..Home inspection checklist Lagos Nigeria – This free property inspection checklist is provided to help first time in home buyer (as well as experienced Nigeria real estate buyers) make the right choices when deciding to buy a house in Lagos Nigeria.
You will notice that a huge part of the home inspection checklist below is actually common sense.
Unfortunately, even though it’s common sense, it’s the things that a lot of people fail to consider when buying a property. My advice therefore is that you read the home inspection checklist or property inspection discussion below with an open mind. And, please, take the message seriously.
Wait. Why are we having this discussion in the first place?
The simple reason is because real estate investing consumes a lot of money. So when you invest dangerously, you lose a lot of money at a go.
You may have noticed that a lot of people are careful when buying electrical appliances and electronic gadgets. And the price of those items are very small compared to the amount required to invest in real estate.
If you’re careful in making decisions when it comes to small items like mobile phones and stuff like that, you should be even more prudent when it comes to Nigeria real estate investing.
Get the point?
Now, let me quickly take you through the home inspection checklist.
The Property Inspection Checklist – 7 Key Areas
1. Property Terrain Or Topology
A key aspect of a property to consider when doing property inspection is the terrain or topology of the area where the property is located.
A property can be located on . . .
In fact, many families who own these kind of properties often relocate temporarily from their homes during the thick of the raining season because the flood from the rains tend to overwhelm their houses.
Therefore when buying a home, think topology. Give serious consideration to the terrain as recommended in this home inspection checklist.
2. Structural Integrity
The property you wish to buy may be on flat ground. But what about the structural integrity?
It’s no longer news that many buildings have collapsed in Lagos Nigeria in the recent past. I am certain you don’t want yours to join the list of collapsed buildings.
Therefore, take a good look at the building . . . examine the walls, look for cracks, and any signs that may indicate that the building is structurally defective.
Remember, once you buy a house, you buy the asset and liability. And believe me, a house with major structural defect is a big liability.
3. Existing Facilities
What facilities does the house have?
Does it have a . . .
- swimming pool
- lawn tennis court
- functioning toilets
- kitchen cabinets
- bathroom cabinets
- borehole water
- electricity or
- security?What other facilities are available? And what is the state of the facilities?4. The RoofIs the roof still in good shape or do you have to replace the roof?There is a cost to roof replacement. So, if the roof needs to be replaced or repaired, then you need to bring that issue to the fore. That will impact your bargaining session with the seller.5. Current Tenancy
Is the house vacant or currently occupied?
If the house is occupied, you need to find out the nature of the tenancy, the tenancy schedule, and how soon the existing tenants will vacate the premises after you make the purchase.
Insist on seeing the tenancy agreement between the seller and his tenants. Also take a look at copies of the latest receipts issued to the tenants by the seller to get an idea of the tenure for each tenant.
6. Current Liabilities
What are the current liabilities on the property?
Is the property owner owing on tenement rate? Is he owing on utility bills?
Is there mortgage on the property that the seller is yet to pay off?
Has he collected five years rent ahead on the property from existing tenants?
Whatever liability the seller has on the property, you inherit the liability when you buy the property off him. So, make sure you ask the right questions as recommended by this home inspection checklist.
7. Property Inspection Checklist #7: Price
Most likely you would have been told the price of a property before the actual property inspection day. If the price for the property is far beyond your budget, then there is likely not going to be a home inspection arranged and the need to use this home inspection checklist will not arise.
Therefore price is a deciding factor in arranging an inspection.
Now assuming that the price range specified for the property you’re interested in is within your budget. So you head for the property inspection exercise with the Nigeria real estate agent you have chosen to work with.
If after conducting the real estate inspection and analyzing the property using the home inspection checklist above you find areas where the property is lacking, your willingness to pay the initial price agreed will be challenged.
You will ask for a reduction in the price to accommodate the defects you noticed in the property.
Know what to look for when buying a house or a piece of land. And evaluate any property you are shown by your estate agent using this all important criteria.
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