Tips and Considerations for Buying Property in Lagos

As Nigerian economy is booming, there is a growing demand for houses and land for sale in Nigeria. Buyers from all the walks of life are flocking to invest in the property in Nigeria. Investing in real estate is a risky affair, but here are few considerations that can help you to buy property in Lagos:

• First of all, one should conduct an extensive research to find lucrative avenues to invest your money in the property. As the property market is growing, there are many lucrative options for middle-class and upper-middle-class investors.
• Investing in rental property is one of the best ways of earning through your property. As rent is traditionally paid in advance, there is lowest risk involved in it. Most of the migrants overtime realise that it is the best bet to buy a house or build in a city than to keep paying rent and rather earn rent from it.
• There are many fees involved in the home buying process apart from the cost of a home. It is important for buyer to decide his budget and make provision for hidden and extra costs that need to be considered.
• If you find a house that catches your attention, you should inspect the property to know if there are any flaws in it. You must check for signs of structural damage that needs fixing. Your observation may also allow you to negotiate property for better prices.
• It is important to know who is the owner of the property is, who is selling the property. You need to check the property chain to know about the previous owners of the property. It is always recommended to hire an appraiser for an independent estimate of the value of the house you are buying.
• One must carefully check if the documents are authentic or not. It is important to check documents with the local registry and the state government.
• One should check from the bureau of lands of Lagos if the land for sale in Nigeriais registered as a government acquired properties. It is also important to check that there should not be any pending litigation or other issues on the property.

While making payment for the house, one must make sure to collect all related receipt forms. One must also carefully read the deed of assignment, contract of sale, letter of allocation, affidavits, purchase receipt, deed of gifts, letters of administration, etc. It is always prudent to seek assistance from a reliable lawyer along with real estate agent to get authentic ownership.  Once all the documents are receipts are collected, you need to file them with the state governments to complete the procedure.

Whether you are looking for land for sale in Nigeria or to buy property in Lagos, it is always good to seek assistance from reputed real estate agents to get the right advice and find the best properties within your budget.

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Created on Feb 27th 2019 07:08. Viewed 617 times.

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