Properties are what most of us have to think about at one point or the other. Money may come and go but properties, if well managed, will be there for the owner come rain, come shine; come recession, come pandemic. The only things that threaten properties are natural disasters and war. Most of these things rarely ever occur in this part of the world and getting the right information could even prevent them from happening. Of course one needs money to buy these properties but getting the money is one thing then knowing how and where to buy the property is another thing to carefully consider and plan towards.
Lagos state, Nigeria is a perfect place to buy properties. This is so because of the rate at which the state is growing in both wealth and population. Most companies operating in Nigeria and even Africa as a whole have their headquarters in Lagos. Some of the biggest markets in Africa and some of the most talented individuals in and outside the continent of Africa are in Lagos. Lagos state is truly a center of commerce and businesses. Things are moving at an alarming speed in Lagos. One can even get left behind if one does not make up his/her mind on time and act swiftly to get a share in this massive money struggle.
In this article, I take the time to analyze the steps to buying a property in Lagos. I hope that you would take this advice seriously and save yourself the pains of buying properties in Lagos blindly.
(1) Get the Money
The first that that you need to buy properties in Lagos is money. No business transaction can be complete without money with which to pay or get paid with.
(2) Have the Required Budget
Once you have gotten the money, you have to decide on how much you can buy a property with. What I mean here is that you should budget for the kind of property you can buy with the money you have. This is to know the kind of properties to fix your gaze and target on. The less distracted you are with other properties you don’t have the financial power to buy, the more you stand a chance in getting the ones you can really afford.
(3) Choose A Suitable Location
Lagos is Southwest of Nigeria but inside it, there are also east, west, north, and south. These are locations and it brings us to the third point which is location. In Lagos, you have to know where you wish to get the property. For instance there are two major locations in Lagos. One is called mainland and the other is called island. These locations contain majority of the cities that make up Lagos. Ikeja is in mainland Lagos while Ikoyi is in Lagos Island.
(4) Involve other People (to help you)
Once you have made up your mind about the location, you can now start the legal process of getting a legit property by hiring a good Lawyer. Whatever is concluded on words of the mouth usually does not take much seriousness as what is concluded on paper. You need a legal practitioner who will put your buying of the property on paper in case somebody wants to deny you ownership of your property in the future.
(5) Know More About the Seller and the Property
This is very important because some people these days who pose as sellers might just be fraudsters who do not have the authority to sell the property. So many people have bought properties and were happy that they had bought properties until someone just shows up. Before you know it there are legal actions on ground to claim the property back because the buyer obviously didn’t do his homework well. This often results in a severe loss for the ignorant buyer.
Also, ensure to inspect the property very well before putting your money on the line for it. Some properties are just bad goods polished on the outside but severely damaged on the inside waiting to be handed over to an unlucky person. It’s like buying problem with one’s own money. Bad thing about this is that even if you discover the mistake you have made, and that you have been sold a bad bill of goods, you can’t undo the transaction. Not after money has been paid and property has been claimed. The circle just goes on because they buyer also looks for another person to sell to or pays for the repair of the damaged property with his own money and that will be a big loss.
Related: How To Buy Property In Port Harcourt
(6) Inspect the Property Yourself
Some people make the mistake of buying properties without viewing the property themselves. Some may think because they have somebody doing all the work, they don’t need to stress themselves to come down and view it. Most times, this is what leads to the problem of buying something and regretting afterwards. Take time to go and look at the property you are buying and understand its anatomy in-and-out. It is very important. They (people) may say all the nice things about it but you may not like it as they say when you arrive at the spot; what you hear could turn out to be completely different from what you see.
(7) Look for Information Related To How Much Other People Buy Properties Of Such.
You can’t just let a buyer give you a price and you stick to that. You have to know by research how much it would cost before hearing if what the seller will say is outrageous or not. It is only after you have done your proper homework that you can now talk to the seller about price. This is the negotiation part. It is a common thing for people to give outrageous prices to things at first but as a knowledgeable person, you will know where to start your negotiations from. This is what will determine if you should buy or shun the property.
(8) Do Necessary Recording and Documentation
After everything groundwork has been completed, prior to the transaction, putting things down on paper is the final step. Both you and the seller should get the proper paper work done, with correct signatories and agreements instituted. Upon validation and completion of all the basics, the transfer of property to the new rightful owner would be done. This documentation is necessary to avoid or tackle conflicts in the future.
Securing your future is not just about saving money but also getting a property tied to your name. These kind of investments pay off in the most unexpected way. Time waits for no man. So, decide quickly and make a move to buy properties in Lagos that you desire today and need for future use.