Guide to buying property in Nigeria

Buying a new property can be one of most overwhelming yet exciting experiences if done well. It is easily for most people, their biggest and boldest step and not mention, a considerable financial investment.

However, to make the best out of this investment it is always important to focus more on careful planning and cautious choices. Planning is important in this process, because it will let you set your boundaries in a more effective way. Even more, it will also let you know where you need to be more concerned or flexible while wading through the market.

Important things you to consider while buying new property

Here are some of the most important things which are essential for you to consider in this regard:

Property location

Considering the location of your chosen property is incredibly important. Decide where you want to live, for instance, properties for sale in Lekki Phase 1, Lagos and properties for sale in Ikoyi, will all have different factors to look at before you make your decision. then choose your property accordingly. Although it looks quite simple but it is important to consider the quality of life for years to come. Therefore, consider your travel and commuting to the places your life revolves around and decide accordingly.

Price you to pay for the property

There is need to understand what you have to pay for a property. This will let you know whether it is affordable for you or not. However, it is always better to consider all aspects of affordability when looking to buy property in Nigeria but even more so in places such as Lekki Phase 1, Victoria Island and Ikoyi.  In order not to overshoot your budget, apart from the actual price of the house or flat for sale, consider the cost of agency fees, legal fees any survey fees and not to over look aftersales repairs or renovations if any.

Know what you want

While buying a property, it is important for you to have a clear picture of what you want. Envision your required home and then go for it. Otherwise, this will get exhausting for you. Not having a clear vision is probably one of the biggest mistakes in successfully buying a house in Nigeria.

Understand the actual value of property

To understand the actual value and importance of a property, you may prefer to work with specialised estate agents in the area you are looking to buy property.  For instance, if you are looking to buy property on the island in Lagos, use property search websites for Lagos to research the market.  Using professional real estate agents that understand the market in your area of choice could save you a considerable amount of money and energy.

Property inspection from a reputable property inspector

Find a professional real estate surveyor or inspector you can rely on.  By doing a simple search on Google for property surveyors in Lagos or Abuja for instance, will generate several results.  Armed with this information, contact the ones that seem to have good ratings and ask them some probing questions or better yet, ask them to send you a generic draft copy of what their reports cover. 

Title of the property for sale

And finally, whether you are buying land, flats or a house in Nigeria, there no more important consideration that the title of the property.  While we will not be going too much into detail on this today, suffice to say that the services of a lawyer will be needed to advice you accordingly.

Article culled from:

PropertyExpert.ng – Houses and Flats for sale and rent in Lagos