Buying a house is usually not a spur of the moment decision. It is a decision that should be done carefully and meticulously to avoid losing money. In Nigeria, buying a house requires some relevant processes to ensure you make the best out of your investment.
What You Should Know About Buying a House in Nigeria
Location
When buying a house, you need to be particular about where it is located. You need to look out for certain features such as accessibility, proximity to your workplace, schools, market, hospital and leisure centres. You also need to find out the condition of the area during the rainy season. Is it prone to flooding, erosion? Is there available power supply? Is there a high rate of crime or insecurity in the neighborhood? These are some of the questions you have to ask.
Budget
If the seller gives you the option of paying in installments, then you should devise a payment plan. It is also advisable to go with what is within your budget so that you do not run into debt. Your allocated budget for buying the house should determine what kind of house, its location and so on.
Condition of the house
You would not want to buy a dilapidated house that will require you spending a lot on renovation. This is why an inspection is necessary. Even if there are repairs to be made, would you be able to afford it?
See also How to Renovate Your House Within a Budget
Is Buying a Property a Good Investment?
Buying a property in Nigeria is a good investment in Nigeria if you’re able to maximize it well. When buying a property, you should look at its tendency to appreciate in value after a while.
A house that is located in a budding community has high chances of increasing in value as the town opens up the more. This means you could resell at a higher price than you bought it initially.
How to Buy a House in Nigeria
One of the foundational steps required to buying a house in Nigeria is hiring the services of a good lawyer. The lawyer would be able to investigate and detect if buying the house is a legitimate investment. The lawyer would also help to prepare the various documents needed for effective handover of the property from the seller to the buyer.
There are also a number of things you have to verify when buying a house in Nigeria. Many have fallen prey to fraudulent schemes because of lack of proper investigation. You have to find out if the seller is actually the real owner of the house and if the property has not been sold before. You must also investigate if the house or property is not under legal contention.
Before buying any property, you have to make sure that you view it physically. You cannot afford to buy any property just relying on word of mouth from family, friends or colleagues. You cannot also rely on pictures or what you see online. It is best to request for a property inspection so you can review the condition of the property extensively.
After doing all these, then you can now decide if the property is worth going for or not.
Documents to Ask for When Buying a House in Nigeria
Documents are necessary for business transactions to protect the interests of all the parties involved. In buying a house, having all the required documents will go a long way in making the transaction process easier. Documents required for buying a house in Nigeria include;
Deed of Assignment: This is prepared after the conclusion of the transaction. It could be prepared by either of the parties involved. It also helps the buyer trace the history of the property he is purchasing.
Survey Plan: You must ensure that the survey plan is an approved one as there could be fake survey plans. This survey plan also helps you know if the property is under government acquisition or not.
Power of Attorney: This document is required when you have an agent acting in the stead of the owner of the property. It gives the agent the authority to represent the owner of the house.
Certificate of Occupancy: This is a very important document that confers legal ownership of a property on an individual. The document takes into consideration the use of the property whether commercial or residential and other important details.
Read more on Everything You Should Know About Certificate of Occupancy in Nigeria, 2021
You must also take a step further by verifying these documents to confirm they are real and legitimate.
Buying a house in Nigeria is a dream come true for many people. At MKH, we can help you make those dreams come true. We have a wide range of properties available for inspection. You can contact us here for more details.