4 THINGS TO DO BEFORE BUYING A PROPERTY IN NIGERIA
I was with a prospect and his elder brother last week Saturday in a lounge and while we began to discuss one of our estate properties by the Epe tollgate currently selling for N1m but would increase in price to N4m by 1st of May, 2022, one of the major concerns that came up was the fact that, some lands are not legit. He raised concerns about how sure he will be if I wasn’t going to disappear with his money or if issues wouldn’t arise after a few years of buying his property.
I had to elucidate certain secrets to him, on how to identify a property free from problems and be able to bring the desired ROI to him. In this write-up, you would be able to understand all I’s to dot and T’s to cross before making the proper decision of purchasing any property in Nigeria.
Now, one of the things I explain to my clients is that no industry is bereft of the bad eggs; Oil and Gas, agriculture, marine, you can go on to name them. However, it takes being conscious of certain understanding before making a commitment, so that your hard-earned money doesn’t disappear into the hands of scammers.
Please remember that you shouldn’t just jump at any land or house offered to you on the premise that real estate serves are one of the safest kinds of investment you can ever put your money into. Though this is true, having stood the test of time (over 100 years), one must do it with all sense of carefulness!
In this industry, like many other ones, there are steps that must be effectively taken by you before purchasing any property. This will save you from unnecessary stress and migraine in the future.
To Be On a Safer Side, Here is a Breakdown of What You Must Do:
1. Know The Property Title:
This is actually the first step to take in order to ensure you are buying a safe and sure investment.
As an Investor that wants to send his/her money on an errand, you must be able to ask detailed questions about the pros and cons attached to sending your money ahead of you, into your future.
Do you know why?
It brings clarity and helps you in making the right choice.
For the record, a house or land title talks about the ownership document of that particular landed property. Though a larger percentage of people in Nigeria are mostly familiar with the Certificate of Occupancy (C of O), there are several other titles that can be on landed property. Some of these includes:
· Governor’s Consent
· Excision
· Gazette
· Deed of Assignment
· Survey/Registered Survey
· Freehold
· Court Judgment
· Deed of Conveyance, etc.
Bonus 1.
Before purchasing a property with C of O, it is wise to inquire what year the C of O was acquired from the government. This is to ensure that, you still have enough years ahead before renewal, unless a Governor’s Consent would be processed immediately. This is to also give you a heads up that buying a property with a C of O doesn’t guarantee that you’re totally safe because some may be fake or already expired. Hence, due diligence must be carried out.
2. Ask for the Land Coordinate:
After a Realtor must have told you what the document title for the house/land you are about to purchase is, ensure you go a step further by asking your realtor to provide you with the coordinate of the land.
Excuse me, there’s no land in Nigeria that doesn’t have a coordinate – and if anyone or any company tells you otherwise, you do not need a prophet to tell you to flee!
This Coordinate is very important, as it states the total area of land. It can be decoded by you through the Land Registry in the State. You can also employ the service of a Surveyor to assist through the process.
What this helps you to achieve is to get to the root of the land origin – to fathom if the land is committed, whether it’s under government acquisition or not.
On being committed, it means that the property has been marked for use by the government, and they may choose to release it or still go-ahead to use the land area where the property is located. It is then wise not to purchase such.
In the event that the realtor you want to buy from is new to you, it may not be enough to just ask him to provide the land coordinate, as an investor, it is advisable that you also go check the property with your surveyor to pick the coordinate by himself and do the land search to be sure they correlate. This is to ensure that you do not fall into the hands of scammers who could do anything to make you commit payment for a property. Things like giving you the coordinate of another land that is free and original. If you go on to make a search on that, it would only tell you how legit it is, whereas, you were given a coordinate that belongs to another land.
To ensure my clients do not go through all of this stress, I do all of these on their behalf and only come out to showcase legit properties, and that’s why over 100 clients home and abroad, including cooperative societies, trust me on landed properties.
3. Go For Site Inspection:
Inspection means going to check the property you are about to purchase, to ascertain the validity/truthfulness of what has been advertised to you. Yes, I know that you fell in love with the video of the interior and exterior parts of that house. I know the pictures sent to you were very neat and detailed; you still need to inspect the property. I usually advise my clients to do so.
Adekunle Realty, what if I am very busy or what if I’m a Nigerian living abroad?
That is no problem!
Thank God for technology, Real Estate companies can now do virtual inspections of the property, whereby both of you (strictly) would be live and you’re seeing what you are about to purchase. Viola!
The reason is not just because of scammers, it also boosts your confidence that you’re about to make the right decision. It has a way of making you burst with energy!!!
4. Consult A Realtor or Lawyer For Document Verification:
Sometimes, you may still need to meet with your Lawyer if you have one, or tell your Realtor to personally help verify the property. A professional realtor would assist you through the process; go the extra mile to ensure you get the best and most legit document for your new property.
That’s why I only market properties I have personally confirmed their originality from the right sources to my clients because the end product is your satisfaction and comfort! I do all of these so that you can build your wealth continually through real estate and without a sweat. This is what brings me joy!
BONUS:
5. Run your background check on the company:
You may also want to check the company’s name up on Corporate Affairs Commission’ website, ask for the CAC registration number or better still, check up the company’s website itself and do the little you can. Google is also your friend, use it. However, when you work with me, what I provide is the best you can ever find!
CONCLUSION:
The above secrets are what some realtors will never let you know, because all they are after is their own commission rather than ensuring the clients have a safe landing.
You can make millions from a single landed property if you are part of those that invest to win.
But then, if you do not get it right from the beginning; it may end up in total loss of money.
Right now, the overall Real Estate business in Nigeria is booming.
According to a study published on BusinessDay, the Real Estate industry in Nigeria is projected to boom than ever before, especially Epe and Ibeju Lekki as you can see below:
This is one of the reasons I highly recommend buying only legit properties.
So, How Come Only A Few Nigerians Are Doing This?
There are three reasons:
(1) They don't know about the juice in real estate business.
(2) They know about it, but they lack enough information to get started and succeed with it.
(3) You can begin to enjoy cash flow in real estate if you have at least N1M as capital and willing to follow expert' advice.
But the good thing is that you can turn your capital into a lot of profits within a few years if you use a proven system.
Talking about a proven system, permit me to invite you to my one-on-one FREE real estate strategy session where I have helped many people to succeed with Real Estate Investment in Nigeria.
This One-on-One Session Will Show You:
· How to identify and select hot properties in Nigeria.
· How and where to find more than one property that suits your budget.
· How to design an effective way to bring in cash flow on your real estate investment within the shortest time possible.
· How to buy houses and lands below the current market prices in Nigeria.
One more thing...
In case you are having doubts about if this real estate strategy will work for you or not, my answer to that is - IT WILL WORK FOR YOU
As long as you follow the simple secrets that would be shared during the few minutes.
It is now your decision to make.
Click here to get started.
07061428349.
@Adekunle Adewunmi 2022
