To buy a house in Lagos is the dream of most Nigerians. It is so unfortunate that investors or first-time homebuyers do experience challenges after buying their dream house. Such challenges range from poor plumbing works, cracking walls, to poor drainage systems which result in flooding of the vicinity.
This is why we at ThinkMint Nigeria recommend that you carry out proper checks on the house before you make an initial deposit or sign any contracts.
However, this article focuses on:
*Areas or location to consider when buying your dream house
*Property documents you need to know after purchasing your first house
*What you need to check out for when buying a house in Lagos
*Areas or location to consider when buying your dream home
Lagos, which is known to be the most populous city in Nigeria as well as the second-largest in Africa is known to be divided into two regions; Lagos mainland and Lagos Island.
Lagos mainland is known to comprise both rural and urban areas, while Lagos Island is a majorly urban region of Lagos where most rich people stay.
Having said this, the cost of living on the island is far more expensive than on the mainland and this in return has affected the cost price of the property in this location.
Let us take, for instance, a luxury three-bedroom terraced house in Ikorodu can cost less than N30 million, while in Sangotedo Lekki costs between 35 million to 40 million.
So it is always better for investors to do a little research on the property market on the location that brings good returns on investment.
Property documents you need to know after purchasing your first house in Lagos
Before you can have a property document after making a successful transaction on your dream home, it is crucial to know the Title of the land in which the house is built.
By ‘Title’ I mean a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest.
This property title includes; Certificate of Occupancy, Governor’s Consent, Government Approved Excision, Gazette, and so on. (Don’t worry, kindly keep in touch as we will put out content to help you on that later).
Having known the different land titles and you have made an initial deposit for that dream home, a receipt of payment has been issued, below are documents required after making payment for that dream home:
Contract of sale: this shows that a transaction has taken place between you and the company or developer you are dealing with.
Deed of assignment: This is a legal document that shows that the seller or developer or the company has transferred the property to you and it is always given after the conclusion of the property transaction between the buyer and the seller.
Survey Plan: This is also an important property document that helps to reveal the ownership status of the property.
It spells out the size of a parcel of land. With the survey plan, you can know if the property is committed or not.
What you need to check out for when buying a house in Lagos
Wall Cracks: Cracks from the wall usually happened when the developer don not put into cognizance the soil test before the foundation is been done for the property.
Oftentimes, some developers believe that soil testing is a total waste of money. However, they fail to carry out a soil test and they end up doing the wrong types of foundation which may later affect the physical structure of the building.
Every property investors or first time home buyers need to pay adequate attention to details in terms of the building structure, Wall cracks e.t.c
Sewage systems: Always ensure that you check the sewage systems. Ensure that it is properly channeled and that the borehole system is not close to the sewage system.
Check Plumbing Works and Electrical installations: Ensure that you test the electrical installations to ensure everything works fine. Also, ensure you check for water leakages because the pipes used by some developers are substandard.
Carry out your search on the property document: It’s imperative to request a scanned copy of the survey plan of the house you intend to buy so that you can verify the authenticity of the property from the Lands Registry in Alausa Ikeja.
Besides, also ensure that you hire a land surveyor to check the coordinate physically as some companies tend to put uncommitted land coordinates on a committed one.
In a nutshell, do dealings with reputable real estate companies that will reduce the stress and money you are to spend on property verification. At Thinkmint.ng, https://www.thinkmint.ng/buyrealestate/what-to-look-out-for-when-buying-house-in-lagos/, we provide you with genuine property in the city of Lagos.
Request for the building plan approval: It is also vital to request for the building plan of the house you intend to buy as that will guide you to know whether or not that building complied with building laws and codes and to prevent people from just constructing as they deem fit.