A highrise building fell in 2021, killing 42 people on the scene. Prior to that, residents of a well-known estate created and managed by a top leading Real Estate company walked around with placards on social media complaining about the estate’s lack of competent management and uncontrolled flooding by the estate management despite the excessive service charge required.
This post is not intended to talk down on any Real Estate company but to guide prospective buyers on a more informed approach when buying a property in Lagos to avoid falling prey to any of these scandals.
These fatal mistakes will not only save you the stress and trauma that comes as a result but save you hundreds of millions in buying mistakes.
Below are the 3 Fatal mistakes you must Avoid when Buying a Property in Lagos Nigeria.
Buying a Property without a Building Plan Approval:
What is a Building Plan Approval?
A building plan is a formal consent by an official authority to show approval for the implementation of the information contained in a building plan.
A building plan is an infamous but very critical factor in the buying process.
Penalty for not Having a Building Plan Approval:
- Random demolishing of the property without compensation and permission by the owner.
- Payment of undue and unsolicited fees to crook officials posing to represent the government.
2. Incomplete / Failure to Conduct a thorough Due Diligence:
Residents of a well-known estate were recently evacuated from their homes after fully paying and moving into the houses with their families.
It was discovered that the developer had given out the entire houses in the estate to serve as collateral to service a bank loan.
You could imagine how that must have been, after heavily spending hundreds of millions to buy a home.
According to a famous title verification expert, 70% of the C of Os in Lagos are fake!
Just like the process of buying any precious material, buying a property involves a systematic process of comparing facts with evidence by an expert.
No form of urgency should ever compel you to buy a property without a thorough due title and ownership verification.
Several people have lost hundreds of millions buying a property only to realise every piece of information the property claimed to have was merely a facade.
Penalties for Buying a Property without a formal or incomplete verification
- Total loss of ownership of the property
- Paying twice for the property.
- Stress and Trauma from unwarranted court cases
3. Poor Structural Assessment without an Expert.
Beyond aesthetics, every buyer should never lose sight of the structural condition of the property.
Events like sudden collapse, cracks, and molds could pose a serious health threat and future disaster if not looked keenly into.
Get our free guide for practical steps on how to buy legitimate properties in Lagos without getting scammed.
My name is Salome Bassey, lead consultant at Real Estate with Sally
Our Subsidiary agencies include:
Website: www.realestatewithsally.com
