Mistakes to Avoid as a Newbie in Nigerian Real Estate
First time? Don't Make these mistakes.
John, M.
11/2/20252 min read
Introduction
You’ve saved up enough money & decided to get your first real property – Congratulations! Sometimes, its easy to get overwhelmed by excitement and make mistakes. Making bad decisions which then turn to future liabilities destroy the idea of property as a viable investment. Some of these mistakes could easily be avoided. Considering how common these mistakes are, I’ve decided to put a list of these together. Here are some;
1. Not Hiring A Professional
This is the most common mistake new investors make. Thinking they can navigate the complexities of modern real estate in Nigeria and even somewhere like Abuja, without proper guidance is the greatest mistake newbies make. It is important to hire a professional who can advise you on how to carry on your investment. At Senovix Urban Realty, we help newcomers understand the market and make proper choices.
2. Avoiding Physical Inspection
Not going on physical inspection of the property is another common mistake newbies make. It is very important that after selecting an offer from available listings, the client physically inspects the property. Whether land or building, inspection reveals the true nature of the property, its potential and its visibility, closeness to the city center and other factors which may be important to you. Skipping this step (except for a genuine reason) isn’t a great idea.
3. Underestimating Costs
Another mistake newbies make is underrating the costs involved in acquiring property. It is easy to focus on the purchase price and forget agency fees, legal fees, surveyor fees, estate fees and applicable taxes. The total sum of these fees and taxes must be carefully factored into the total cost of the property. Property deals are always at risk of breaking down when these fees and taxes are not provided for. A free consultation with a experienced professionals like Senovix Urban Realty can spare your property deal from falling apart.
4. Ignoring Community Rites
In a lot of places in Nigeria, acquiring property isn’t just buying a land or house and moving on. In some communities, you’re required to pay some money to the community or visit important stakeholders like the chiefs,King or other associations. For instance, in Lagos the ‘Omo Onile’ are paid some money before, during and after construction. In Abuja, some communities expect the investor to pay the traditional rulers a visit and declare ownership. This is a way of becoming part of the community and showing respect for the indigenous culture.
Conclusion
Buying your first property can feel overwhelming and confusing. However, it is best to do follow due process and follow professional advice. Owning property is a great investment if done right. Don't make these mistakes!
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