Steps to Take Before Buying a House or Land Property in Nigeria [2024]

If you’re considering investing in property in Lagos, Nigeria, there are important steps you should follow to ensure a wise and secure investment. Here are six 6 Key steps to Take Before Buying a House or Land Property in Nigeria Today:

1. Understand the Property’s Potential Growth:

Before investing your hard-earned money, assess the potential growth of the property in a specific area. Investors aim for the best return on investment, and choosing a location with a growth range between 5% and 30% is key. Select your investment location wisely to maximize your returns.

Also read: Sales Tips For Selling An Old Home In Nigeria

2. Research the Seller:

Ask essential questions about the property seller, such as “Who is the owner?” Clarify whether it’s the owner, their family members, or someone else involved in the sale. Verify the name appearing in the documents and identify any existing liabilities on the property. Knowing the seller’s background is crucial for a transparent transaction.

3. Verify True Ownership:

Conduct a property search before finalizing the purchase. Verify with the state government whether the property is within government-acquired areas and check for any pending litigations or issues. The Bureau of Lands in Lagos State, located in the Government Secretariat Alausa Ikeja, handles all land-related matters.

4. Make Payment and Collect Documentation:

Once satisfied with your due diligence, proceed to make the payment to the property owner. Collect essential documents, including the purchase receipt, contract of sale, building plan, and other relevant papers from the previous owner. Proper documentation is vital for legal ownership.

5. File Documentation with the State Government:

Submit the documentation to the state government to legally establish yourself as the new property owner. If the property already has a Certificate of Occupancy (C of O), securing the Governor’s consent is crucial. For properties without C of O, initiate the process promptly.

6. Appoint an Estate Agent for Property Management:

Safeguard your investment by appointing an estate agent, especially if you reside outside Lagos or overseas. Many successful real estate investors in Lagos, Nigeria, attribute their wise decisions to hiring estate agents for efficient property management.

By following these six crucial steps, you can navigate the property buying process in Lagos, Nigeria, ensuring a secure and rewarding investment.

Also read: What Are Land Sizes In Nigeria – Plots, Acres & Hectares