.
An additional bedroom is frequently used as an office, den, playroom for children, or fitness area. Many hobbies necessitate working space and supply storage, and an extra bedroom is ideal for this. Consider your lifestyle and what will make it better.
This is irrelevant if you are just interested in a new building. You may see homes from multiple decades if you are willing to look at all residences in your price range that fulfil your fundamental needs.
Older homes might have a unique charm, but they may require more maintenance and renovations. Ascertain that you have the time, motivation, and financial resources to enjoy managing these initiatives.
Building codes evolve over time, and it’s helpful to have a rudimentary awareness of some of the more significant variations when inspecting properties built under different laws.
Your realtor may have this information or know where to look for it. You may already be aware of how homes were built at the time if you’re seeking a specific vintage and design.
While you’re ready to become a homeowner, it’s critical to identify the most crucial factors to consider when purchasing a property. As previously mentioned, there are various aspects to consider, including personal preparation, local market conditions, and ensure you understand the key components of the house purchasing process. You may ensure that you have awareness and mindfulness as you enter the domain of homeownership by carefully considering some of these concerns.
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By Aduragbemi Omiyale
The total debt profile of Nigeria increased by 2.98 per cent on a quarter-on-quarter basis to N42.84 trillion in June 2022 from N41.60 trillion in March 2022.
A statement issued by the Debt Management Office (DMO) disclosed that the total public debt stock of N42.84 trillion comprises the funds borrowed by the federal government, the 36 state governments and the Federal Capital Territory (FCT).
In Dollar terms, the money owed by Nigeria stood at $103.31 billion as at June 30, 2022, in contrast to $100.07 billion as at March 31, 2022.
These debts were incurred by the country from different sources, including from the domestic capital market and the international capital market.
A breakdown showed that the country’s total external debt stock in the second quarter of this year was $40.06 billion (N16.61 trillion) compared with the $39.96 billion in the first quarter of 2022.
The stats office said over 58 per cent of the external debt stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank (AfDB) and bilateral lenders including Germany, China, Japan, India and France.
It was further disclosed that the total domestic debt stock as at June 30, 2022, was N26.23 trillion ($63.24 billion) due to new borrowings by the national government to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.
The DMO disclosed that the total public debt to the gross domestic product (GDP) as at June 30, 2022, was 23.06 per cent compared to the ratio of 23.27 per cent as at March 30, 2022.
The agency emphasised that the debt to GDP ratio remains within Nigeria’s self-imposed limit of 40 per cent.
It further disclosed that while the FGN continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, the debt service-to-revenue ratio remains high.
By Dipo Olowookere
For the first time in seven trading sessions, the Nigerian Exchange (NGX) Limited closed on a positive note on Tuesday after it appreciated by 0.01 per cent.
Improved investor confidence inspired by renewed bargain hunting raised the All-Share Index (ASI) of the bourse by 5.10 points to 49,445.31 points from 49,440.21 points, while the market capitalisation rose by N3 billion to close at N26.670 trillion in contrast to the preceding day’s N26.667 trillion.
Buying pressure was witnessed in the financial stocks, with the banking index growing by 0.22 per cent and the insurance counter expanding by 0.15 per cent.
However, the energy sector depreciated by 2.30 per cent yesterday, the consumer goods counter went down by 0.05 per cent, while the industrial goods decreased by 0.01 per cent.
During the session, investors traded 147.6 million shares worth N2.4 billion in 3,323 deals compared with the 67.4 million shares worth N1.5 billion in 3,386 deals on Monday, representing a decline in the number of deals by 1.86 per cent, an increase in the trading volume by 119.07 per cent, while the trading value went up by 61.72 per cent.
The most attractive stock on Tuesday was GTCO, which sold 35.8 million units valued at N693.7 million and was followed by Capital Hotel, which traded 21.6 million units valued at N73.5 million.
Further, FBN Holdings transacted 20.9 million equities valued at N208.9 million, Zenith Bank exchanged 11.1 million stocks for N219.2 million, while Chams traded 7.9 million shares for N2.4 million.
RT Briscoe finished the day as the best-performing stock after it chalked up 10.00 per cent to trade at 33 Kobo, FBN Holdings appreciated by 5.00 per cent to N10.50, Linkage Assurance improved by 4.35 per cent to 48 Kobo, Regency Assurance gained 4.00 per cent to sell for 26 Kobo, while Mutual Benefits rose by 3.70 per cent to 28 Kobo.
Conversely, Total Energies was the worst-performing equity as it shrank by 9.98 per cent to N211.10, Learn Africa went down by 9.71 per cent to N1.86, Honeywell Flour dropped 8.13 per cent to trade at N2.26, Cutix declined by 6.98 per cent to N2.00, while NPF Microfinance Bank depleted by 6.63 per cent to N1.55.
By Adedapo Adesanya
Transactions closed bearish at the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, September 20, 2022, with the key performance indices depreciating by 0.30 per cent.
The market capitalisation of Nigeria’s unlisted stocks depreciated yesterday by N2.88 billion to N973.51 billion from N976.39 billion, while the NASD Unlisted Securities Index (NSI) decreased by 2.19 points to 739.51 points from 741.70 points.
The unlisted securities market plunged into the bears’ territory during the session despite the presence of a price gainer in Niger Delta Exploration and Production (NDEP) Plc, which improved by N4.00 to close at N199.00 per share compared with the previous day’s N195.00 per share.
The loss reported yesterday was impacted by the decline in the share price of 11 Plc. The energy firm lost N10 to close at N170.00 per unit versus the N180.00 per unit it closed on Monday.
Yesterday, the level of activity depreciated as investors only transacted 24,170 units of securities compared with the 25.0 million units of securities traded a day earlier, indicating a decline of 99.9 per cent.
Also, the value of transactions went down by 96.6 per cent to N4.6 million from the N135.2 million posted on Monday, while the number of deals declined by 18.2 per cent to nine deals from the 11 deals achieved a day earlier.
AG Mortgage Plc remained the most traded stock by volume on a year-to-date basis with the sale of 2.3 billion units worth N1.2 billion, Central Securities Clearing System (CSCS) Plc maintained second place with 687.5 million units valued at N14.3 billion, while Mixta Real Estate Plc was in third place with 178.1 million units worth N313.4 million.
Also, CSCS Plc was the most traded stock by value on a year-to-date basis with a turnover of 687.5 million units valued at N14.3 billion, VFD Group Plc was in second place with 27.7 million units worth N7.4 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 14.3 million units valued at N1.7 billion.
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