BUYING/SELLING REAL ESTATE IN NIGERIA

[Nnamdi Obioma]

BEFORE YOU BUY THAT PROPERTY IN NIGERIA……………..

Hi guys here are few tried and tested safety tips you must observe before you dip your hands in your pocket and pay for any land.

• (1)BUDGET:-Be sure you have a budgetto guide you in your choice and location of property and stick to it no matter what, make the budget flexible to accommodate some exigencies , as a rule of thumb I recommend that you over budget by 10%.
• (2)REASON FOR PROPERTY AQUISTION: - Ask yourself this question, why do I want to buy a property? Is it for rentals, residential purpose, flipping investment etc.? The answer to this question will determine your choice of property and location. This definiteness of purpose will ensure you are not manipulated by every sakes pitch you hear in the market place.
• (3)NEED/WANT:- Always be specific about your required property, do you need a condo, hotel, residential bungalow etc. always go for what you need not necessary what you want.
• (4)LOCATION SPECIFICITY: - What location fits your lifestyle, taste and budget? Above all in which location is your investment likely to safely appreciate more?
• (5)ENGAGE TRUSTED, RELAIBLE AND EXPERIENCED REALTORS - I cannot over emphasize this point, he who has no guide will likely fall into a pit. I sometimes compare property acquisition to navigating in shark infested waters, you need a reliable trusted navigator avoid being eaten so is the role of realtor engage one engage one engage one to help you protect your hard earned money.
• (6)DIVORCE EMOTIONS:- When buying real estate , it is very important that we divorce our emotions from the purchase, we should be as logical as possible, do not allow yourself to be swayed by salesmen’s gimmicks , stick to your standards and budget and it shall turn out well.
• (7)PHYSICAL INSPECTION: - The saying ‘seeing is believing ‘is never more apt than in real estate transactions. I always tell clients; never you make purchase based only on flier, video or social media images and information, insist on and go for physical inspection of the said property. This exercise will help you ascertain the terrain, location and its fitting into your ideal property.
• (8)PROPER DUE DELIGENCE: This is the most important aspect of the whole tips and actually summarizes it all. It is the step that protects you against fraud and other fraudulent practices, like one of my mentors will say “ensure to check all checkable “.Your Realtor and your lawyer should be able to assist greatly in this as this is why you are paying them, they should help you verify the tittles on the land, ascertain the real owners from both the land registry and the traditional registry and ensure you are not buying government land or land in dispute.
• (9)TAKE IMMEDIATE POSSESSION:- Always insist on taking immediatepossessionof your propertythat’s why I always advocate for people to buy from real estate companies doing immediate allocation., insist on collecting all your documents immediately so as to forestall falling prey to confidence tricksters
• CONCLUSSION
• Just take action today, Contact a realtor and kick start Investment in landed property.
• ‘You dont wait to buy land, You buy land and  wait’