5 Common Mistakes to Avoid When Buying Property in Nigeria
Buying property in Nigeria can be a great investment, but it can also become stressful if proper care is not taken. Many buyers lose money or face legal problems simply because they make avoidable mistakes.
Here are five common mistakes you should avoid when buying property in Nigeria.
1. Not Verifying Land or Property Documents
One of the biggest mistakes buyers make is paying for property without checking the legal documents.
Always confirm important documents such as:
- Certificate of Occupancy (C of O)
- Deed of Assignment
- Survey Plan
- Approved building plan
It is also wise to verify the property at the land registry or with a qualified lawyer before making any payment.
2. Dealing With Untrusted Agents or Developers
Some people fall into trouble because they buy from agents or companies they do not know well.
Before committing:
- Research the company
- Visit their office
- Ask for past projects
- Read customer reviews
Working with a trusted real estate company reduces the risk of fraud and incomplete projects.
3. Ignoring the Location and Environment
A property may look attractive, but the location matters a lot.
Check for:
- Road access
- Flood risk
- Security level
- Availability of electricity and water
- Future development plans
A bad location can reduce your property value and make it difficult to rent or resell.
4. Not Understanding the Total Cost
Many buyers only focus on the property price and forget other costs.
These may include:
- Legal fees
- Agency fees
- Documentation charges
- Survey and registration fees
- Service charges
Always ask for a full breakdown of all costs before making payment.
5. Rushing the Decision
Buying property is a big financial decision. Rushing because of pressure or fear of missing out can lead to regret.
Take time to:
- Inspect the property
- Compare other options
- Ask questions
- Review documents carefully
A careful decision is always better than a fast one.
Final Thoughts
Buying property in Nigeria can be safe and rewarding if you do it the right way.
By avoiding these common mistakes and working with experienced professionals, you can protect your money and enjoy peace of mind.
