You would agree that house hunting in Lagos State can be very strenuous. This is especially true if you have specific requirements for a house before buying it. Desperate landowners are fond of conniving with house agents to sway buyers to purchase a house.
Therefore, prospective land purchasers should exercise caution when buying a home in Lagos. This article will help us examine ten guidelines to consider while buying a house in Lagos.
Ten Tips To Purchase House In Lagos Nigeria
Here are ten tips to purchase a house in Lagos, Nigeria:
1. Choose A Suitable Location
The mainland and the island are the two halves of Lagos State. The cost of houses on the island is comparatively higher than that of houses on the mainland.. This is because the Island is home to different industries. It is also important to note that this area houses a lot of influential people in Nigeria.
On the contrary, the mainland is quite rural when compared to the island in Lagos State. The houses are relatively less expensive compared to the island. Nevertheless, if you wish to get to the Island, you would have to deal with the traffic. You must therefore carefully consider your options.
So, you have to weigh your options very well. You need to ensure that your decision tallies with your budget and lifestyle. Take your time to research the different neighbourhoods in Lagos.
2. Create A Budget
Of course, budgeting is important when making decisions. This requires careful planning and preparation. You must have enough money to cover all of your costs, including hiring a lawyer and agent. Buying a home is a process that takes time. The cost of the house and the costs of moving must be taken into account. In certain situations, you may also need to renovate the property. This calls for a need to plan your financial resources carefully before purchasing a house in Lagos.
3. Hire A Proficient Lawyer
When you are preparing to buy a house, this is a crucial consideration. To address the issues pertaining to the residence, you must engage an experienced property lawyer. As you know, this would require some additional fees paid. However, it is worth it!
Your lawyer would be responsible for handling negotiation and contracts. Most property lawyers ask their clients for specific information before proceeding. Do not hesitate to feed your lawyer with the necessary information as regards the house.
4. Choose A Suitable Property
Suitability is one of the factors that would make you enjoy a property. Make a careful search for the house that meets your desire. Remember, your desired house should match your budget. House hunting in Lagos can become very strenuous. It is convenient to hire the services of a property agent.
A property agent would be responsible for choosing the best house for you. However, you would be the one to make the ultimate decision. For every house you are shown, make sure it ticks your criteria box before giving the nod. It is important to visit the properties physically before making payments. This is to ensure that you do not get swayed by the pictures on the internet.
5. Research On The Seller And Property
The next tip is to investigate the property and the seller. Ensure that the seller is the real owner of the property. There have been many cases of fraudsters in the business of real estate in Lagos. So, make sure to carry out a thorough investigation of the property and the seller. If you have a busy routine, then you can ask your lawyer to do this for you.
Most property lawyers are trained to be inquisitive. So, they would be in the right position to help you out. A house with incomplete documentation may spell danger for the intending buyer. Therefore, ensure you carry out a thorough investigation on this!
6. Look For Future Development
As potential house buyers, it is important to keep in mind the purpose of purchasing a house. It is vital to keep in mind that future development of the area may influence your choice of purchasing. For example, places like Ikorodu and Shagamu in Lagos undergo frequent infrastructural changes.
Therefore, the more the area develops, the higher the worth of the houses. This is usually good news for individuals who are into house reselling. Once the environment where a house is located is undergoing development, the house prices are likely to experience an upward revaluation. As a result, your selling price may double after a considerable period.
7. Inspect the Property Thoroughly
Inspection of the property is very key in purchasing a house. This is a mistake some buyers make. They pay for the property without having a physical evaluation of the house. It is important to note that realtors can be deceptive. The properties shown to you online may be quite different from reality. Moreso, be sure that you have done a physical inspection of the said property thoroughly, you want to have a list of checklists of things to look out for, including the minutest details.
You stand a lot to gain when you do this. Constant supply of electricity is not guaranteed in every part of Lagos. So, doing your due diligence will mean saving yourself from unplanned circumstances.
8. Negotiate On The Property
Another tip is to harness your ability to negotiate properly. Once your interest in a house is obvious, most landowners tend to increase the purchasing price of the house. So, do well to keep your anxiety in check. It is advised to ask your lawyer to do the bargaining.
Your lawyer would negotiate with the landowner depending on your budget. Most lawyers are skilled at negotiation. So, allow them to handle this professionally.
9. Ensure Documents Are Complete
Once the bargain is successful, the next stage is putting the papers together. If you purchase a house in Lagos State, there are three main documents that should exchange hands from the seller to you the new landlord. These documents include; Contract Of Sale, Receipt, and Deed of Assignments. It is important to have your lawyer aware about this deal from the inception till the very end of it.
You may have to face the wrath of Lagos law if you’re caught up buying a property with improper documentation.
10. Handing Over The Property
Lastly, you need to make sure to secure your property. Do well to complete negotiations with the house owner. Ensure there are no omo adugbo issues yet unresolved, if there is a need to inform the house owner of any defects found in the property, this should be done before payment is made. If it is within your power, ensure to renovate the house immediately. This is a subtle sign for neighbours to know that there is a change of ownership on the property.
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