10 THINGS TO CONSIDER BEFORE BUYING A HOUSE IN NIGERIA
Here is a list of things to put into consideration before buying a home in Lagos and the rest of Nigeria:
1. Budget
2. Location
3. Investigate the seller
4. Resale value
5. Security
6. The quality of the building
7. Debt on utility
8. Road networks
9. Legal advice
10. Documents
1. Budget
The first and important factor to put into consideration when buying a home in Lagos is the budget. In most cases, the budget will dictate the location and type of house. For example, houses in the suburban part of Ikorodu are cheaper compared to houses in the Lekki-sangotedo axis, just as houses in the Lekki axis are cheaper compared to those in Ikoyi/Victoria Island. Hence the amount that would afford you a duplex in one neighbourhood might afford you a 1 bedroom apartment in another, this is why it's important to have a budget and know what your budget can afford you. In Lagos, typically a 1 bedroom apartment on the island ranges from 17M to 21M depending on other factors such as location and availability of smart features.
2. Location
After the budget has been determined, the next thing is to consider what location you want to secure your property and begin the inspection. As stated above the budget is going to help narrow down on location and neighbourhood. with a budget of 20M for instance for a 1 bedroom apartment, you can narrow your search to sangotedo, Abijo, Ajah, Badore, chevron etc. However, this depends also on other factors. eg a home with smart feature capabilities will cost more and houses located in prestigious estates will also cost way more.
3. Investigate the seller
When buying anything in Lagos it is of high importance to know who you're buying from to avoid giving your hard-earned money to scammers. You need to be sure if the person you're transacting with has permission to sell you the house and if he or she is of good repute. The typical rule of thumb is to buy from a known real estate company, that way, you can hold them accountable for any breach of agreement
4. Resale value
When buying a home in Lagos you should be aware of its resale value. A home's resale value is the amount it is expected to sell for at some point in the future. Many things, including any improvements made to the property and the overall age and condition of the home, can affect the resale value.
5. Security
Don't be distracted by the excitement of purchasing a new home and forget to consider the security of the neighbourhood and that of the home itself. You need to keep an eye out for key indicators like security patrols, signs of vandalism and the like. If there aren't any security systems in place in the house, you could make further findings to ascertain how efficient it would be if you installed one. Lagos state especially the island operates on an estate mode of settlement. This provides more security because every estate has its own independent security personnel apart from the local law enforcement agencies. However, it's worth making detailed research about any location before paying.
Check out our list of Apartments on the market
6. The quality of the building
We live in a world where developers don't mind cutting on expenses and development costs to maximize profit to the detriment of homeowners, this is a major reason why we have low-quality buildings in the country, hence the importance of knowing how good the building is.
7. Debt on utility bills
It is becoming a norm in Nigeria to rent or buy a house only to find out there is a debt on energy or waste tariff. This is why you need to investigate if there are debts on the ground before acquiring the house along with the debts.
8. Road networks
How easy is it to access the property, are the road networks motorable? you don't want to purchase a property in an environment that isn't motorable or easy to navigate. You should also consider the distance in proximity to places you regularly visit. Another aspect of road accessibility you should be aware of is flooding. It's no longer a secret that at least 50% of Lagos, especially the island, has a flood problem. Which makes raining season the best time to go house hunting. This makes it very easy to spot flooded estates.
9. Legal advice
Before making a move or buying a home in any property in Lagos, it is advisable to seek legal advice from a professional or legal practitioner as they can help interpret the property documentation better and can spot pitfalls you might not know about.
10. Documentation (Deeds)
Lastly, one of the most important things anyone seeking to buy a house should be interested in is the original documents of the property, you must get every piece of evidence that proves you are the rightful owner of the property, this evidence is what will vindicate you should any legal issues arise in the property.
The list is endless, but these are some of the most important factors to look out for when seeking to purchase a home in Lagos. As stated above caution is the watchword and should be applied every step of the way.
In a nutshell, you will find out that every property you come across has its pros and cons, and you will have to make your choice based on what works for you and what you have in mind.
Note that it is key to consider all the aspects we discussed when searching for your ideal home, and also keep in mind that there is no perfect property, hence you might have to make a little compromise. The most suitable home you find might need a little moderation or renovation as it might not be just exactly as you pictured it. if you are new to real estate investment and looking for how to start, we have a complete guide to real estate investment for beginners to help you get started
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