RELATED TO REAL ESTATE IN NIGERIA

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In Nigeria, dry season is the best time of the year to sell a property.

Homes can depreciate. Overall decline in the market, lack of maintenance, location and condition of the home are factors that can affect a home’s value.

The Real Estate market has lots of investment opportunities. Here are some of them:

  • Real Estate Investment Trusts (REITs): This is one of the easiest ways to make real estate investments without acquiring a physical property. REITs are regulated by the Securities and Exchange Commission (SEC). They form a collective investment scheme, which pools funds from investors and uses them to acquire income-generating real estate.
  • Land flipping: Another great way to invest is to buy land and sell it at a higher price. It is particularly profitable when you buy in a rapidly developing area, in which case you can make up to 300% in profits within a few months, or years.
  • Open space leasing: In this scenario, you buy land in a good location. While you wait for the property value to rise, earn monthly fees by leasing the land to people for temporary use. For instance, you can lease it to a church, mechanics or car wash, or other businesses that can construct a makeshift structure that will be easily dismantled when you are ready to sell.
  • Property development: This requires a huge capital investment. It involves acquiring depreciated properties that you can renovate and rent or sell at a very high-profit margin. As with any real estate investment, a good location is crucial if you want to make reasonable profits.

 

Here are some reasons why real estate is considered a good investment.

  • It provides a continuous stream of income; you can put out a house or land for rent.
  • It generates financial stability and guarantees financial security. Unlike stocks or cryptocurrencies, real estate is a tangible low-risk investment.
  • Real estate can be enhanced to increase its market value. You can make a few improvements to a property to increase its value.

Property Sales take typically within 30-45 days.

A Certificate of Occupancy, also known as the C of O, is a document issued by state governments in Nigeria to landowners and property buyers as legitimate proof of ownership. This document also spells out what the land can be used for; residential, commercial, or mixed development.

“Excision in Process” land title: A piece of land that is in the process of being approved by the Governor. It usually has an ‘Excision file number’ which tells you that the process is registered and underway. This process could take as long as 18 months in some areas.

Real estate transactions in Nigeria are risky and could expose innocent buyers to fraud. Therefore, employing the services of a reputable property lawyer could protect you against the risk of real estate transactions.

The process of purchasing a property requires a lot of important paperwork from the seller to effectively validate the transaction. These documents include:

  • Approved Land Survey Plan: This is an important title document that helps reveal the true ownership status of all land and real estate transactions. It also helps determine if the land is not owned by the government.
  • Deed of Transfer: This is a very important document and must be obtained and submitted to the buyer after the real estate transaction has been concluded between this buyer and the seller of the property in question.
  • Purchase Receipt: This is proof of proper payment for the purchase of the property and is usually required when registering the property.
  • Occupancy Certificate: This is one of the important land ownership documents used to prove the status of legal ownership of the land, regardless of the use of the land in Nigeria. It is usually given to the owner of the property by the government proving the interests of the owner of the land if the interests of the owner of the land comply with applicable law.
  • Power of Attorney: This is usually required when one person is acting as another person, a natural person or a legal person’s agent. This is a document that allows such people to act on their behalf.

Here are some things you should look out for, during a home inspection.

  • What does the exterior look like – Look out for visible issues like cracks on walls surrounding the building.
  • Look out for roofing issues – check rooms for signs of roofing damage.
  • Are there electrical issues? – It is advisable you go with an electrical expert to fish out issues with electrical outlets and appliances.
  • Check out every room – look inside rooms and spaces for signs of leaks and curious dampness. Check out the toilet and kitchen for red flags.
  • Are there plumbing issues? – Make sure taps are working. Try out the flushers of the water closet. Check for pipe leaks and unusual dampness.
  • Choose the Right Price to Sell Your Home

You need to set a suitable price for the house you want to sell. You need to know how much your property is currently worth by hiring a property valuation expert.

  • Use a Real Estate Consultant

For you to be able to sell your home in Nigeria at a great price right away, you need to fully understand the local market and the current cost of your type of property. You may need an experienced real estate consultant to help you navigate the complexities of selling your house.

  • Prepare Your Property for Sale

If you want to sell your home early in Nigeria, you need to prepare your home. When potential buyers come to see what they want to buy from you, you want them to feel like they already own a home.

  • List Your Property for Sale on Major Websites

Potential homebuyers in Nigeria are currently searching online for homes of their choice. It would be better if you had an online presence for sale in your home to reach the buyer as soon as possible.

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