You, like many other Nigerians, are probably dreaming of owning your own home. In these parts, achieving that requires years of saving, planning, and sacrifice. But there are risks associated with finding and purchasing a home. If such risks materialise, they may cost you money, time, and peace of mind. Understanding the first-time home buyer mistakes in Nigeria is the first step to avoiding them.
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This article is our review of the top mistakes that homebuyers in Nigeria make, and tips for steering clear of them. Here they are:
Rushing into a Purchase without Research
One of the many first-time home buyer mistakes in Nigeria is rushing to buy a property without proper research. Some buyers jump at offers because of attractive prices or fear of missing out. But this often leads to buying properties with legal issues, poor infrastructure, or low resale value.
It’s important that you ask questions and confirm ownership documents before paying for property. Doing due diligence will save you a lot of uncertainty and stress down the line, and may even keep you from losing large sums of money on bogus purchases.
Ignoring Location and Future Development
There’s more to purchasing a house than checking how nice a building looks. The location of your house is just as important. A cheap house in a flood-prone or insecure area can quickly become a financial burden.
Look out for things like road access, electricity, water supply, and potential for development. These things are usually determinants of the true value of a house. Properties close to schools, markets, and transport routes will appreciate in value much quicker than those that are far from such built environments.
Failing to Verify Property Documents
Unfortunately, land scams are an ever-present challenge for Nigeria’s real estate sector. Too many first-time buyers have fallen victim to them. You should never buy a house without verifying the Certificate of Occupancy (C of O), Governor’s Consent, or Deed of Assignment. These title documents are important authenticators.
Always confirm ownership through the land registry in the state where the property you want to buy is located. If possible, consult a property lawyer to handle the verification process. This small investment can save you millions.
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Not Using Trusted Property Agents
Fake or inexperienced agents are the bane of real estate markets across Nigeria. They have defrauded unsuspecting people of millions of naira and damaged the reputation of property brokers in many parts of the country.
If you want to avoid fraudulent individuals, you need to work with trusted property agents in Nigeria for first-time buyers. You can find them, as well as the property they’re selling, on platforms like the Connect Nigeria Real Estate site. The site lists hundreds of buildings for sale or rent, and provides contact details of real estate agents you can trust.
Overstretching Your Budget
Another common mistake is trying to buy a home that is beyond the reach of your finances. Some buyers get carried away by luxury features and end up with mortgages or loans they cannot repay comfortably.
Before you commit to purchasing property, calculate all costs, including agency fees, legal fees, and potential renovations. Your first home should give you stability, not financial stress.
Not Knowing Where to Find Verified Properties
Many scams happen because buyers don’t know where to find verified properties for sale in Nigeria. They fall for random online adverts or unverified listings on social media, or are duped by salespeople with ulterior motives who pitch them in person.
You are better off using reputable real estate platforms, registered property developers, and government housing schemes. If you’re not sure which one to use, you can try the Connect Nigeria Real Estate listings website. It features properties with clean titles and reputable agencies you can do business with. To visit the site, click HERE.
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Final Thoughts
It should not be difficult to get a decent home for yourself if you take your time, pay attention to location, and verify relevant documents.
But it’s also crucial that you work with trusted property agents in Nigeria for first-time buyers and know where to find verified properties for sale in Nigeria. The last two needs are met by Connect Nigeria’s Real Estate listings site. If you want to buy a property, you should have a look at what’s on offer there today.
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