Consider This Before Buying a House

Interior of beach house on coastal road suite's in lagos

This week we are covering things home buyers should consider before making their purchase including projected property values, design considerations, construction costs and timelines, legal limitations, which professionals to engage with, and more.

When considering purchasing a property with plans for future renovations or improvements, there are essential factors to weigh in. One of the primary considerations is the potential increase in property value after the renovations are completed. Additionally, it's crucial to determine the length of time you intend to keep the property and reside in it.

During initial discussions with our clients, we often pose fundamental questions: How long do you plan to retain ownership of this property? How will the property be utilized? What is your intended duration of residence? These inquiries are pivotal as they significantly influence the projected property value.

It's important to recognize that the shorter the duration of ownership, the greater the significance of the property's projected value becomes.

Interior of 3-bedroom beach house kitchen on coastal road suite's in lagos

“If the property is intended as a long-term residence, the focus shifts from financial returns to enhancing quality of life.”

When it comes to home renovations, the golden rule is to act sooner rather than later. Often, people entertain the notion of "we could do that later." Yet, as life unfolds, years slip by, and suddenly you find yourself at retirement age, residing in a home that still resembles the day you purchased it. The realization hits that you've spent years in a space that didn't truly reflect your desires. Conduct the necessary work right after closing the deal on your new home, allowing you to settle into a space that truly resonates with your vision from the outset.

That said, the pressure to expedite the construction and design process can be intense, especially if you're eager to transition into your new home swiftly and avoid the financial burden of maintaining two properties simultaneously. This dilemma is particularly poignant for those without substantial financial resources. Yet, for individuals envisioning long-term residency, it's essential to prioritize the quality and longevity of the renovation process over expediency. The trade-off of investing additional time—be it three, four, or six months—for a superior outcome is undoubtedly worthwhile when considering a decade or more of comfortable living.