4 Things to Know Before Buying a New Home in Lagos: A Guide for the Diaspora

Purchasing a new home is a significant milestone for anyone, but it becomes an even more intricate process when you’re considering buying a property in Lagos while living abroad. As a member of the diaspora, you have a unique perspective and set of challenges to navigate when investing in real estate.

In this blog post, we will discuss five crucial factors that you should consider before buying a new home in Lagos. By understanding these key elements, you can make informed decisions and ensure a smooth and successful property acquisition.

1. Location:
   Choosing the right location is paramount when buying a new home in Lagos. As someone in the diaspora, you need to carefully assess the neighbourhood’s accessibility, infrastructure, proximity to essential amenities, and potential for future development. For example, areas like Victoria Island and Ikoyi offer upscale living with easy access to business districts, restaurants, and international schools. On the other hand, areas like Lekki and Ajah are experiencing rapid development, making them attractive for investment. Researching the area’s security and stability is also crucial; for instance, neighbourhoods like Magodo and Gbagada are known for their relative safety and well-established communities.
   
2. Budget and Financing:
   Determining your budget and understanding the financing options available are vital steps in buying a new home. Conduct thorough research on property prices in Lagos and assess your financial capabilities realistically. For example, the average cost of a two-bedroom apartment in high-demand areas like Victoria Island can range from 50 to 150 million Naira depending on the location and taste of build and finishing.
   
3. Legal Considerations:
   Navigating the legal landscape is crucial when purchasing a property in Lagos. Engage the services of a reliable real estate attorney who is knowledgeable about Nigerian property laws and regulations. They will guide you through the necessary documentation, title verification, and contract negotiation. Ensure that the property has a valid Certificate of Occupancy (C of O) and all the required permits and approvals to avoid any legal complications in the future. For example, Lagos State operates a Land Bureau responsible for issuing Certificates of Occupancy, and the attorney will help you verify the property’s documentation with the bureau.
   
4. Property Inspection and Condition:
   As you are not physically present in Lagos, it’s essential to engage a professional agency to thoroughly evaluate the condition of the home you intend to buy. With your best interest at heart, our team can check for structural issues, plumbing and electrical systems, and any potential maintenance concerns even if you live outside the country. Ask for a comprehensive inspection report with photographs to make informed decisions about the property’s overall condition and estimated costs for repairs or renovations, if needed.
   
5. Finally, Choosing the Right Brokerage Agency:
   Selecting the right brokerage agency is crucial when buying a new home in Lagos. A reputable and experienced real estate agent can provide valuable guidance, market knowledge, and access to a wide range of properties.
   
   Our team at GIWA Realty boasts a strong track record of delivering excellence, local market expertise, professionalism and ethical standards in our operations. beyond your partners, we care about our clients, and this is why we go above and beyond to help you find your dream home.
   
   If you are looking to buy your dream home or invest in a property in Lagos, contact our team today at hello@giwarealty.com or call +234 806 319 5278