One of the most important financial decisions you can make is owning a property. Whether you’re looking to add diversity to your portfolio or build a hedge against inflation, real estate can be very lucrative.

Yet, ignoring certain factors may put you at risk of losing your investment in a market as lucrative as real estate. This is why you must put these into consideration before buying any property in Nigeria;

Budget:
The first and most apparent decision point in property purchase involves money. You need to count your costs before setting out to acquire a property. Knowing your financial ability to cater for the property cost, alongside extra expenses of legal fees, agency fees, survey plan fees, and certificate of occupancy fees, will guide you to buy a property you can afford, so as not to run into deficits.

Neighborhood:
Every neighborhood has a definite character and what it is known for. Some factors to be considered here are the type of community( rural or urban), soil quality and composition (whether swampy, rocky, highland, dry land, etc), proximity to the road, school, hospitals, nearness to market, water, and power supply, nearness to your work or business place.
Following the steps to drive around, contact the local law enforcement agency, speak with local real estate agents, and do online research will help you select a neighborhood that will be right for you. Moreso, the location influences the possibility of appreciation on your property.

Documentations:
Property investments are highly capital-intensive and can be one of the most expensive purchases of a lifetime. However, your status as a landowner can only be validated by several documents, not by a mere claim. Documents to look out for are the Certificate of Occupancy (C of O), Survey Plan, Deed of Assignment, Excision, and Gazette.

Zoning Restrictions:
Zoning restrictions set the standard in the size and placement of buildings in a location. Before purchase, the restriction planned on the area where the property is located must be looked into, as this will have a direct influence on the structure you can put on the land.

Background of the real estate developer:
Buying houses from developers is an increasingly popular option in Nigeria. It is highly important to consider the real estate developer's background before you pay any advance for the property. An ideal developer assures you of your project quality, communicates clearly about mortgage facilities, and takes responsibility for legal issues.One way to ascertain professionalism is if such a developer is a member of the REDAN ( Real Estate Developers Association of Nigeria) who would employ only the best qualified contractors, within the network of the REDAN community.

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