Living and working outside Nigeria comes with a lot of perks – consistent income, access to basic amenities and a healthy standard of living. However, if you are looking to retire back home; it makes sense to have a property or two in your name – in your fatherland.

When it comes to property purchase, most Nigerians living abroad tend to make a couple of mistakes. If not properly checked, these mistakes will cost a fortune and, in some cases, the inability to push further with more property acquisitions.

If you are looking to acquire some lands or houses in Nigeria from the diaspora; you should know better to avoid certain mistakes.

1. Being Cheap is Relative

The number one reason why you will be scammed as a Nigerian from abroad buying property in the country is your inability to sieve out the relative affordability of the property.

It is worth noting that the prices of lands and houses differ by various factors, such as location, size and developmental strides. Hence, the valuation in Lekki will differ from that of Epe or Ibeju-Lekki. Likewise, the cost of a property in a remote village will be lower than that of an urbanized area.

Therefore, understand the reasons for the “cheapness” of the said property before investing.

2. Don’t be in a Rush

If there is any factor militating against Nigerians buying properties; it is the Fear of Missing Out (FOMO). Moreso, now that real estate companies offer discounts and batch payments; you want to take advantage of that to own choice lands.

Yet, being in a hurry comes with a lot of downsides, including:

  • Failing to do due diligence about the property.
  • Throwing caution to the wind and purchasing a property, against doing background checks on the history, real owner and the valuation.

3. Entrusting Your Property Purchase Decision to Someone

This happens almost every time. Due to the fact that you are not in the country, there is a chance that you will be buying either through proxy or counting on the opinion of others.

However, you mustn’t entirely rely on the opinion, coercion and or insistence of your relatives and friends to buy a said property.

Your best bet is to reach out to a professional real estate company to help you look into the property and provide valuable advice.

Recommended: How to Easily Identify a Fake Real Estate Company in Lagos: Signs to Watch Out for

4. Not Recognizing Opportunities when they come Calling

Many years ago, people bought lands for the purpose of selling later in the future and making some profits. While that trend continues to today, a few changes have been made. Nowadays, property purchase decisions are made for the following reasons:

  • Resells
  • Building a structure, such as rental apartments and;
  • Leasing the property.

 

But how can you tap into those opportunities if you didn’t recognize them in the first place? For example, there is an opportunity for you to own a property in Epe and in a couple of years, flip it for more profits or build a structure on it.

5. Procrastination Kills Dreams

As much as you don’t want to be in a hurry; you also don’t want to keep waiting for ages before buying properties in Nigeria from outside the country.

The first set of investors who bought lands in Epe have made a decent turnover. You could have made the same – or even more, if you had not been sitting on the fence.

It is time to jump that from that fence and start taking action when they matter.

6. The Mistake of Leaving a Property “Bare”

This might have worked in times past, but the times are changing and so should you. Today, you are better laying a claim to a property when you erected a structure on it – and of course, having the paperwork too.

Don’t make the mistake of buying a property and leaving it “bare.” Always establish a physical presence on it, by way of fencing it, building a gate to protect it or better still – erecting a structure on it.

Recommended: 5 Questions You Should Ask a Realtor Before Going for Land Inspection in Lagos

7. Failing to Factor-in All the Costs

This is one mistake you would be able to avoid if only you reached out to a reputable real estate company. You see, the “true costs” of buying a property in Nigeria is not just the value or market price of the property. It also includes other related costs – including the ones tagged as “hidden costs or hidden charges.”

When you don’t factor-in all these, you might just become disgruntled to be asked to settle the other fees. For example, besides the costs of the property, other costs that add up include:

  • Cost of getting the land title documents, assuming you want to get other titles, apart from the one the property came with.
  • Professional or agent’s fees which is about 15% of the property’s valuation.
  • Community fees, if the property belongs to the community.
  • Legal fees, for the legal paperwork, prepared by the Attorney.

Note: you also need to consider the cost of getting a land large enough to accommodate the structure you want to erect.

8. Being Led by Emotion

Every business requires interests on both sides, but you must rule your emotions out of it. Buy a property because you want to – and there’s a need for it not because you are thrilled by the prospects alone and the excitement of owning a property.

9. Not Having All the Details before Purchase

Don’t make the mistake of buying a property that you are not sure of, in the real sense of the word. Endeavor to do the following:

  • Ascertaining the location and size of the property.
  • Confirming the ownership of the property – whether it belongs to the Government/State, an individual or a community and;
  • The land title documents.

10. Hoping Against Hope

We saved the best for the last. Some Nigerians living in the diaspora make the mistake of looking at property purchase as a way to make money.

Although this is true, you must not entirely regard real estate as a “quick-money scheme.” Reason? Depending on the location, it may take a longer time for the value of a property to go up after purchase.

Hence, buying a property out of need and not necessarily flipping for more income is a better way to approach it.

Final Words on the Mistakes Nigerians in the Diaspora During a Property Purchase

In conclusion, you would be able to avoid some of the loopholes that Nigerians abroad face when buying properties in the country if you consult a professional. Do a personal due diligence to be sure of what you are paying for.

Would you like to buy land or house in Epe, Ajah, Lekki, Ibeju-Lekki or anywhere in Nigeria? Reach out to us on +234 806 400 3456 or send an email to support@godslandempire.com. We are ever ready to assist you on your property ownership journey in Nigeria.