Buying a home is one of the biggest decisions you’ll make in your life. In Nigeria, where the real estate market can be tricky, it’s important to be smart and careful when looking for a good deal. This article you are about to read will give you 10 useful tips to help you make sure you’re getting the best value for your money when buying a home in Nigeria.
- Do Your Homework on the Area
Before you even start looking at houses, it’s crucial to learn about the area where you want to live. Different parts of Nigeria have different prices and benefits. Some areas might be cheaper but far from good schools or markets. Others might be more expensive but safer or closer to your work.
Take time to visit different neighborhoods. Walk around, talk to people who live there, and get a feel for the place.
Ask yourself:
- Is it safe?
- Are there good roads?
- How’s the electricity supply?
- Is it close to important places like hospitals, schools, or your workplace?
- What’s the community like?
- Set a Realistic Budget
It’s easy to get carried away when you’re looking at beautiful homes, but it’s important to stick to what you can afford. Before you start house hunting, sit down and figure out your budget.
Think about:
- How much money you have saved
- How much you can borrow from a bank
- Your monthly income and expenses
Remember, buying a home isn’t just about the price tag. You’ll need to think about other costs too, like:
- Lawyer fees
- Taxes
- Repairs or renovations
- Moving costs
Make sure you have some extra money set aside for these things. It’s always better to buy a slightly cheaper house and have money left over than to spend everything on the house and struggle later.
- Use a Trusted Real Estate Agent
A good real estate agent can be your best friend when you’re looking for a home. They know the market, they have connections, and they can help you find deals that you might miss on your own.
But be careful – not all agents are trustworthy. Here’s how to find a good one:
- Ask friends or family for recommendations
- Look for agents with good reviews online
- Check if they’re registered with the Nigerian Institution of Estate Surveyors and Valuers (NIESV)
- Meet with a few different agents and see who you feel comfortable with
- Don’t Rush – Take Your Time
Buying a home is a big decision, so don’t feel pressured to make it quickly. Some sellers or agents might try to rush you, saying things like “This deal won’t last long!” or “Someone else is interested in buying this house!”
Don’t fall for these tricks. It’s better to take your time and make sure you’re making the right choice. Visit the house more than once, at different times of the day. This will help you notice things you might miss on a quick visit, like noisy neighbors or bad traffic at certain hours.
If you feel rushed or pressured, that’s often a sign that something isn’t right. A good deal today will still be a good deal tomorrow.
- Get a Professional Inspection
Never buy a house without having it checked by a professional inspector. This might cost a bit of money, but it can save you from much bigger costs in the future.
An inspector will look at things like:
- The foundation of the house
- The roof
- Electrical systems
- Plumbing
- Signs of pests or termites
They might find problems that you can’t see with your own eyes. If they do find issues, you can use this information to negotiate a lower price or ask the seller to fix the problems before you buy.
- Check All the Legal Documents
In Nigeria, it’s very important to make sure all the legal papers for the house are in order. This can be confusing, but it’s crucial to avoid problems later. Here are some key documents to check:
- Certificate of Occupancy (C of O): This shows that the government has given permission for the land to be used for housing.
- Survey Plan: This shows the exact boundaries of the property.
- Deed of Assignment: This shows that the current owner has the right to sell the property.
- Tax clearance: This shows that all taxes on the property have been paid.
It’s a good idea to hire a lawyer who specializes in real estate to help you check these documents. They can spot any problems and make sure everything is legal and correct.
- Negotiate the Price
Don’t be afraid to negotiate! The first price the seller asks for is often not their final price.
Here are some tips for negotiating:
- Start lower than you’re willing to pay. This gives you room to go up.
- Point out any problems with the house that might lower its value.
- Be ready to walk away if the price is too high. Sometimes, showing that you’re willing to look at other houses can make the seller more flexible.
- If the seller won’t lower the price, see if they’ll include other things, like furniture or appliances.
Remember, negotiating isn’t about winning or losing. It’s about finding a price that’s fair for both you and the seller.
- Consider the Future
When you’re buying a home, don’t just think about your needs right now. Think about the future too.
Ask yourself:
- Will this house still be good for me in 5 or 10 years?
- If I have children, will there be enough space?
- Is the area likely to improve or get worse over time?
- Could I easily sell this house if I need to move?
Buying a home that will still be good for you in the future can save you money and stress in the long run.
- Compare Prices of Similar Homes
To know if you’re getting a good deal, you need to know what other similar houses cost. This is called “comparing comparables” or “comps” for short.
Look at houses that are:
- In the same area
- About the same size
- In similar condition
You can find this information online, through your real estate agent, or by visiting open houses in the area. If the house you want is much more expensive than similar houses, that’s a sign that it might be overpriced.
- Trust Your Instincts
Finally, trust your gut feeling. If something feels wrong about a deal, even if you can’t explain why, it’s okay to step back and think more.
Maybe the seller seems too eager to sell quickly. Maybe the price seems too good to be true. Or maybe you just don’t feel comfortable in the house.
These feelings are important. Buying a home is not just a financial decision – it’s also an emotional one. You should feel good about your choice.
Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041