Buying your first home in Nigeria is supposed to be exciting, right? It’s a milestone, a dream come true, and a step toward building generational wealth. But for many first-time buyers, that dream quickly turns into a nightmare. Why? Because Nigerian real estate agents often exploit the inexperience of new buyers to overcharge them, hide critical information, and push them into bad deals.
Take Tunde, for example. He saved for years to buy his first home in Lagos. When he finally found a 3-bedroom apartment in Ikeja for ₦35M, he thought he’d struck gold. But after moving in, he discovered hidden fees, unresolved land disputes, and a leaking roof that cost him an extra ₦6M to fix. Tunde’s story is all too common—but it doesn’t have to be yours.
In this article, I’ll reveal the 5 rookie mistakes Nigerian agents exploit to overcharge first-time homebuyers and show you how to avoid them. By the end, you’ll have the tools to save millions, avoid scams, and buy your dream home with confidence.
Mistake 1: Not Researching Market Prices
Imagine this: You find a beautiful 3-bedroom apartment in Lekki listed for ₦25M. It’s within your budget, so you jump at the offer. But what you don’t know is that similar properties in the area are selling for ₦20M. Agents often inflate prices because they know first-time buyers rarely do their homework.
Why It Happens:
- Lack of access to reliable property data.
- Trusting the agent’s word without verification.
How to Avoid It:
- Use platforms like PropertyPro.ng, or PrivateProperty.ng to compare prices in your target area.
- Join Facebook groups like “Lagos Property Seekers” or “Abuja Real Estate Investors” to get insights from other buyers.
- Talk to locals or recent buyers in the neighborhood to understand the true market value.
Pro Tip: Always ask the agent, “What’s the lowest price you’ve sold a similar property for?” This question can reveal their flexibility and help you negotiate better.
Mistake 2: Skipping Legal Due Diligence
Here’s a scary thought: You buy a piece of land in Abuja, only to discover it’s already pledged to a bank or embroiled in a family dispute. This happens more often than you’d think, especially when buyers skip legal due diligence.
Why It Happens:
- Agents rush buyers to close deals quickly.
- Buyers assume the agent has verified all documents.
How to Avoid It:
- Hire a lawyer to verify the property’s title documents at the Land Registry.
- Ensure the property has a valid Certificate of Occupancy (C of O) or Governor’s Consent.
- Check for any encumbrances, like mortgages or court injunctions.
Pro Tip: If the agent hesitates to provide documents or pressures you to skip legal checks, it’s a red flag. Walk away.
Mistake 3: Ignoring Hidden Fees
You budgeted ₦10M for your new home, but when it’s time to pay, the agent hands you a bill for ₦12M. Where did the extra ₦2M come from? Hidden fees like “agency fees,” “processing fees,” and “stamp duty” are common tactics agents use to overcharge unsuspecting buyers.
Why It Happens:
- Buyers focus on the property price and overlook additional costs.
- Agents intentionally omit these fees until the last minute.
How to Avoid It:
- Ask for a detailed breakdown of all fees upfront.
- Research standard fees in your area (e.g., stamp duty is typically 1-2% of the property value).
- Negotiate or walk away if the fees seem excessive.
Pro Tip: Always ask, “Are there any other fees I should know about?” This simple question can save you millions.
Mistake 4: Falling for Emotional Manipulation
Agents are masters of emotional manipulation. They’ll say things like, “Three other buyers are interested,” or “Prices will rise next week.” These tactics are designed to pressure you into making a hasty decision.
Why It Happens:
- First-time buyers are eager to secure their dream home.
- Fear of missing out (FOMO) clouds judgment.
How to Avoid It:
- Take your time. Visit the property multiple times at different hours.
- Bring a trusted friend or family member for a second opinion.
- Remember: If the deal feels rushed or too good to be true, it probably is.
Pro Tip: Politely tell the agent, “I need time to think about it.” A good deal won’t disappear overnight.
Mistake 5: Not Inspecting the Property Thoroughly
You move into your new home, only to discover a leaking roof, faulty wiring, and a broken sewage system. These issues could have been avoided if you’d inspected the property thoroughly before buying.
Why It Happens:
- Buyers rely on the agent’s word or a quick walkthrough.
- Agents hide defects to close the deal faster.
How to Avoid It:
- Hire a professional inspector or contractor to assess the property.
- Test everything: lights, taps, doors, windows, and appliances.
- Check for signs of water damage, cracks, or poor construction.
Pro Tip: Visit the property during the rainy season to spot leaks or drainage issues.
Conclusion: Your Dream Home Awaits
Buying your first home in Nigeria doesn’t have to be a stressful or expensive experience. By avoiding these 5 rookie mistakes, you can save millions, avoid scams, and make a confident investment in your future.
Remember, you’re not just a first-time buyer—you’re a smart buyer. With the right knowledge and preparation, you can outsmart even the most cunning agents and find your dream home.
Your dream home is out there—and now, you have the tools to find it.
