Discover the key factors and strategies for selecting the best residential property for living or investment. Learn what to consider for optimal returns and a comfortable living environment. Choosing the right residential property can be a game-changer, whether you’re looking for a comfortable home to live in or a profitable investment opportunity.

This guide, written by Oluyomi Adejumo of Phill Richards Estates Limited, will walk you through the critical steps and considerations to make the best choice. She is also the developer of Eagleswingz Residences, a recent project in BOET Estate, Adeniyi Jones, Ikeja, Lagos

1. Viewing and Inspection Tips

Knowing what to look for during property visits can help you make a more informed decision.
- What to Look For: Pay attention to structural integrity, layout, natural light, and ventilation.
- Inspection Checklist: Use a checklist to ensure you don’t miss any critical areas. Assessing the Neighborhood The neighborhood plays a crucial role in your living experience and the property’s value
- Schools: Check the quality of nearby schools if you have or plan to have children.
- Healthcare: Proximity to hospitals and clinics is essential for emergencies
- Public Transport: Accessibility to public transport can enhance convenience and property value.

2. Understanding Market Value Accurate property valuation helps you avoid overpaying and informs your negotiation strategy.

- Appraisals: Get a professional appraisal to determine the property’s market value. This is why we have a Valuer on our team, Eso and Associates. We are sincere and interfaith is our catchword.
- Comparative Market Analysis: you are welcome to compare similar properties in the area to gauge our fair market price. Inflations costs and its instability have caused the varying price on a daily basis. Whether it goes higher or lower, tne inflation index using the USD dollar value as the index in your purchase. Regretfully it is sad but the only way out in the economic indices of this country .

3. Making Your Offer:

Crafting a compelling offer is a blend of strategy and good market understanding.
- Negotiation Strategies: Use present market research and appraisals to support your offer..
- Offer Process: Understand the formal process and timelines for making an offer which will be strictly applied to by us at Phill Richards Estates Ltd.
- Closing the Deal: Finalizing the purchase involves several critical steps to ensure everything is in order. On the Paperwork, we will ensure all legal documents are complete and accurate. Bear in mind the Closing Costs in your budget , which is an additional costs . There is the 10% legal fees for the title deeds and a title insurance fee of 0.5% rate on purchase price.

4. Final Walkthrough:

- Conducting a last inspection before closing to ensure the property is in the agreed condition is your right and we guarantee this process.
- Post-Purchase Considerations Once your purchase is complete, there are several steps to ensure a smooth transition like your moving-in. Plan your move-in efficiently to minimize stress. All Renovations must be considered in light of the building codes (terms and conditions) listed in your offer letter. These renovations and improvements must be known by tne builder. Kindly note that to live in harmony and peace we will appreciate openness. We can also avail our services to renovate and design interiors for your apartment by the utilization of our sister company , HCD Trade & Resource Ltd.
- Property Management: For investment properties, decide if you’ll manage it yourself or would like us to manage the property for you. We have a property manager and Eso & Associates, our partners work with our team to give optimal peace of mind.
Avoiding common pitfalls can save you time, money, and headaches.. use of professionalism in this field.
Do your research.. ask the right questions. Read the FAQ section. Is the Location a good choice for you? : Ensure the location aligns with your lifestyle or investment. Read the FAQs section.

5. How can I determine how to align budget for my property purchase to the payment plan ?

- Start by evaluating your current financial situation, including savings, income, and existing debts.
- Consult with a financial advisor to set a realistic budget that covers all costs, including down payment, instalment Al payments, closing costs, and Customized renovations to your taste.