7 Things To Consider Before You Buy That Property

June 26, 2023
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Buying a property is a major investment, and it is crucial to ensure that you consider all the necessary factors before making a purchase. In Nigeria, the real estate market is quite extensive and diverse, and there are numerous factors that you need to consider when purchasing a property. Here are some detailed factors to consider when purchasing a property in Nigeria:

  1. Location: The location of a property is one of the most important factors to consider when buying a property in Nigeria. The location of a property will significantly affect the property’s value, rental income potential, and ease of access to essential amenities. When choosing a location, look for areas with good security, good road networks, proximity to schools, hospitals, markets, and public transportation.
  2. Budget: Your budget is another critical factor to consider when purchasing a property in Nigeria. You should have a budget in mind and ensure that the property you intend to purchase is within your budget. Remember to consider additional expenses like legal fees, registration, agency fees, and other related charges.
  3. Property Type: There are different types of properties available in Nigeria, including detached houses, semi-detached houses, flats, apartments, and duplexes. Each type of property has its unique features, advantages, and disadvantages. Choose a property type that meets your requirements, budget, and lifestyle.
  4. Legal Documentation: Before purchasing a property in Nigeria, ensure that all necessary legal documents, such as the Certificate of Occupancy, Building Plan Approval, and Survey Plan, are in place. Ensure that the property is free from any legal issues, liens, or encumbrances. Seek the services of a legal professional to guide you through the purchase process and help verify the authenticity of the documents.
  5. Infrastructure: The state of infrastructure within and around the property you intend to purchase is also important. Look for areas with good access to electricity, water supply, internet connectivity, and other essential infrastructure. The state of the infrastructure within the property will also affect its value, rental income potential, and overall livability.
  6. Inspection: Conduct a thorough inspection of the property before making a purchase. Check for any structural damages, water leaks, electrical faults, or other issues that may affect the property’s value or livability. You may also consider hiring a professional property inspector to help you identify any hidden issues that may not be visible to the untrained eye.
  7. Developer’s Reputation: If you are buying a property off-plan, ensure that the developer has a good reputation for delivering quality properties within the promised timeframe. Research the developer’s track record and reputation in the real estate industry before making a purchase.

In conclusion, purchasing a property in Nigeria requires careful consideration of various factors, including location, budget, property type, legal documentation, infrastructure, inspection, and the developer’s reputation. Be diligent, do your research, and seek the advice of professionals to guide you through the purchase process.

Adeogun Kayode

I am a real estate consultant with proven track records.

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