Homes do depreciate. As a physical asset, time takes its toll on any and every home on the market but a timely maintenance culture ensures that a real estate property retains and increases in value.
When you decide to buy a home, there are many questions you must ask yourself regarding the size, location and amenities you’re looking for. Detailing what you want and need from a home is an important step in the home buying process, as it will aid you in choosing the right house for you.
On top of any must-haves, there are also probably some nice-to-haves on your list. Balancing these wishes is no easy feat – but analyzing all the potential pros and cons of a property can help you protect your investment and ensure there are no costly surprises down the road.
The age of the home is just one factor to consider, but it can be a rather important one, as there are a few distinct differences between old and new homes when it comes to their cost, safety and upkeep.
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal.
Can I pay my own taxes and insurance? It’s possible to avoid escrow and pay your own taxes and insurance under certain circumstances. This will make your monthly mortgage payment lower, but you’ll have to make separate payments for property taxes and homeowners insurance.
This varies depending on the loan originators.
Mortgage Originators – These are the players in the real estate market in Nigeria. Independent real estate developers, Primary Mortgage Institutions (PMI), Banks and the National Housing Fund.