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Guide to Buying a House in Lagos.

Posted by realestatetracker on May 28, 2014
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Making a Decision to Purchase a House:

decision making while buying real estate

You are finally at that point in your life where you are tired of living from apartment to apartment and you feel it in your gut that it is time to buy a house of your own. Without a doubt, a house is one of the most expensive things you can buy in your lifetime. Home buying in Nigeria is not fully a trend as opposed to building your own house from scratch. However, buying a house in Lagos is a wise choice as Lagos is one of the most lucrative property markets in Nigeria.

Lagos is a metropolitan city that attracts a lot of visitors and tourists. Many times, these visitors are so taken in by the beauty and charisma of the city that they relocate to live in the city for a while or even permanently. Most migrants, who come to Lagos, over time, realize that it is a better bet to buy a house or build one in the city than to keep paying rent. Aside from being a cheaper option, buying a house gives a sense of stability and security.

While purchasing a house in the city is one of the biggest and most daunting purchases a person ever makes, there are certain steps that could be taken to ensure the process is seamless and the purchase, rewarding. Let’s consider a few:

Have a budget:

A majority of prospective property buyers in Lagos make the mistake of not having a budget before they set out to make a purchase. Buying house is not as easy as walking into a grocery store and buying provisions. From legal to agency fees, there are a lot of hidden and extra costs that need to be considered. Also, you need to know how much you can afford so you know what area to research and where to draw the line or put a pin in the course of your search.

Inspect, investigate and appraise the property:inspecting a property before purchase

The moment you find a house that catches your fancy and fits your budget, ensure you pay the property a visit to inspect its environs.  Check for signs of structural damage or things that may need fixing. It is usually important to do the inspection with your real estate agent as sometimes they may notice something that you do not notice. Your observation will give you opportunities to re-negotiate on price or withdraw interest outrightly. If after inspection you still love the house, investigate the house, find out the who the owner of the property is, who is selling the property, who the previous owners were, why the house was put up on sale etc.  Then, arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets you know if you are paying a fair price for the house.

Verify the documents:completing real estate purchase transaction

 

Before you make payments for the house, confirm there are authentic documents to prove ownership of the house. Also, ensure you verify the documents being presented. Check with the local registry and the state government – The bureau of lands of Lagos state to know if the property is registered as a government acquired properties and if there are pending litigation or issues on the property. The bureau of lands Is responsible for all land related matters in Lagos state. Verification is a very important thing as it confirms the validity of your purchase and saves you from fraudsters or any future heartache with the government.

Make payment and collect all receipts/documents:

verifying real estate transactions

real estate anlytics

 

Make all payments regarding the house with your lawyer. After making payment, make all efforts to collect every related receipt forms.  Also, from deed of assignment, contract of sale, letter of allocation, affidavits, purchase receipt, deed of gifts, letters of administration, e.t.c, there are so many documents you need to ensure you collect after making payment to guarantee authentic ownership.  After you have collected the necessary documents and receipts, file them with the State Government. It is important you do so, that way your purchase is valid in the eyes of the law.

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