Apartments offer an affordable entry point in the property market. While, this is the fact, it doesn’t mean that you should go ahead blindly when you’re looking for apartment for rent or buy. To help you, allow me to share important factors that you need to consider when choosing an apartment to buy in Nigeria:
1. Access to amenities
This is probably the most essential factor that you need to consider. To have easy time the property that you are want to buy should be close to the amenities that you may need. For instance, hospitals, gym, schools, trains and, shops and parks. If you want to be entertaining yourself in the area of your residence, choose an apartment that’s close to clubs, cafes and many other entertainment joints.
Peace is the essence. So, for you to have comfort, make sure that the apartment isn’t too noisy. Before diving in, take some time and inspect how much traffic you have around the apartments, especially in the city of Lagos, Nigeria.
Inspect the apartment for sale in the evening or during every other peak hour traffic and choose whether the noise will affect lifestyle. As general guideline never buy Apartments for sale that will negatively affect your lifestyle.
2. Cash flow
Cash flow for the Apartment is an important factor to take into account, if you are planning on buying the apartment and then rent it out. For you to decide whether or not the apartment will generate money for you, you should consider a number of factors, including: amount of down deposit, strength in the local rental market, interest on your financing if you took out loans and market type that you’re buying into.
While Apartments for sale in Nigeria have more tenant turnover, they also attract higher repairs and maintenance. You need to keep this in mind as part of your expenses. If you cannot determine whether a given rental are worthwhile to you personally, consult a specialist.
3. Age of the building
As it’s with other old item, an old building requires regular repairs and replacement. It’s recommended that you avoid buying apartments that are older than 20 years older because they have high maintenance costs. Apartment buildings which might be too old also are usually out of style and risky to live in it.
Before you start gambling with your money, get yourself a report from certified architects or engineers on the health of the apartment.
4. Car parking
It is really an important factor that lots of people ignore. In case, you drive a car in Nigeria, it’s necessary to consider where you’ll be parking it. Find out whether there is a car parking space in the apartment or whether you’ll be forced to pay extra for it.
If you’re planning on selling off the apartment later in the future, take into consideration the appreciation of the property. Real estate industries in Nigeria are speculative and you have to buy the Apartment at the right stage of the real estate cycle.
You should also purchase the property in the right neighborhood. When buying the apartment, examine the areas that have the potential for quick growth with an average pace of 5-7% – You can get back the money used to buy the apartment.
As you have read above, these are factors that you need to consider when choosing an Apartment to buy in Nigeria. To actually make the right decision don’t be in a hurry. Take time to research and consult the experts.