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HomeReal EstateBuying A House In Nigeria - 7 Important Tips to Guide You

Buying A House In Nigeria – 7 Important Tips to Guide You

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Everyone wishes to have a house they call their own, it comes with a pleasurable feeling of not having to deal with the headache of the landlord, not thinking of the rent due date, and most times not having to deal with neighbors, and doing whatever one wishes to do in your confinement, now that feels great right.

Well, if that’s all it entails, I guess everyone would have their own house by now.

When it comes to owning a house in Nigeria, people might think that it’s about making payments alone, well that’s one of the key factors but then, there are a lot of factors and processes involved in owning a house in Nigeria

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Here Are Seven Factors To Consider Before Buying A House In Nigeria

If you want to buy a house in Nigeria, then here are seven key factors you should consider before buying a house in Nigeria.

1. Budget

This is a very crucial factor needed to be put into consideration as it houses all other factors. Everyone has a dream kind of house they envision owning. You have to be realistic in stating your budget because the price of a house differs from one location to another. 

Taking this first step would allow you to focus on houses you can actually afford, it’s very important to buy a house you can afford to avoid running into debts, The budget will also determine the location of the house and also the type of house one gets. Also, note that payment is not restricted to the house, there are other fees involved such as survey land fees, legal and agency fees, survey information e.t.c.

 

2. Research 

A well-detailed, structured, and precise research conducted will save you a lot of stress, you need to conduct a research on the location you want to purchase your property, know the price involved, and do background research on the owner of the house or property, the listing prices for property in a given area, the neighborhood the house is located and lots more. 

 

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3. Location

Having determined the budget involved, location is also important, and to put other criteria into consideration for example if it’s for business purpose, ensure that the location has the potential of growing your business or if it’s for residential, you will have to consider the cost involved to stay in that environment, know the crime rate and security of the house and its environment. 

You will want to have a house that gives you easy access to key destinations such as your place of work, schools, place of worship, shopping, leisure spots e.t.c. You also have to check the light and water supply situation in the house and its environment. This is to ensure that you are comfortable wherever you are situated.

 

4. Type Of House

What type of house do you have in mind, is it a flat or bungalow, how many bathrooms, bedrooms, kitchen, do you want a swimming pool, must it be an older house or a newly built one and so much more. Your choice of a home will determine the kind of lifestyle you want to live. The type of house you wish to purchase will also determine the possible cost of the house you propose.

 

5. Get A Realtor

A realtor simply put is a real estate agent that helps buyers search for houses. They are professionals in the real estate business and they help do most of the work for you when buying a house in Nigeria. So, it is advisable to go through a realtor when buying a house in Nigeria because they understand what is required in buying a house and are also conversant with the laws put into place, they will also save you the stress of embarking on primary house hunting. 

Ensure that the realtor you contact is someone who is trustworthy, a professional, the person is affordable, and always available. You could meet a real estate agent or a realtor through online research, either on Google or their website, through referral, or one on one visitation.  

 

6. Condition Of The House 

When buying a house in Nigeria, ensure the house is in a good state, this is to avoid incurring additional expenses as buying an old house will require a lot of renovations and this may cost a lot, so to save yourself from stress, ensure you conduct an inspection of the house and its environment.

 

7. Documentation

This is very important, never make the mistake of purchasing a house without the right documentation irrespective of who sells the house to you, don’t be swayed by emotions, some documents may be a certificate of occupancy, Deed of Assignment e.t.c. Ensure you hire the services of professionals, to avoid getting duped.   

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Steps For Buying A House In Nigeria

The following steps are important and must be precisely followed when buying any property in Nigeria.

Contact a realtor, consultant, or a real estate agent, they should reside in your chosen location, these people will help you with your property search and show you different houses to choose from depending on your preferences.

After choosing your designed house, the next step is to inspect it, most time genuine information about a property is always gotten at the point of inspection, if at the end of the inspection you don’t like what you see or hear, you could move on and continue with your search but if you are interested in it, you could go ahead and require more information from people leaving in that area or vicinity about the house and compare it with the information your agent may have given you.

The next step is involving a lawyer, this is to investigate the seller and also the authenticity of the house involved. Ensure you conduct a property search at the appropriate authority, it will enable you to know the real owner of the house and also the current situation of the house, then you proceed to investigate the property title and this must be done through your solicitor after which you can decide if you want to purchase the house or not.

If you decide to go ahead you should then arrange a meeting with the seller to prepare the contract of sale and also other documents which will be provided such as the deed of assignment, so that it can be signed by both parties and a lawyer must be involved while this is going on.

After that, the buyer can make payment for the house either in full or in installments depending on the agreement of both parties. After all, agreements are signed and payments are made every necessary document is expected to be handed over to you the buyer. 

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Documents Required For Buying A House In Nigeria

There are quite a number of documents you must acquire for property transfer when buying a house in Nigeria to validate complete ownership

  • Approved Survey Plan

This document shows the buyer the actual location of the property and the boundaries of the property, it’s important a buyer must see it when purchasing the house. A survey plan must have the following

  • Owner’s name
  • Address of the land
  • Size of the land
  • A drawn-out layer of the land
  • The name of the surveyor and the date of the survey stamp
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  • Deed Of Assignment 

The deed of assignment is a registered document that transfers the ownership of a property from a seller to a buyer. If at one point the owner wants to sell the house, the new buyer needs to place a demand for a copy of this document, so that the history of the house to be purchased can easily be traceable, this document is prepared by either the buyer or seller and must be recorded in the land registry to show legal proof.

 

  • Probate And Letter Of Administration

In the event that the owner of such property is late, the buyer needs to request the grant of probate or letter of administration in respect of the property. It will become the document that will serve as the legal title in respect of the house owned by the deceased person. The document will name Executors or Administrators, who can sign any document to transfer the interest in the property called Assent.

 

  • Power Of Attorney

This is a document that authorizes a person to act on behalf of the real owner of the house, it’s only needed in the case where an agent is acting on behalf of the owner of the house.

  • Government Consent

This is the approval of a state government by himself or through a designated commissioner to any property transfer. And this is situated under the Land Use Act of 1978. This is not really a document on its own.

  • Certificate Of Occupancy

This is a commonly asked-for document, it shows the present occupant of a house.

 

  • Excision Document

 This document comes in handy when a Certificate of Occupancy is not accessible, it’s crucial to know if the house is not a government acquisition or not on the government’s future use plan.

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Conclusion

One important virtue you must have when buying a house in Nigeria is patience, trust me having patience will save you a lot of stress in the long run and also prevent you from getting duped in Nigeria.

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