Becoming a property owner is a dream shared by every Nigerian and even globally. The thought of not having to answer to a landlord or landlady is exhilarating. As such, everyone strives to have a property of their own whether for commercial or residential purposes.
Buying a property in Nigeria involves some basic steps that need to be followed to ensure you do not fall into the wrong hands or make costly mistakes. This article would help you understand what you need to know about buying property in different cities in Nigeria.
Check out Should You Buy a Property in Nigeria?; Find Out Here
How to buy a Property in Lagos Nigeria
Lagos is one of the country’s major commercial hubs and a city filled with so many opportunities. This is why there is a constant migration of people into Lagos. This also means that it is highly populated and there is also a tendency for fraudulent activity. One has to be very careful when buying a property in Lagos and these are basic steps to follow:
Consider the Location
You have to pay attention to the location of the property you’re interested in purchasing. Location is a very important factor in real estate and determines if you’ll get your money’s worth or not. If it’s a property you want to make your permanent abode, you need to look at the environment and decide if you’ll be comfortable staying there. Other things to look at when considering location includes its level of development, security, proximity to health centers, schools, workplace and so on. Is it an area prone to erosion or flooding? You should consider these as well.
Work with a Lawyer
Having a legal certified professional guide you through the process of buying a house is indispensable. It will save you a lot of stress and money. This will also ensure that you do not fall into the hands of fraudulent people. A lawyer will help you prepare and demand for the necessary documents required in buying a house in Lagos.
Make Enquiries About the Seller
This is a very important step because in Lagos, a lot of people pretend to be land owners and swindle unsuspecting buyers of their hard earned money. It is important to investigate not just the property itself but the seller as well. Understand why the property is being sold in the first place, are there any underlying conflicts? Is the ownership of the property being contested in court? How valuable is the property? These and many other questions should be asked when carrying out your investigation.
Property Inspection
In Lagos, a property inspection is the best thing you can do for yourself when looking to buy a particular property. A property inspection helps you see the real condition of a property as compared to what is shown in pictures or videos. Before you buy a property make sure you see things for yourself, check for damages and see if it is something you are willing to spend money on.
See also Property Inspection Checklist For Nigerian
How to buy a Property in Abuja Nigeria
Abuja is the country’s capital and home to many influential people in the country. Cost of living and housing could be more expensive in the high brow areas as compared to Lagos or other states within Nigeria. Buying a property in Abuja also involves the steps mentioned above like getting a lawyer or carrying out a property inspection. However, there are some factors that are peculiar to Abuja that you need to consider.
Have a Budget
In buying a property in Abuja, having a budget is very necessary. This is so that you do not get stranded along the way. There are so many luxury property within the city so you should make sure your budget clearly stipulates what you can afford.
Location
In Abuja, the location is also important as you do not want to invest a large percentage of your funds in a property that will not yield much returns in the future. You need to decide what area you want your property to be situated in. It could be located in urban areas such as Jabi, Maitama, suburban areas like Lugbe, Lokogoma or Mabushi, or even developing places where property is much cheaper.
Documentation
Getting the necessary documents required for buying a property is a process not to be toyed with. Many residents in Abuja have lost their property due to illegal purchase, you do not want to be added to the number. It is important to also request for the land title of the property. This will enable you to know if it falls under government acquisition or not.
How to buy a property in Ibadan Nigeria
If you’re looking for where to invest money, then Ibadan is a good place to consider. Ibadan is the third largest city in Nigeria and home to many notable institutions. It is a good place to invest in as it is filled with so many opportunities that a lot of people are beginning to take advantage of. Areas such as Oluyole GRA, Akobo, Onireke GRA, Oluyole estate and so on are notable places one can make best investments when buying a property in Ibadan.
Of course, it also requires the basic necessary steps as explained earlier in this article. One key thing to consider when buying a property in Ibadan is the location. Depending on what you intend to use the property for, whether for commercial or residential purposes, the location determines whether the property would serve that purpose or not. You should work with a budget, hire the services of relevant professionals such as lawyers, realtors, surveyors to ensure you invest in the best property for you.
There are also uprising estates in Ibadan, one of which is the Parkview estate located in the Ido community. You can be guaranteed road proximity, good drainage, recreational areas, constant water and power supply as well as security. It’s a valuable opportunity to take advantage of, you can book a property inspection by clicking here.
Read more on Understanding the Real Estate Market inda Ibadan
Buying a property in Nigeria is a thrilling yet daunting task if one is not well equipped with the right information. We hope that you are now better informed on what it takes to buy a property in Nigeria.
MKH is passionate about helping you make the best investments in real estate. We provide you with top notch Investment opportunities with a high level guarantee of optimum returns. Contact us today by clicking here.