CHECKLIST ON BUYING PROPERTY IN NIGERIA

 

This article will provide you with some free tips for buying a home and advice that will enable you to make the right home buying decisions and therefore buy your dream home at a good price and get a great value on your investment whether you’re a first time home buyer or you’re one of the many real estate investors currently under the heavy burden of bad credit home loans.

This inspection checklist will help you through the decision process.

1.  Structure

The property you wish to buy may be on flat ground. What about structural integrity? We’ve all heard about the numerous collapsed building in Nigeria due to one excuse or another.

Therefore, take a good look at the building . . . examine the walls, look for cracks, and any signs that may indicate that the building is structurally defective.

Remember, once you buy a house, you buy the asset and liability so buying a defective structural building is a big liability.

2. The Roof

Check that the roof is still in good shape and examine if you have to replace or remodel it.

If the roof needs replacement, then this is something you have to negotiate/bargain about during the agreement. Reducing the cost of property purchase will give you enough money to set aside in replacing the roof.

3. Property Geometric Location

The geometric location of a property is another keynote when buying a house. For example, a property can be located at

• a slope of a hill,
• a flat ground,
• the foot of a hill,
• a swamp area,
• a flood location etc

Drainage at these different locations could be a huge cost demanding since the Nigerian drainage system is far from the expected standard.

4. Current Tenancy

Is the house vacant or currently occupied?

If the house is occupied, you need to find out the nature of the tenancy, the tenancy schedule, and how soon the existing tenants will vacate the premises after you make the purchase.

Insist on seeing the tenancy agreement between the seller and his tenants. Also, take a look at copies of the latest receipts issued to the tenants by the seller to get an idea of the tenure for each tenant.

If buying from the bank make sure all legal documents are current and properly signed with no shady prints.

5. Existing Facilities

What facilities does the house currently have?

Does it have a . . .

 

• swimming pool
• lawn tennis court
• functioning toilets
• kitchen cabinets
• bathroom cabinets
• wardrobes
• borehole water
• electricity or
• Security?

Are all these facilities all well and functioning if not make sure you determine and down the cost of repair or replacing them and negotiate the cost during agreement.

6. Current Liabilities

What are the current liabilities on the property?

Does the property owner owe on tenement rate? Does he owe on utility bills?

Is there a mortgage on the property that the seller is yet to pay off?

Has he collected years of rent ahead on the property from existing tenants?

Whatever liability the seller has on the property, you inherit the liability when you buy the property from him. So, make sure you ask the right questions and do a proper investigation on the property you want to buy.

7. Price

You definitely would have known the price of a property before the actual property inspection day. If the price for the property is far beyond your budget then you may not need the checklist.

Therefore the price is a deciding factor in arranging an inspection.

Reference: Nigeria real estate investment guide, Comehomesltd, Lawpadi, Propertypro.ng

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