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How to Buy a House for the First Time in 2023: A Comprehensive Guide




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Buying a house for the first time is a major milestone in many people’s lives. It’s a big financial commitment, but it can also be a very rewarding experience.

If you’re thinking about buying a house in 2023, there are a few things you should know. The housing market is still competitive, but there are some things you can do to increase your chances of success.

In this article, we’ll walk you through the entire home buying process, from getting pre-approved for a mortgage to closing on the deal. We’ll also give you some tips on how to find the right home for your needs and budget, and how to negotiate with sellers.

Step 1: Get pre-approved for a mortgage

One of the first things you should do when you’re thinking about buying a house is get pre-approved for a mortgage. This will give you an idea of how much money you can borrow and what your monthly payments will be.

To get pre-approved, you’ll need to provide your lender with some basic information, such as your income, debt, and credit score. Your lender will then review your information and give you a pre-approval letter.


A pre-approval letter is not a guarantee that you’ll be approved for a mortgage, but it does show sellers that you’re a serious buyer. It can also give you an advantage in a competitive market.

ALSO READ: 7 Steps on How to Start Dropshipping Business

Step 2: Find a real estate agent

Once you’re pre-approved for a mortgage, it’s time to start looking for a real estate agent. A good agent can help you find the right home for your needs and budget, and they can also negotiate on your behalf.

When choosing an agent, it’s important to find someone who is experienced and knowledgeable about the local market. You should also feel comfortable working with the agent and you should trust their judgment.

Buy a House for the First Time
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Step 3: Start looking for a home

Once you have a real estate agent, you can start looking for a home. Your agent will help you find homes that meet your criteria, and they will schedule showings for you.

When you’re looking at homes, it’s important to pay attention to the location, the condition of the home, and the amenities. You should also consider your future needs and plans. For example, if you’re planning on having children, you’ll need to find a home with enough bedrooms and bathrooms.


Step 4: Make an offer

Once you’ve found a home that you love, you’re ready to make an offer. Your agent will help you with this process.

When making an offer, it’s important to be realistic about the value of the home and the current market conditions. You should also be prepared to negotiate.

Step 5: Get an inspection

Once your offer has been accepted, you’ll need to schedule a home inspection. A home inspection is a thorough examination of the home to identify any potential problems.

If the inspection reveals any problems, you can negotiate with the seller to have them fixed or to lower the purchase price.

Step 6: Close on the deal

Once you’re satisfied with the results of the inspection, it’s time to close on the deal. This is where you’ll sign all of the necessary paperwork and pay the seller the balance of the purchase price.


Once you’ve closed on the deal, you’re officially a homeowner!

happy couple unloading automobile while moving apartment in summer day
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Tips for first-time home buyers

Here are a few tips for first-time home buyers:

  • Start saving early. The more money you can save for a down payment, the lower your monthly payments will be.
  • Get pre-approved for a mortgage before you start looking for a home. This will give you an idea of how much money you can borrow and what your monthly payments will be.
  • Find a trustworthy real estate agent. A good agent can help you find the right home for your needs and budget, and they can also negotiate on your behalf.
  • Be prepared to negotiate with sellers. Don’t be afraid to make an offer below the asking price, especially if the home has been on the market for a while.
  • Don’t fall in love with the first home you see. Take your time and look at several homes before you make an offer.
  • Be realistic about your budget. Don’t overspend on a home that you can’t afford.

Buying a house is a big decision, but it’s also a very exciting one. By following these tips, you can increase your chances of success and make the process as smooth as possible.

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Shallow, insignificant – NLC, CSO, others knock Nigerian Govt over N18 electricity tariff reduction




Nigerians, the organised labour, Civil Society Organisations and power sector experts have knocked the Nigerian Federal Government and Nigerian Electricity Regulatory Commission, NERC, over the N18 downward review of electricity tariff for end-users under Band A.

DAILY POST reports that NERC announced a tariff decrease for customers under Band A feeders on Monday.

The Commission slashed electricity to N200.6 per Kilowatt-hour from N225.

Ikeja Electric, Abuja, Kaduna, Ibadan, Enugu, and other discos effected the new tariff implementation on Monday.

The development comes a month after NERC approved a 240 per cent tariff hike for electricity customers getting between 20-24 hours of supply.


However, Nigerians, organised labour and other organisations have kicked against the hike, insisting on its reversal amid Nigeria’s economic hardship.

Recall that on Sunday, TUC issued a two-week ultimatum to NERC to reverse April tariff hike.

But, contrary to Nigerians and Organized Labour’s demand for an immediate electricity hike reversal, NERC settled for a downward tariff review.

NERC sighted Improved macroeconomic parameters as the reason for the downward review.

The Naira appreciated N1353.21 per Dollar on Monday at the foreign exchange market, up from N1400.4 on Friday last week.


Explaining the decision, NERC said, “The Commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently, the Commission has approved a downward review of end-user tariffs for Band “A” customers from NGN225/kWh to NGN206.8/kWh”.

Barr Dafe Akpeneye, Commissioner of Legal, Licensing and Compliance at NERC, stressed that, “It is based on other macroeconomic variables that the tariff was reduced”.

Meanwhile, the development did not go down well with NLC, Civil Society Organisations and many other Nigerians.

They described the reduction as silly, insignificant, tokenism, and shallow.

In an exclusive interview with DAILY POST on Monday, Benson Upah, the spokesperson of NLC, described the development as tokenism, stressing that it would not positively impact consumers.


He said the downward review of electricity tariff for end-users under Band A fell short of Nigerian workers’ demands and expectations.

He called for a total reversal of April’s tariff hike and a review of Nigeria’s power sector privatisation.

“This is tokenistic. It falls far below our demand or expectations. Doubtful if this will make a positive impact on consumers.

“A total reversal and a review of the privatisation of the power sector is our demand”, he told DAILY POST.

On his part, the national secretary of the Network for Electricity Consumers Advocacy of Nigeria, Uket Obonga, said NERC was confused and was making a mockery of the sector.


“NERC is confused. You wake up to issue electricity price hike. Is that the methodology of tariff fixing? NERC should not mock themselves.

“A methodology designed by the Commission has yet to be followed. All their claims about the benefit of electricity subsidy removal are scams,” he noted.

According to the 2023 Electricity Act, Section 116(6) provides that the proposed tariff will be published in Newspapers and the official gazette to enable stakeholders to raise concerns and representation to the Commission.

Additionally, it provides that the Commission shall issue notice to relevant stakeholders to submit their input within the timeframe determined by the Commission for consideration before the Commission updates the tariff methodology, which is why Obonga alleged that NERC failed to follow due process in issuing May’s tariff order.

Also, Ewetumo A A, a retired staff member of the defunct Power Holding Company of Nigeria, PHCN, formerly the National Electric Power Authority, NEPA, said the recent review shows how shallow and misdirected NERC personnel have become.


“It only shows how shallow and misdirected our bureaucrats and technocrats in NERC headquarters are.

“They refused to condemn a Gas-to-Power Policy denominated in US Dollar but are quick to pass on to hapless Nigerians the Forex fluctuations.

“NERC has no feasibility studies on Load Demand or a blueprint for building Power Plants to meet citizens’ energy needs nationwide but only to ration and price the little Megawatts remaining on the Grid”, he stated.

Similarly, the Lead Director of the Centre for Social Justice, Eze Onyekpere, said the tariff reduction is a silly manoeuvre by NERC.

He urged for a reverse to status quo before April’s tariff hike.


“It is a silly manoeuvre. It is above the market cost of electricity. How sustainable is the Naira appreciation?

“If the Naira slumps tomorrow, will the tariff be increased? That is why I call it a silly manoeuvre.

“They should go back to the status quo. Nigerians should know the actual cost of electricity. I am not impressed”, he told DAILY POST.


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FX crisis: Nigerian Govt to delist Naira from peer-to-peer platforms




The Federal Government has announced intentions to remove the Naira from all peer-to-peer (P2P) platforms. Emomotimi Agama, the Director General of the Securities and Exchange Commission, revealed this during a virtual meeting with blockchain stakeholders on Monday. The objective is to address the manipulation of the Naira’s value in the foreign exchange market.

In recent months, regulatory authorities in the country have been closely examining cryptocurrency exchanges. On March 8, the largest cryptocurrency exchange, Binance, ceased its Naira services.

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Türkiye stopped trade with Israel to compel ceasefire – President Erdogan




Turkish President Recep Tayyip Erdogan stated that the country’s recent decision to cease trade with Israel was aimed at pressuring the Israeli government to implement a ceasefire in the Gaza Strip.

Erdogan made these remarks during a meeting with the board of directors of the Independent Industrialists and Businessmen Association in Istanbul, as reported on the presidency’s website.

He further clarified that the government would collaborate with and seek input from the business community to address the repercussions of discontinuing trade with Israel.

The Turkish Trade Ministry announced on Thursday the suspension of all trade activities with Israel, citing the latter’s ongoing violence against Palestinians in the Gaza Strip.

Erdogan also noted that this move could serve as a model for other nations concerned about the current situation in the region.

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