Everyone needs a house. A place to call home; that place where you can create and share memorable moments with your friends and family or just run back to after a hard day’s work. It could also be that you simply want to invest in Real Estate by owning a house property with the goal of leasing it out or reselling in the nearest future.
Whatever be your need for house property, it can be a daunting task to even begin the process of owning one.
You may also be battling the cost of owning a choiced property. Well, if you really do need a well-laid-out plan and guidance in buying a house and paying installmentally, you are in the best spot.
The following steps, if followed assiduously, will have you laughing out loud from the couch of your dream home or grinning from ear to ear when you begin to reap the benefits of your housing investment in a few months or years.
You decide.
BE A SMART BUYER; DRAW UP A BUDGET
We all know that buying a house property isn’t as easy as buying a new pair of shoes, to say the least. Even if you decide to buy a house and pay installmentally, you should be clear on just how much you intend to spend.
This will help streamline your property choice in its entirety. The fact being that, you cannot hope for a Real Estate “miracle” that affords you a duplex apartment in Banana Island at N100,000,000.
Whereas, there are some top-notch properties available in various accessible areas of the island that go for less and still retain all the luxurious features a standard modern house should have.
Be sure to draw up a realistic budget, having in mind that you deserve the best your money can AFFORD– whether or not you pay in installments.
FIND THE HOUSE
This seems like a pretty obvious thing to do, right?
However, we needed to include this step because you know what hurts more than heartbreak?
It is buying and paying installmentally for a house and having regrets along the way. It hurts real bad and the sad part is, that you may not be done paying for it when you begin to realize it.
You need to have a clear picture of the kind of necessities and luxuries that a house should have.
Constant water and power supply?
Spacious parking lot?
Gym facility?
24/7 surveillance?
Swimming pool?
And so on. Make sure it ticks all the boxes on your list.
Remember, maximum comfort, convenience and luxury living
COMPARE INTEREST RATES AND MONTHLY PAYMENT COSTS
Down to the money part.
In as much as a host of real estate companies support buying a house and paying installmentally, the terms and conditions can’t always be the same. Your monthly payments may or may not be charged with interest.
For instance, a buyer can finance an N60,000,0000 purchase with monthly payments spread over a 3-month period.
At 0% interest, it means you pay a total of N20,000,000 each month. Meanwhile, if a 5% interest rate is applied, you pay an extra N3,000,000 to your balance, bringing it to an all-time total of N63,000,000, and at this rate, monthly payments will be N21,000,000, each month.
Different real estate companies will have varied approaches. Some may apply compound interest, others may opt for monthly payments in decreasing or increasing amounts.
It is crucial that you carefully read the offer from your chosen provider, to ensure you are getting rates you can manage in buying a house and paying instalmentally.
UNCOVER HIDDEN PENALTIES
“Hello Mr James, we regret to inform you that your late payment for the month has attracted an extra charge of N100,000.”
You really don’t want to wake up to such an unexpected surprise. No-one does.
Given that you will be paying in instalments over a fixed period of time, your chosen provider may, according to its policy, decide to penalize you for missing a payment.
Some companies do this to discourage customers from missing deadlines and in helping them keep payment, prompt.
While it is necessary to pay on time, the ‘unforeseen” can happen and you may need to redirect your cash to a more pressing need. Therefore, it’s imperative to choose a company that provides manageable penalties, as it will save you some regrets and grief should you end up delaying your monthly payment.
REPAYMENT METHODS AND EASE OF PAYMENT
There are numerous ways a provider can charge you for monthly payments: cash or cheque deposits, debit card payments, using digital platforms and more.
When considering buying a house and paying installmentally, you need to make sure the repayment method fits your means and offers you easy access to it.
If you don’t tick this box, you run the risk of missing payments due to an inability to cope with the available repayment method.
However, it is not enough that your real estate company’s payment method is compatible with the financial means you can access with ease, you need to choose a provider that allows you to smoothly transact with them using facilities such as automatic payments, online portals and payment reminders, to make the repayment process prompt and friction-free.
If you have read this article to this point, it is evident that you are seriously considering paying instalmentally for that property you intend to acquire, and you should, because, buying a house and paying instalmentally at a 0% interest rate, implies that you can own property at no extra cost and without the burden of needing to pay the entire amount all at once!
With instalment payment, you have time to prepare for payment and put way less strain on your cash flow to enable you to keep cash at hand for other expenses.
At Kerae Homes, state-of-the-art luxury apartments with ultra-modern facilities are available just for you. And yes, you can pay installmentally after a fixed initial deposit is made. Click the learn more button to find out about the Hamlet Apartment.
