10 Tips For Buying Luxury Homes in Nigeria

Property For Sale Nigeria
Tips For Buying A Brand New House From a Real Estate Development Company in Nigeria
September 25, 2018
2 Bedroom Apartment - Bridge View Apartment - Rural Homes

Owning a luxurious residence in one of the executive real estates in Nigeria is a dream for every Nigerians occupying the upper economic class. Acquiring your dream luxury home is more like planning
for a marriage. You tend to meet different people, visit different locations, view different catalogs, coupled with the stress, excitements, planning and finally, settlements.

Pursuing your dreams by going for a luxury home might be one of the most significant financial decisions you will make in your life as it obviously involves a huge sum of money. If you are thinking of becoming a luxury homeowner in Nigeria, here are ten (10) tips you need to consider:

1. Get a reliable Realtor:
It is a norm here in Nigeria that Real Estates agents always get a cut from the sales price of homes.
Meanwhile, some buyers might be reluctant to acquire the service of a Realtor. However, utilizing the service of a realtor is synonymous with hiring a professional to help find a proposed property to purchase and also protect the interest of the buyer.

2. Understanding of how locations relate to the value
Some prospective luxury home buyers tend to go for a property without fully understanding that location is a very significant price determinant. For instance, a luxury home sighted around Maitama District in Abuja will definitely cost more than similar properties in other areas of Abuja.

3. Securing Pocket Listings from Realtors
Most times, high-income earners tend to market their homes quietly. They do not allow the listing office to place their homes in MLS or a virtual placement on YouTube. It is the responsibility of your Realtor to show you any pocket listings that suit your needs. Pocket listings are only shown to serious buyers.

4. Consult your trusted Advisors
Some tax consequences may be attached to a luxury home about to be purchased. Your estate planner and tax accountant should be consulted in order to help you determine how you should take Title to the home to protect your interest.

5. Your Financial worth Required
Financial information is now required for a prospective buyer to see a luxury home for sale. However, some people do not need to supply their financial info, it’s only for the agent to just Google search their
name and boom! the search result reveals their net worth.
If your net worth can’t be verified on Google, your banker or portfolio manager should provide a letter of reference. The letter should verify that you have sufficient funds to purchase the home you wish to buy.

6. Protect your privacy
Hiring a reputable, reliable and trustworthy real estate agency who keeps the confidentiality of a deal and his client is very important. At Rural Homes, we will never reveal the activity of our clients to a third
party, the press or general public unless it is legally required.

7. How you should take Title
Taking Title may have consequences for taxes and your luxury home. Your tax accountant and estate planner should be informed about how you should take Title. Taking Title in a trust may afford you a protection for your privacy as well as taxes.

8. Consider Resale value
Reselling a luxury home seem daunting, most especially if you buy a home that will appeal to a limited number of buyers, make sure you get a good price now to account for resale challenges later.
Some houses are less expensive but surrounded by big houses in the neighborhood. However, it is vice versa in some cases. It’s better to consider the former than the latter. You should be cautious about
buying the biggest most elaborate home in a humble neighborhood.

9. Ensure everything is intact through the home inspection
All luxury homes have some peculiar assortment which can be a product of technological advancement requiring advanced knowledge to examine. At Rural Homes, our trained experts have knowledge of
the smart home technology. We can help you verify and examine all systems to make sure they are in good conditions.

10. Finally, Take your time
When attempting to purchase your dream luxury home, you are advised to take your time as you are obviously dropping a huge sum of money. You are advised to be very careful when choosing your dream home as payment might not be reversed once it’s being made.

Conclusively, getting a professional who is a luxury home expert gives you a complete assurance you are getting the best products and services. He tends to give you the information you need and verify you are paying a reasonable amount for your home.

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