10 Effective Steps On How To Buy Property In Nigeria (2024)
What are the steps on how to buy property in Nigeria? What actions must be followed before investing in real estate in Nigeria? What are the procedures for purchasing real estate in Nigeria? What steps must be taken before purchasing property in Nigeria?
When was there a better time to own property if not now? Just as Ray Brown said, “The best time to buy a house is always five years ago.” What is the practice of real estate without owning any property? Many people have aspirations of accumulating riches, yet this ambition may appear increasingly elusive due to inaction.
Over time, investing in real estate, not just a home but precisely in the property itself, is one of the most effective ways to grow wealth.
In all honesty, the steps on how to buy property in Nigeria are a difficult undertaking. Just a lot of steps need to be taken before this can be accomplished. Despite the fact that this procedure may initially appear to be impossible, it can be made possible by thoroughly outlining these processes.
Therefore, the process is feasible and gets even simpler when you read this article with your mind focused on it.
What must I do now in order to purchase property in Nigeria? What are the relevant steps on how to buy property in Nigeria? Discussions on this are rare among potential buyers.
The topic of what to watch out for before investing in the real estate market in Nigeria is one of the least popular ones to broach. Purchasing a home, a large piece of land, or an estate is just the tip of the iceberg. Before making this decision, one must take into account a lot of variables.
One must watch out for certain things and those things are what would be discussed in this article today.
What Are The Steps On How To Buy Property In Nigeria?
“What are the steps on how to buy property in Nigeria?” This section deals with that. To assist you in making the best selections possible, follow this checklist of items to think about before buying a property.
Our checklist includes house seeking, what to watch for when acquiring the property, the associated costs with property ownership, items to avoid, and important data to collect before resorting to owning a home.
The steps on how to buy property in Nigeria are:
- Organize your finances and budget.
- Solicit opinions of professionals.
- Be location-specific.
- Conduct research on the type of property you intend to purchase.
- Make necessary inquiries.
- Inspect the proposed property for purchase.
- Make negotiations within your budget.
- Compare the property with similar ones keeping the budget in mind.
- Prepare necessary documents.
- Make payments and become the sole owner.
The steps on how to buy property in Nigeria are:
Organize Your Finances And Budget
This is one of the most important steps on how to buy property in Nigeria. This is too important to be understated. Financial stability is required before considering property ownership.
Develop your financial plan so that buying a property won’t affect your ability to pay your bills on time each month. Certain property buyers frequently commit this error. Make sure you have enough cash on hand to cover any further situations that might occur in areas where you don’t own a property.
Additionally, stick to your budget strictly rather than allowing it to alter over time. Regardless of how much money you have saved, be sure to create a budget. Without a budget, you run the risk of blowing through all of your savings. Never spend more money than you have planned. It’s crucial to understand and adhere to your budget.
If you don’t, you’ll eventually run into debt and end up in a scenario where a lot of money is going out but very little is coming in. Make an effort to determine your financial stability before choosing which property to purchase. Create a budget and make wise purchases. Don’t spend almost all of your money on an exorbitant patch of property.
The costs of purchasing the specified property, working with an agent or expert, paying for the drafting of the required legal documentation, and other expenses that must be met before you can legally own the property must all be included in your estimated budget.
Solicit Opinions Of Professionals(Competent Lawyers And Real Estate Agents)
Hire a lawyer with knowledge of dealing with property ownership issues. Not just any lawyer will do. Yes, any attorney would know one or two notions about property law, but not every attorney is capable of handling the complexities and problems related to property ownership. The purchase and sale of real estate are governed by numerous laws. This is also one of the important steps on how to buy property in Nigeria.
It is crucial to hire a real estate lawyer for this reason. A real estate attorney could help you with tasks that are beyond the capabilities of the average person. The lawyer would, among other things, verify the legitimacy of the property you intend to purchase, establish proper documents for acquiring the land, facilitate communication, and secure the legitimacy of payments to the initial owner of the property.
Additionally, you’ll need a real estate agent’s guidance. This real estate agent must have prior experience. The individual who will assist with the documentation is a seasoned real estate agent.
The real estate agent will also make sure that they find your valuable property while staying within your budget, if not even under. Regardless of what you’re searching for, you’ll eventually need to locate a real estate agent who can advocate for you.
Be Location-Specific
In the world of real estate, location is crucial. The preferences and motivations for relocating to a location vary among people. It will cost extra to be in a premium, coveted location.
What characteristics define a prime location? A few examples include the city’s center, its transportation options, its affluent people, and its many attractions. From the other extreme, developing areas would be much less priced and might have great investment possibilities.
We all have preferences, and our thinking may play a role in these. Have the location in mind thus, even if you lack the purchasing power. Security, consistency of electricity supply, and road infrastructure are additional variables that are more directly relevant to Nigeria. Make a logical choice of a location and stick to it, whether it is for the electrical supply or the proximity to the workplace.
This is crucial since the statutory rules that apply to the purchase and acquisition of the property are heavily influenced by its location. Being location-specific is also one of the steps on how to buy property in Nigeria.
Conduct Research On The Type Of Property You Intend To Purchase
Now is the time to start looking for valuable and reasonably priced real estate. In your price range, look at a number of properties. Real estate agents are helpful in situations like this.
While some people might believe they can handle things on their own, knowledge is power. Having this expertise makes a real estate agent priceless. An essential component of any property search and final purchase is an agent’s network, counsel, and knowledge of the real estate markets.
You can find such properties with the help of a real estate agent. Your budget and, of course, the properties’ location will be taken into consideration while the real estate agent searches for properties. Make a fast search on one of the major property portal websites such as this one (Eucarl Realty) after you are certain of the kind of property you desire and the States To Invest in Real Estate in Nigeria.
In that case, you’ll be able to determine roughly how much you should set aside in your budget to purchase a particular style of property in a defined locality. Even more intriguingly, the advancement in technology has made this even simpler. On our Property page for Eucarl Realty, you can search for available properties.
Make Necessary Enquiries
You must find out everything there is to know about the home you want to buy as a prospective buyer. Get all the information you require about the property and the location you intend to invest in before making any real estate purchases. Your legal counsel is crucial at this stage. This is done as a preventive strategy to make sure the buyer receives what he budgeted for.
Reputable real estate brokers or attorneys with expertise in real estate law can provide you with this information. They will be able to provide you with information on some of the local heritage places and advice on what to watch out for before finalizing any contracts to purchase property in Nigeria. It is also one of the steps on how to buy property in Nigeria.
To guarantee that the property is free from liens, lawsuits, and outstanding debts as well as that it is not susceptible to official seizure or overwhelming interests at any time, your lawyer will carry out a specific examination and review the relevant paperwork. If there is a dispute about the contract’s terms, neglecting to conduct these investigations could be devastating to the buyer.
Read Also: 8 Facts to Know For Land Buyers in Nigeria
Inspect The Proposed Property For Purchase
Before making any purchasing decisions, it is advised that you go out and investigate the potential property and the area in which it is located. This will assist you in finding any flaws in the property that might not be apparent to the unaided eye.
For your inspection, hiring a certified structural engineer will guarantee that you receive the most thorough analysis applicable. If there are any fissures in the concrete slab, sidewalls, or roofs, a structural engineer will let you know. What do you like or dislike about the location?
This inspection is needed to define the property’s qualities, conformity with the specifications, physical shape, and suitability for the reason for which the buyer wishes to acquire it. Unfortunately, there have been cases in which property has been sold to an uninformed buyer while the ownership of the property is still in controversy, especially when the property is household property. Such errors occur frequently. Avoid them at all costs.
Make Negotiations Within Your Budget
Have you identified the property you intend to buy at this juncture? Then comes the bargaining phase. Just like John Bolton said, “Negotiation is not a policy, it’s a technique. It’s something you use when it’s to your advantage, and something that you don’t use when it’s not to your advantage.”
You must haggle over the property’s price even when you have a budget put aside that may be somewhat similar to the offered amount. It is one of the steps to buy property in Nigeria. Your real estate agent can help with this.
The real estate agent will have valuable information about how much you should pay for the property you would like to acquire and will know how many comparable properties have sold in the real estate market.
Compare The Property With Similar Ones, Keeping The Budget In Mind
Put simply, you wouldn’t want to put all your eggs in one basket. This makes this phase essential. run a market analysis. This is comparable to having a fallback strategy. What if there was a property that was both considerably nicer and relatively cheaper than the one I just agreed to?
Since there cannot be a single real estate broker, there are apparent possibilities that this could be true. Find replacements that meet your budget, requirements, or location after doing some basic research on Nigerian real estate regulations. Consider taking a look at similar properties listed for sale.
Before choosing the property you wish to purchase, compare these properties’ prices and locations. If it’s a commercial property, you should examine whether the neighborhood accommodates the type of business. If it is a residential property, you should consider how close it is to nearby schools, hospitals, retail centers, and other amenities. Analogous tests should be made for the use that the property is to be put to.
Prepare Necessary Documents
Of course, now that the seller and the buyer have reached an agreement, it is time to prepare the required paperwork. The contract of sale, the receipt, and the deed of the assignment are the three primary documents needed to make this stage straightforward.
The time has come for both parties’ attorneys to organize the paperwork necessary to formally transfer everything once every other stage has been completed. Look for all the supporting paperwork a land seller is required to have. Don’t make a direct cash payment for the property. Everything, from the price of the land to the receipt or survey costs, must be carefully documented.
If you want to find a deceptive land seller, this is the only thing that can prevent complications. This is why it is one of the steps how to buy property in Nigeria.
Read Also: Buying Land in Nigeria: Important Documents to Collect
Make Payments And Become The Sole Owner
This is the last stage in the process. After you have confirmed all the essential information, you must pay the seller in full or in part in the presence of both lawyers, receive a receipt, and make sure that all the required paperwork and information have been properly transferred.
After making payments, make sure you appear before the relevant government agencies with all the paperwork required to certify this transaction and identify you as the property’s sole owner.
These are the necessary steps on how to buy property in Nigeria.
Final Thoughts
This piece has discussed relevant steps on how to buy property in Nigeria. “What are the steps on how to buy property in Nigeria?” I hope this piece answers all questions you may have regarding that.
Still in doubt about one thing or the other? Use the comment section below. We’ll respond as soon as we can. Thank you for sticking with Eucarl Realty!
