Blog, Property, Real Estate

SIX MISTAKES TO AVOID WHEN BUYING PROPERTY IN NIGERIA

Here are the few mistakes that we make when purchasing a land especially when you are so excited and eager about owning your own plot of land. They are not easy to get out from though, it’s time – consuming and it can be very costly and very frustrating.

1. Not Researching Before Purchasing A Property

Ensure you schedule a site inspection.

Investigate the title on the property with the Ministry of Lands. etc

Take time to review the available documentation.

Take time to investigate important parameters about the property before you put down your money.

2. Not Knowing The Property Setbacks

Setbacks are the guidelines that state how close to the border of your property you can build. Your local building department or owner’s association will have the answer to this question, and it may affect where you put your house; on smaller lots, setbacks may even dictate the size of the home’s footprint.

SETBACKS
Picture From Nairaland

3. Not Investigating The (Planned) Developments In The Neighbourhood

Take time to investigate the existing and proposed developments in the area where the property is located. This information will affect the value of your property, if you plan to sell in the nearest future.

4. Not Planning For Fees And Taxes

Take time to ask about these so that you will not be like the one that started building a house without counting the cost. That’s the history of 85% of the abandoned buildings we find around.

Many times, in a bid to sell the properties fast, some realtors are silent about additional levies and taxes.

5. Not Planning Your Finances In A Sustainable Way

That’s why we came up with the Vision 2020 Property Ownership Scheme.

Sometimes, we set unrealistic property ownership goals for ourselves. We’ll plan to build the house without considering school fees and the rent of the house we will live in while building our own house.

6. Making Emotional Decisions

Some of us have decided to buy property from people without carrying out appropriate checks simply because they “sounded” genuine. Property investment is not for the sentimental. Ask questions when things are not clear to you.

#RealEstateRevolution

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