Real Estate in Nigeria - Steps in buying your Houses or Land
Real Estate in Nigeria is a topic that I am passionate about. One thing is for sure, investing in properties in Nigeria can be very lucrative but you need your wits about you on this one. The core of the Nigerian dream is to own your land and build your house one it.
Most of my friends and people I know see buying land and building houses in Nigeria as the true sign of success or achievement. I share the dream of owning some real estate in Nigeria also, which is why I did a little research to share with you guys.
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Real Estate in Nigeria range from lands of single plots to acres, bungalows, duplexes, houses within serviced estates to mansions and commercial property.
The challenges of living in Nigeria are many if you do not have the right facilities where you plan to settle or buy.
Steps in buying real estate in Nigeria
- Budget:The amount of money you have or can get via bank loans will determine the quality of properties you can buy. The cost of owning Land in Nigeria ranges from as little as ₦500,000 to ₦300m and houses can be between ₦20m to any insane amount of Naira. What you want is value for money.
- Find a reputable Agent/Lawyer/Estate valuer:
In Nigeria, real estate professionals often play different roles within the buying process. This is the most important step in owning your own piece of real estate in Nigeria.
My absolute recommendation is to find a Lawyer to do the sourcing and litigation for you. This will save you money in terms of percentages because you have bypassed one of the middlemen.
However an agent has more time to spend on helping you find your ideal property but is less effective in legal matters, while a lawyer could be just as good as an agent in finding quality properties.
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Nigeria Estates It can be difficult to find such a Lawyer, which is why I'll introduce you to mine. My Lawyer and real estate agent is Mr Shola Lamid.
Shola or Mr Lamid is a man I trust because he combines legal expertise with market knowledge and has more than 15 years experience litigating on and marketing real estate in Nigeria.
With an enviable countrywide contact list, Shola can source fine properties to buy in the best locations in the best cities in the country and deal with legal stuff like title verification or "omo onile" investigations for you. Click here to contact Mr Shola Lamid.
Lagos apartments - Location, location, location: Below is a list of some of the best locations to live or buy property in Nigeria.
Lagos
nigeria properties
Lekki
Ikoyi
Banana Island
Victoria Island
Ikeja
Magodo
Maryland
- Request for title documents and Searches.
Okay so you have found a nice property in a quiet location with excellent facilities.What next? I know I said step 2 was the most important, guess what? Without the right documents your money is probably gone with the wind or rather on a 419ner's next car.
Lagos homes The most crucial step is to request the Title documents then proceed to do a search at the relevant State Federal Land Registry or if in Abuja the Abuja Geographical Information Systems office.
The search will be carried out on your behalf by a Lawyer like Shola Lamid to determine the authenticity of the documents.
Examples of Legal title documents include:
Certificate of Occupancy or C of O
Deed of assignment
Deed of sublease
Deed of Ascent( for those inheriting property) - Negotiation You can pay an Estate valuer or surveyor to estimate the value of the property for you but only for negotiating with.
The Nigerian real estate market is unregulated with no rent controls and very pro home-owner, so I doubt the seller would reduce their price based on the opinion of your valuer.
Property in Ikoyi Best to Negotiate well and get a good deal, your valuer's estimate could prove useful for bargaining with. Payment should be made by checks or banker's draft.
- Perfection of Documents:This is where you get the Governments consent for transfer of ownership of the property and pay stamp duty. Don't worry if everything in step 4 went well then the Governor's consent should be automatic.
- Build a structure around your land or property ASAP. This signals your intention plus it makes it more difficult for fraudsters and omo onile to mess with your real estate in Nigeria.
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Subscribe to Property in Nigeria e-zine, Property in Nigeria gives you up to date information about properties in Ikoyi, Banana Island and Lekki available for sale right now at great discounts.
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