Key Steps to Take Before Buying a House in Lagos.



Lagos is a metropolitan city that attracts a lot of visitors and tourists. Many times, these visitors are so taken in by the beauty and charisma of the city that they relocate to live in the city for a while or even permanently.

Most migrants, who come to Lagos, over time, realize that it is a better bet to buy a house or build one in the city than to keep paying rent. Aside from being a cheaper option, buying a house gives a sense of stability and security.

While purchasing a house in the city is one of the biggest and most daunting purchases a person ever makes, there are certain steps that could be taken to ensure the process is seamless and the purchase, rewarding.

Bokima Cyril Homes Ltd (BCHL-Lagos) Africa’s No.1 online Real Estates & Automobiles Procurements & Sales Services Company in Lagos proffers key steps to take before buying a house here in Lagos.

HAVE A BUDGET:
A majority of prospective property buyers in Lagos make the mistake of not having a budget before they set out to make a purchase. Buying house is not as easy as walking into a grocery store and buy provisions. From legal to agency fees, there are a lot of hidden and extra costs that need to be considered. Also, you need to know how much you can afford so you know what area to research and where to draw the line or put a pin in the course of your search.

INSPECT AND OBSERVE THE PROPERTY:
The moment you find a house that catches your fancy and fits your budget, ensure you pay the property a visit to inspect its environs.  Check for signs of structural damage or things that may need fixing. It is usually important to do the inspection with your real estate agent as sometimes they may notice something that you do not notice. Your observation will give you opportunities to re-negotiate on price or withdraw interest outrightly.

INVESTIGATE HISTORY AND FIND OUT PROPERTY VALUE:
If after inspection you still love the house, investigate the house, find out who the owner of the property is, who is selling the property, who the previous owners were, why the house was put up on sale etc.  Then, arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets you know if you are paying a fair price for the house.

VERIFY THE PROPERTY DOCUMENTS:
Before you make payments for the house, confirm there are authentic documents to prove ownership of the house. Also, ensure you verify the documents being presented . Check with the local registry and the state government – To know if the property is registered as a  government acquired property and if there are pending litigation or issues on the property. The bureau of lands of Lagos state is responsible for all land related matters in Lagos state. Verification is a very important thing as it confirms the validity of your purchase and saves you from fraudsters or any future heartache with the Government.

MAKE PAYMENTS AND COLLECT ALL RECEIPTS/DOCUMENTS:
Make all payments regarding the house with your lawyer. After making payment, make all efforts to collect every related receipt forms Also, from deed of assignment, contract of sale, letter of allocation, affidavits, purchase receipt, deed of gifts, letters of administration, e.t.c, there are so many documents you need to ensure you collect after making payment to guarantee authentic ownership.  After you have collected the necessary documents and receipts, file them with the Lagos State Government. It is important you do so, that way your purchase is valid in the eyes of the law.


Courtesy: Bokima Cyril Homes Ltd (BCHL-Lagos)
Instagram: @bokimacyrilhomesltd
Twitter: @BokimaCyrilHomz

Comments

Post a Comment

Popular posts from this blog

STEPS TO TAKE ON LAND VERIFICATION IN LAGOS

Image
The land verification in Lagos cut across different stages. These stages involve confirmation of survey at the office of the Surveyor-General, search at the land registry, search at the Corporate Affairs Commission and many other places as it may be applicable to a particular land transaction. By and large, the relevant methods or means for property verification in Lagos. Are briefly discussed below.  Confirmation At The Office Of The Surveyor-General: The confirmation or verification of the location of land through the coordinate as contained in the survey document is one of the means for land verification in Lagos. The applicant may duly apply to the office of the Surveyor-General to confirm the status of particular land using the coordinates of the land. This type of land verification process will reveal whether the land does fall under any government acquisition or not. It will also reveal the accuracy or correctness of the survey document of the land. Search At The Lands Regist
Read more

ELEVEN DOCUMENTS THAT MAKES YOU LEGAL OWNER OF THAT LAND

Image
Once upon a time, our forefathers bought plots of land from their colleagues or community members without a receipt. All they needed was a witness. From there, a written transfer of ownership and a witness were needed, but today, everything has completely changed. In fact, a receipt is no longer enough to prove an ownership of a piece of land in a competitive city like Lagos. Some Of The Reasons For This Isn’t Far-Fetched : The economic value placed on land has gone beyond what we knew it to be; Anyone could forge and manipulate a receipt and dupe an investor Forging of land receipt is common phenomenon among omo-onile (land grabbers) in Lagos. It has happened severally in the past and hundreds of prospective real estate investors have lost millions of naira. Pathetically, this ugly incidence may continue if you don’t know the land documents that give you the legal ownership of a property in Lagos, Nigeria’s commercial city. So, what are the land documents to know before buying land in
Read more

When Buying Or Renting Properties In Lagos.

Image
We have gone through most requests of intending clients as regards lease of certain accommodation spaces and properties listed and we found out that prospective tenants or future property owners are not being adequately advised on steps to take.. Below are a few advices that might help WHEN RENTING A PROPERTY: a. Whenever you say "i am looking for a property to rent around lekki, ikeja, v.i etc, first you must know that these areas are choice areas that attract high tenancy rates because they have low density areas & amenities so it would be baffling to hear someone saying "our budget is between N700,000 to N850,000 per annum". What they would likely get for that price would not be more than a one bedroom boys quarters with toilet and bathroom together (if any) and the size of it all might not be more than 8 by 12 at most. Also, whenever for instance an agency tells you that a rent is N600,000 per annum, you must always factor in the prevailing fees that foll
Read more