Mistakes You Should Avoid When Purchasing a Home in Nigeria

Mistakes You Should Avoid When Purchasing a Home in Nigeria

Buying a house in Nigeria can be quite a Sisyphean task. In some cases, prospective homeowners are discouraged from continuing the process because of one drawback or another, only a few pull through. If you discover that you belong to the bandwagon of those that have experienced one hitch or the other, this post is for you. With a few tricks here and some tips here, you’ll learn the ropes of purchasing a house in Nigeria.

 

Your want vs. your need

It’s perfectly normal to fall head over heels in love with a property but that does not go to say it is the perfect fit for you. When you find your “dream” home, put the short and long term needs of you and your family members into consideration.

The property you fall in love with might be situated in a boisterous or violence-prone area which might be unsafe for your family. To know what you want, drive through the environment in the morning, noon and evening to have a feel of the area.

Have a comprehensive knowledge of the property

We know you have heard this a thousand times- properties appreciate overtime, and it’s true. The chief goal of any investor is to make investments that yield the best returns. Before you splurge on any property, it is mandatory that you do an in-depth research of the property that you want to purchase.

If you want to make your property your home, it should be in perfect shape to avoid spending more than you bargained for.

 

Investigate the owner of the property

It is pivotal to know who you are purchasing the property from. Endeavor to ask questions like “Who owns this property I intend to buy”? Go the extra mile to inquire about the family members of the property owner. Make findings to know if the presumed owner of the property is same as the one whose name is written in the documents. Does the property have any current liabilities?

 

Scrutinize legal documents

It will do you a ton of good to hire the services of a talented property lawyer to go through the documents to make sure that you get the best value. It is important to get a lawyer because the property’s legal agreement might not favor you. The only way to spot any loophole is to get a lawyer on board.

 

Document every agreement

Some home sellers are good at making promises that are laced with fripperies. It is not uncommon to hear promises of wanting to make some renovations or refund of cash you spent to make repairs. The probability that the promise will be fulfilled is slim which is why it is advisable to ask the home seller to put any promise to paper.

 

Hire a Lawyer

The importance of getting a lawyer cannot be overemphasized. There are many unscrupulous individuals out there posing as property owners. You might fall victim of their scam, and to avoid things from going south, it is advised that you get a lawyer who can assist you in making the best choices.

 

The above mentioned tips will prevent you from making mistakes that will leave you saddled regrets. Follow each of them and you’ll buy a home that you and your loved ones will live in without pains or regrets.

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Lokaly

Providing the best online property search experience in Nigeria.

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