Mr Femi’s Mistake

Mr Femi just can’t keep calm. He has been on edge since morning. He glances at his watch ever so often, wondering why the day seems unusually slow and draggy today. He’s also been extra-pleasant, giving everyone around him a smile and half. But what could be the cause of all the excitement? He is this close to being his own landlord, finally! All that remains is to complete the payment after work, head over to the estate agency tomorrow to complete the paperwork, and pick his house keys. It is almost surreal!



Femi has had it rough in terms of accommodation, since he relocated to Lagos from Akure 15 years ago, in search of job opportunities. From squatting in a single room apartment with 3 other friends, to enduring tough times with unreasonable landlords, who often just seemed intent on frustrating his life. He was eventually able to grow his income, so that he could afford a comfortable 3-bedroom flat in highbrow Gbagada, for #1.2 million per annum. It was at this point that a few of his friends advised him to look into owning his own home, rather than having to fork out millions in rent to another person.



It was around this time that he came across an offer that seemed just right. An estate agency was selling duplexes in one of their projects just on the outskirts of Lagos. He checked out the place, liked it, and proceeded to make a deposit payment. After six months of instalment payments, he was ready to make the final payment that would officially end his tenant status. This is the beginning of sweet freedom. Or so he thought.



Reality hit him fast. Soon after he took full ownership of the house and moved, he suddenly discovered how far it was from his office at Victoria Island. Whereas it often took him forty-five minutes to get to work from his previous apartment, he was now spending close to 3 hours in transit, due to terrible roads and traffic. The roads in the area were undeveloped, and as a result, often flooded. His car broke down frequently as a result, considerably increasing his expenses.



He also discovered that electricity supply in the area was abysmal, and he began to rely heavily on generators. There were also no good schools around where his kids could attend. His new environment was quiet compared to where he just left, but the cost of this serenity was getting too steep. He began regretting ever buying the property.



Mr Femi eventually had to 'flee' his own house after a flooding incident damaged his car beyond repair. He had to settle for a smaller flat close to Ikeja this time around, as maintaining his house had burned a hole in his pockets. He now remembers the day he completed the payment for the property with bitterness.



Mr. Femi didn’t have to go through this terrible experience. If only he had done his due diligence, he would have observed that beyond the price, the place wasn’t a good fit for him. It definitely would have suited someone else better. However, Mr Femi isn’t alone. Thousands of people buy homes everyday, and a vast number of them take many things for granted, and end up getting the short end of the stick.



The question is, how do I prevent falling into the same (or a different) loophole when buying a property.