That money you’re about to send will just disappear— don’t say we didn’t warn you. Before you buy any property in Nigeria, here are four simple steps you must follow to do your real estate due diligence.
The first step is to decide the purpose of your investment. This is the foundation of a good investment. If you’re buying a home, you’ll have a different priority compared to when you’re buying a land. Ask yourself, are you buying to build now, build later, build to rent, or just to hold and resell later? Knowing your goal helps you choose the right location and property type that fits your plan and what exact due diligence you should do.
Next, get a good realtor. Don’t downplay the importance of a good realtor. Please take the word ‘good’ seriously. This can make a difference between having a smooth or ugly and stressful transaction. A professional realtor who knows his or her onions can save you a lot of stress and time.
Your realtor will help you find legitimate properties, or verify choice properties you picked out yourself. They equally guide you through the paperwork and ensure everything goes smoothly.
Thirdly, check the seller’s integrity. Verify the seller’s history and track record—don’t just take their word for it. You want to be sure you’re dealing with people who are trustworthy, so do your background checks. In most cases, your good realtor sorts this out for you. But the important thing here is that you have a solid idea of who you are dealing with and what the outcome of your transaction with them should be.”
Finally, conduct a physical or virtual inspection. Whether you’re inspecting in person or online, make sure you get a real look at the property. Verify its condition, the surrounding area, and any claims the seller has made. In the absence of an inspection, you are most likely flying blindly. There must always be something to inspect either virtually or physically.
Do yourself a favour and get to the property in person or virtually. If those options are not viable, explore a third option which is inspection by proxy that is to send someone you trust his or her judgment to inspect the property on your behalf. In all, do not complete that transaction without an inspection.
We are sure you have a friend who would likely make this mistake, please send this to him or her. Who knows, you might save them a whole lot of trouble. Real estate due diligence is very important.
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