Lekki Real estate advice, Info & tips for Buyers, Sellers & Investors: Three things you must do before buying a property in Nigeria

Friday, March 4, 2011

Three things you must do before buying a property in Nigeria

Because of the nature of the Nigerian society and the real estate market in Nigeria, buyers has to be extremely careful when buying properties in Nigeria. Before buying any property in Nigeria, you must make sure that you did the following:

First investigate before you buy properties in Nigeria

You must make sure that you investigate the real estate agent, consultant company or real estate company to verify there claims. If they claim to be a registered company or they claim to be a member of any organisation, you can go to CAC or the organisations headquarters to find out if they are truly registered. Another thing to verify is how long they have been in business and if they have at one time or the other changed office address or business name. You can verify this by asking people who work close to there office or other business that share the same building with them. Another thing to do is to find out if the property is not located on a government owned land.

Verify the property documents

After investigating the real estate agent or company, the next thing to do is to verify the documents pertaining to the property you want to acquire. Are the documents genuine or it's a counterfeit?

Make sure the value of the property is worth the price

Most dubious deals are always unbelievably very cheap when compared to the real market value of the property. So, in order not to get caught up in a dangerous situation, just don't go for a property because it's unbelievably very cheap. If the price of a property is too small whan compared to it's real market value, my take on it is "it's most likely to be a scam" and i always advice my clients to back out from such deals.

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