12 Important things to look out for when buying a property in Lagos

Have you really considered what exactly are the most important questions to ask when buying a property in Lagos? Do you know that not asking some specific questions before buying a property could cost you a fortune?

The process of buying a property can be both scary and stressful. Even if this is not your first time buying a property, you will most likely go through the same process you did before buying your last property.

However, if you have a good real estate agent, there is no need to worry because your agent is bound by duty to tell you the truth about a property if you ask the right questions.

Let us take a look at the critical questions to ask when buying a property in Lagos.

1. How long has the property been on the market for sale?

This is the first most important question you must ask your real estate agent. If you find out that the property has been on the market for a long time (above 3 months), you have to find out why.

Have other potential buyers seen a fault with the property that you have not seen? You need to get answers before getting emotionally attached with buying the house.

2. Why does the owner want to sell?

Does your agent know why the owner is selling? Are they selling because they are moving to another location or area? Are they moving because they want to move to a bigger house? Of course, these could be good reasons that shouldn’t get you worried.

However, there are other reasons that you may want to think about too and decide if you can deal with them – like, if the property is in a very noisy location, what the cost of maintenance is, or if there’s a mortgage on the property that the owner is unable to pay.

3. What is the environment like?

You have to ensure that the environment meets your living standard. The quality of the schools around, crime rate, proximity to your important places, and the cost of transportation all come to the fore when you are about to invest in a property.

4. Have there been any major renovations on the property?

You need to find out the extent of renovations, if any, on the property. If the renovation was a major one, be sure to ascertain that it meets the building regulatory standard of the government.

5. What is the water and light situation?

Find out from your real estate agent if the property has clean water and if the area has stable electricity. In a case where the property is in an estate, does the estate have a central water distribution system? How much does it cost? Same question should be asked about electricity, find out how electricity is distributed to every property in the estate (is it prepaid or estimated bill?).

6. What is the title on the property?

It is very important to know the type of document or title that comes with a property before buying any property.

If you are a property investor, you need to acquaint yourself with the knowledge of the different property titles. Not knowing or understanding the meaning of a particular title could cost you your property. For example, going ahead to invest in a property that is under acquisition means that you risk losing your money and the property. Learn more about property titles in Nigeria.

7. How old is the property?

Knowing how old a house is gives you an insight into how the property was designed and constructed. A new or contemporary building will sure mean that you benefit from a modern energy efficient structure and eco-friendlier building systems.

Whereas an old house, built centuries ago, may fall short of the modern building regulations. They may have been constructed with substances that insurance companies may not want to insure, such as composite building materials; or buildings that used chalk, gravel, earth and lime for walls.

8. What and what are included in the property sale?

No matter what you see in the property, you only get what is listed on the contract of sale. It is your duty to find out from your real estate agent what and what are part of the sale. The TVs, the furniture, the fittings and consoles that you saw when you went to view the property should not be assumed to all be included in the transaction. Make sure you ask about what and what would be in the deal.

9. Are there disputes regarding borders with neighbours?

Land disputes are very tough to handle and can be happening for a long time which, if you are not careful, you could inherit.

And it can be quite difficult to exactly determine where borders are on a property. Sometimes, these borders are marked by beacons, some by erecting fences, and so on.

Note that it is your duty as a buyer to find out if the property you want to buy is involved in any form of border or boundary dispute. Not the duty of the seller.

10. How is the internet and mobile network signal in the location?

One great way to find out the strength of mobile networks in the new location is to check your phone. How strong is the service bar on your phone? Are you able to browse on the internet? Try making a call, is your call connecting? Can you hear the person on the other end clearly? These are all the checks you need to carry out before buying a property, just to be sure that you are making the right decision.

11. How structurally sound are the walls?

Just as pregnancy isn’t easy to hide for a long period, so is a structurally bad building even when they try to hide some of the damage. Here are some telling signs to look out for:

• Bending roofs and out-of-shape ceilings
• Cracks on the walls
• Lopsided or irregular flooring
• Deteriorating concrete
• Bad or rotten wood

12. Do you notice any sign of dampness?

Dampness can be caused by the entrance of water through hollow tops of walls, parapet, fences, defective roof slopes, bad rain water pipe connections, and a faulty connection between the parapet wall and the roof slab.

By using your senses when viewing a property, you can always spot dampness through the following:

• Tarnished walls
• A mildewed smell
• Peeling wall
• Presence of mildew or mould

these are very critical questions to ask when buying a property

Do you want to buy a property in Lagos, Nigeria? Check out some great property listings