5 Red Flags to watch out for when buying a property in Nigeria 🚩🚩🚩

5 Red Flags to watch out for when buying a property in Nigeria 🚩🚩🚩

Real Estate Investment remains one of the best investment anyone can think of. There would always be need for affordable and comfortable housing or accommodation for the teeming population.

Housing is one needs of man that would always be in demand and should be adequately catered for. But there are some things to watch out for when buying a property. Let us look at 5 of them: 

  • Inadequate Title or Documents: Documentation is one of the most important aspects of Real Estate Transactions. When buying a property, it’s important to ascertain if the land or house has the right documents. Some Land documents you can look out for include Certificate of Occupancy (C of O), Gazette, Excision, Governors Consent, Land Survey Document, Power of Attorney etc 
  • Lack of good access roads: One of the major catalyst of development is good roads. If an area is not accessible it would pose a challenge in its development. Sometimes in developing regions, an earth road could be leading to the property. An earth road isn’t entirely bad but there should be proper drainage to avoid flooding. If the road is tarred or interlocked then it would be best
  • Not going through a Real Estate Broker, Consultant or Real Estate Company: No matter how brilliant or smart you think you are, you definitely need an Expert to guide you during Real Estate Transactions. Look for an experienced Realtor to guide you through the process. Its always safer to buy properties through a registered Real Estate Company. We can assist you.
  • When you are told not to inspect the property: It is important to visit and inspect the property you want to purchase . In fact we usually advice any client not to buy a property without seeing it. If you are not in the country, you can send a representative to check out the property for you and send you videos or pictures. You can also request for a virtual inspection or tour of the property. Always inspect before purchase.
  • Paying Cash or into a Personal Account: When it is time to make payment, ensure you pay to the Real Estate Company’s Account. Unless you are buying the land from an individual, otherwise always pay to a corporate account. A wire transfer is always safer and can be traced if the transaction goes south. 

We hope you found this article useful

To buy a house or land anywhere in Nigeria, Feel free to call or WhatsApp +234 7089 130 311 or email info@ariafast.com 

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