Things to Consider Before Buying Properties in Nigeria.
Buying properties in Nigeria is not a piece of cake. Some of the major problems are scammers trying all they can to swindle people of their hard-earned money, buying the wrong property, not getting the right documents, paying the wrong price for the wrong property, etc. There are so many things that could go wrong when buying properties in Nigeria and this is why you should know certain things you are meant to consider even if you are consulting a professional. In this article, we have discussed some of the things to consider when buying a property in Nigeria.
The first thing to do when you decide to buy a property in Nigeria is to set a budget. Don’t just resolve to buy a property without setting the budget you are willing to pay for it. Remember, however, to be realistic in setting your budget. Don’t expect the same price for property in a middle-class environment to be the same as one in an upper-scale environment; they will simply not be the same price. So, it is important to research the average price for properties in the environment you are interested in; thankfully, this information is online. You can check real estate or classified ad websites to see this.
Besides the cost of the property, you will also need to pay for other expenses; you should prepare for this as well. Some of them include; legal and agency fees, survey land fees, Government fees at the Land Registry such as Certificate of Occupancy, Governor’s consent, ratification fees, survey information, and fencing fee (if you are buying a piece of land rather than a house) etc.
You definitely will already consider the location of the area before setting or when setting the budget for the property. But you need to know other criteria to use in determining the right location and they are determined by what you need the property for. If it is for business, for instance, does the business have a potential of growing in that location? Are your target customers around that area? How easy is it to locate? Is the property visible or hidden? These are questions you need to ask yourself.
If it is for residential purposes, you might consider closeness to work, good schools for your children, security, availability of social amenities, and lifestyle (how is the average lifestyle of the residents?) and if it is an investment, you should consider the growth potential of the area. Will properties appreciate or depreciate in that area? This is where hiring professionals come in; they will help you know the value of properties in different areas to choose the best location based on your needs and preferences.
This is probably the most important point on this list. Don’t make the mistake of buying any property without the right documentation. Whether the land is sold to you by your best childhood friend or family is of no relevance. Treat buying and selling properties as a financial transaction; don’t be led by emotions. You need to be sure the person selling has the authority to sell and they must show proof of that.
Some of the documents you will need are; the Certificate of Occupancy (C of O), the Survey Plan, the Tax Clearance Certificate, Contract of Sale, Receipt, the Deed of Assignment, etc. However, many people have fallen victims of being given fake documents because they cannot recognise the authentic documents. This is why it is important to hire the services of professionals; a lawyer and a real estate agent are particularly important but get involved as well. If anything looks shady, immediately call it out. Don’t be too trusting when buying a property.
Another thing to note is to pay via a bank transaction; a transaction that can be tracked. Never pay cash when buying properties in Nigeria so you can have proof of payment if any problem arises and get your lawyer to prepare a receipt of purchase for further proof. Basically, make sure to have a proof for every transaction that takes place while purchasing the property and get the right documentation before paying.
In conclusion, buying properties in Nigeria demands serious patience. Don’t be in a hurry to get it over with. The last thing you need is to experience property tussle because you bought it from the wrong person or buying a land that is susceptible to flooding. Be patient, take all you’ve read here to heart, do further rigorous research, arm yourself with all the right information, involve professionals and you will be on firmer ground when buying your property.