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10 things to do after you decide to buy a property

Posted by DanbelProInv on April 15, 2023

Buying a property is a significant investment that requires careful planning and consideration. After deciding to buy a property in Nigeria, there are several things you need to do to ensure a successful purchase. In this article, we will discuss ten things to do after deciding to buy a property in Nigeria.

Deciding to invest in property is one of the most significant financial decisions you will make in your lifetime. After making this crucial decision, it’s crucial to have a plan for what comes next. In this article, we’ll explore ten things you should do after you decide to buy a property in Nigeria.

1. Determine your budget

Before taking any further steps, it’s critical to ascertain how much you can afford. You have to realistically consider every expense related to the purchase in order to establish a realistic budget. Start by determining your maximum borrowing capacity and then work backward from there. This will be determined by factors such as your credit score, employment history, and the size of the down payment you can afford to pay. All of these elements should be considered before making a purchasing decision.

2. Identify a suitable location

Whether you are buying a property for personal use or an investment, the location is critical. A property that is well-located will be easier to rent or sell and have potentially better long-term price appreciation prospects. Determine the type of environment, neighborhood, and proximity to critical services important to you and your family.

3. Choose the right real estate agent and company

A reputable and experienced real estate agent and company like Danbel Properties and Investments Limited can guide you through the process of purchasing a property, from identifying your needs, searching for the right property, negotiating a price, and closing the deal. Ensure you choose an agent that is well-versed in the location you are interested in and has a proven track record of successful transactions.

4. Perform a title search and legal due diligence

It’s essential to verify that the property you’re interested in is free of any legal issues. Ensure that the title is clean by performing legal due diligence. Obtain a copy of the property’s title deed and work with a legal professional to verify its authenticity and the absence of any encumbrance that could lead to legal issues during or after the transaction.

5. Conduct a thorough inspection

Before closing the deal, it’s important to inspect the property to identify any potential issues. The inspector can identify issues such as leaky roofs, faulty plumbing, electrical issues or decay that you may not be aware of as a buyer.

6. Consult a legal and tax professional

Purchasing a property can potentially make you subject to tax issues you may not be aware of, including Property Tax, Land Use Charges, Capital Gains Tax, and others. Consulting with a tax professional to ensure that you meet all tax obligations on time and can claim all appropriate deductions, credits, and exemptions can save you money.

7. Make an offer and negotiate

Once you’ve found a suitable property, you can make an offer through your real estate agent. Negotiations go back and forth until both parties reach a satisfactory agreement that favors both sides.

8. Closing the deal

The transfer of the property is not complete until the deal is closed, and this requires the execution of the sales agreement, title transfer and deed registration, and full payment of the agreed-upon cost.

9. Plan for moving-in costs

Start off the new investment on the right foot by planning for the additional costs that may occur after moving in, including utility bills, insurance, property taxes, and maintenance.

10. Move in

Now go ahead and move in.

In conclusion, investing in property is a significant financial commitment, and a well-designed plan and diligent approach are critical for success. Following the ten steps outlined throughout this article can help ensure that you are on sound footing when making a decision to buy a property in Nigeria. By taking the time to assess your goals, research the market, and work closely with a qualified real estate agent, tax professional, and legal experts, your investment can be a promising one that pays dividends for years to come.


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