How to Buy a House in Nigeria: 7 Steps for First-Time Buyer
In Nigeria, buying a house can be a nightmare. [...]
In Nigeria, buying a house can be a nightmare. From worrying not to fall into scam to bad investment. One bad decision can crumble your millions of investment plans. Getting the right real estate company to trust, talking to property lawyers and families & friends to get involved in the transaction is also a walk in the park, very tedious and it doesn’t guarantee a good investment because at the end of the day, people work for their pocket. But buying a property from anywhere around the world shouldn’t be a hassle. The truth is, you don’t need to pass through this stress to buy a house in Nigeria.
In this blog article, we will walk you through the 7 steps to buying a house in Nigeria safely and confidently.
1. Define Your Budget
Before you embark on a search for a house to buy, first, map out your budget plan. How much can you be able to afford? Is it viable , do you have a plan of changing the budget or you have a budget range you don’t want to exceed? Put it down and stand on it so you don’t get swayed easily by real estate developers.
Buying a property goes beyond the price of the house , there are so many factors to be considered. The agent fees, caution , documentation and legal help. Are you flexible when it comes to that or it’s included in your budget plan. You need to be clear on what you can take and set the tone from the beginning. Without proper communication, you might end up paying more than your budget.. In most cases, above the property value.
There are not talked about hidden charges – Service charge, Security, water bills, and utility bills. It might seem like a minor fee but consider the long-term implication. Ask yourself these questions – is it something I’m willing to continue paying in the next years to come? Nor do I want a self serviced house to avoid regrets. You can check out Lagos house prices for proper guideline.
2. Decide the Location
Location is paramount for a good investment. In the quest to choose a property to settle with, consider the location and define your priority. Are you looking for affordability, access to infrastructure, development or ROI? These laid down priorities help in better judgment and good investment decisions. Compare different locations based on your priorities. Do you want a growing location, research on different areas with the same growth density judging by your priorities.
Location plays a huge role in resale value. A house in prime area is more desirable and in high demand than a house in remote area because of the development plans. In areas with business opportunities,economic growth, the property tends to increase in value than its counterpart. Also, seeing government show interest in a specific location, means there will be spontaneous growth of property in those area.
3. Get Pre-Approval or Funding Ready
Working with limited funding, opt for installment options,family and friends support, and your bank housing loan. zuzlon properties limited offers different installment plans to ease your burden. Leverage these options to secure your property. Mistakes first-time buyers usually make is lack of financial preparation. Some property is outright while some encourage installment plans. It is necessary to sort out your funding before embarking on this journey.
4. Work With a Verified Agent or Firm
A verified firm is non-negotiable in the journey of becoming a land owner. They fill you in on the market risks, trends and investment opportunities. It is important to understand the real estate market but risky to go solo. While you might have the intrinsic knowledge of the real estate market, there are hidden gems only an expert can discover. The disputes and scams in a particular area might be hidden to the public eyes and only people who are long in the game understand better.
While we encourage you to work with a real estate firm, we also encourage you to verify their authenticity by checking their CAC Registration, Reviews and physical office.
At zuzlon properties Limited, we offer you verified listings with approved title and documentation.
5. Verify the Property Title
Your property document is your investment ticket. These are the documents and titles that will ensure you own that property- C of O, Survey plan, Deed of Assignment, Allocation letter. Ensure you verify the documents with the assigned bodies in charge of land in your location.
Fake documents can crumble your investment plans and steal your finance and peace of mind. Do your due diligence and ensure the said property you want to settle with is not under government and that the documents are genuine.
A property lawyer is your to-go in verifying these documents. Work with a trusted lawyer to ensure you’re getting what you are paying for..
Read this article on titles and documents
6. Do a Physical Inspection
After you might have confirmed the documents, it doesn’t end there. Do your physical inspection and ask for the survey plan. If it looks good online, see it in person or send a trusted person.
Physical inspection shows you what online won’t. A client shared a bitter experience of how a property she bought was water logged with no proper drainage system because he trusted blindly and paid without seeing the property physically. It was an eye opener and we encouraged you to see for yourself before closing the deal.
7. Close the Deal
Now that you are satisfied with the property to go with, here are the detailed steps to close the deal like a pro.
- Make your payment, ensure you have a trusted witness with you when signing the document. If necessary, document the entire process.
- Collect the receipts and your documents.
Buying a house or land without proper documentation is like building a house on quicksand, it will eventually collapse. It also comes with ease of resale or transfer when you want to. In case of family disputes, encroachment or legal battle, it’s your documents that will protect your investment.
Zuzlon Properties Limited ensures you get after-sale support as we understand that buying a land or house is just the beginning. What happens after the sale is as important as the transaction itself. We ensure you receive guidance after the purchase and also property management if need be.
