Factors to consider before buying Nigeria’s property
Nigerians residing abroad may face challenges in understanding the details of a property if they have been away from Nigeria for an extended period. However, when property listings provide comprehensive information about the features and surroundings of a property, it greatly assists in making well-informed decisions. Nigerians living abroad who are considering investing in property in their home country should prioritize thoroughly assessing the features of a property for several reasons:
- Ensuring Value for Money:
The location of the property and its neighborhood significantly impact its value. Proximity to essential amenities such as schools, hospitals, markets, and transportation can enhance the attractiveness and market value of a property.
The dimensions of the property, including the number of rooms, bathrooms, and overall layout, should align with the buyer’s requirements and justify the price. Evaluating the condition of the property, including the quality of construction, age, and any potential need for repairs or renovations, helps ensure that the investment is financially sound and avoids any hidden costs after the purchase.
2. Maximizing Rental and Resale Potential:
Properties equipped with modern amenities like reliable water supply, power backup, and security systems, as well as desirable features such as parking spaces and green spaces, tend to attract higher rental income and offer better resale value. Having a good understanding of the Lagos real estate market enables investors to choose properties that are in high demand, ensuring they can quickly find tenants or buyers.
3. Avoiding Scams and Fraud:
Verifying the advertised features of a property against its actual condition is crucial to confirm the legitimacy of the deal. Scammers often misrepresent properties to deceive potential buyers. Ensuring that the property has a clear title and all necessary documentation in place prevents legal disputes and confirms rightful ownership.
4. Personal Satisfaction and Suitability:
For individuals planning to use the property for personal purposes, it is essential that the property aligns with their lifestyle and preferences. Features such as the number of bedrooms, kitchen size, and backyard space can significantly impact the quality of living. Overall, by thoroughly assessing the features and surroundings of a property, Nigerians in the diaspora can make informed decisions and ensure a successful investment in real estate back home.
5. Investment Stability and Appreciation:
Real estate in areas that are economically stable and experiencing growth tends to appreciate consistently, making it a secure investment. Neighborhoods with infrastructure projects underway or planned (such as new roads, public transportation, or commercial centers) often witness an increase in property values over time.
HOW CAN YOU VERIFY THE FEATURES AND NEIGHBORHOODS OF A PROPERTY LISTING REMOTELY?
1. Request a video tour from the realtor.
2. Arrange for a trusted individual to inspect the property.
3. Conduct a video call for a virtual tour.
4. Ensure that the details listed align with what is shown in the video.
5. Utilize a map to check the location.
culled:www.ripplesnigeria.com
