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6 key tips for buying a property in Nigeria

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PROPERTY

Acquiring a property, especially land and building in Nigeria, is really a herculean task, as data from the National Bureau of Statistics (NBS) in 2018 had shown that less than 10 out of 100% of people who aspire to buy a property in the country end up getting one. A property is a long term physical asset that not only make the owner or seller rich, but also help boost the economy of the district where it stands.

Although the property or estate market has plenty opportunities at amassing great profits, but, securing or purchasing a property is a bit complicated, as there are processes buyers must take to secure one. Tarry not, as this uneasy process will be demystified in this article, thus, making your dream of securing a property achievable.

Here are some tips to securing a property of your choice in Nigeria.

1· Have an Understanding of the Kind of Property You Want to Buy

While securing a property in Nigeria or anywhere in the world, it is imperative that you have reasons for purchasing such property. If you want a duplex, why do you want it? If it is a bungalow, why do you prefer it to a duplex? Your reasons may however be due to long-term goals. You may want a bungalow because you don’t want to climb the staircase of a duplex when you grow older. You may choose a duplex because it add prestige to your personality. Whichever way it is, you must have an understanding of what you want and that would help shape your decision.

2· Have a Specific Area in Mind

PROPERTY

Just as human beings differ in character and in dealings with people, we also have our preferences, be it in the clothes we wear or what we like to invest on, which may be as a result of our mind-set. For example, some people in Lagos, will never live on the Island no matter how heavy their bank account weighs, while some will not dare stay on the Mainland for a fortune. So, even if you don’t have the purchasing ability (basically money), it is advisable you have the area in mind, so you will find it easy when the money comes.

3· Meet with House Owners in the Area you desire to buy your Property

The saying that ‘you can only get what you have seen’ is very true. The area you have in mind can’t be abstract. So you must have been there. You can start visiting the place consistently. This will help you to get acquainted with the area. It will also help you to be informed of affordable properties that are available from time to time. For example, if you want to buy or build a house , or even rent an apartment in Ikorodu, you will need to visit Ikorodu and get yourself acquitted with people in the area. That will give you an insight to the happenings in Ikorodu, as well as prepare your mind to future occurrences.

4· Have a Backup Plan

This literally mean ‘plan B’ or second option. Ask some questions and answer genuinely. Questions like, ‘what if there are no properties for sale in my choice area; what if I can’t afford a property in my choice area; is renting a good idea; is buying better than renting’ etc, are very important. For example, you may be planning of acquiring a property in the heart of Ikeja, but if the price and availability is off the line, you might be thinking of Ogba or somewhere in Oregun or Agege.

5· Multi-Tasking

This is one of the most relevant tips to buying a property. But it’s quite alarming that only a very few people pay attention to it. So many people do two or more jobs to change their wardrobes or meet up with utility bills, but nobody gets an extra job to buy a property. Getting an extra job may be tedious, but buying a property is a great gain for the now and the future.

6· Be Serious with the Plan

This is also a very relevant point if you have a particular area in mind, and it is in a developed area. You need to be prepared to buy the property as soon as possible. Only a few people in certain areas are ready to sell their properties. So you need to have at least 30% of the money you need to purchase the PROPERTY, as this will display or showcase your seriousness and dedication to it. This process can be simplified. You can search for properties in the area through online real estate portals.

However, in Nigeria today, buyers do not need to go through a rigorous process to secure a property or leave an inheritance for their children, as there have been numerous property agencies that are designed to help you acquire property with ease. Popular among them are Primewaterview Limited, PropertMart, Jide Taiwo & Co, Cadwell Limited, etc. Buyers or renters, through these firms, can easily acquire or rent legit properties of their choices with less stress.

CobraReview invites Readers, Product enthusiasts and consumers to send in their independent reviews of products/services and their experiences to editor@cobrareview.com for free and instant publication.

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