Purchasing your first property in Nigeria can be a life-changing step, whether you’re a young professional seeking stability or a Nigerian in the diaspora looking to invest back home. However, the complexities of the Nigerian real estate market make it easy to make mistakes that could cost you financially and emotionally.

Here are eight common mistakes first-time property buyers make in Nigeria and actionable tips to avoid them.

1. Skipping Thorough Research on Location and Property

Understanding the property’s location and features is as crucial as the property itself. Rushing into a decision based on aesthetics or perceived value can lead to regrets.

Tips to Avoid This Mistake:

Investigate Development Plans: Research local government policies, planned infrastructure, and zoning laws in the area.
Leverage Community Insights: Engage with current residents through forums or social media groups to understand local challenges like traffic or flooding.
Use Online Tools: Platforms like PropertyPro.ng allow you to compare property prices and trends across neighborhoods.
Consult Trusted Professionals: Work with a reliable agent familiar with the locality and market trends.

2. Trusting Unreliable Agents

In Nigeria, the real estate market is filled with both professional and informal agents. Working with an unlicensed or unscrupulous agent can result in financial loss or purchasing property with hidden issues.

Tips to Avoid This Mistake:

Verify Agent Credentials: Check if they are registered with organizations like the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or the Real Estate Developers Association of Nigeria (REDAN).
Seek Recommendations: Ask for referrals from family, friends, or colleagues who’ve had successful real estate experiences.
Always Involve a Lawyer: Your lawyer should review all contracts and verify property ownership to safeguard your investment.

3. Neglecting Legal Due Diligence

Failing to confirm the authenticity of property documents can lead to disputes or loss of investment. Title deeds, Certificates of Occupancy (C of O), and Governor’s Consent are vital for any transaction.

Tips to Avoid This Mistake:

Hire a Real Estate Lawyer: They will verify the property’s legal status and ensure the documents are authentic.
Confirm Ownership Records: Visit the relevant land registry to check for encumbrances or disputes.
Avoid Verbal Agreements: Always insist on written, legally binding contracts.

4. Underestimating Hidden Costs

First-time buyers often focus solely on the purchase price, ignoring additional expenses like legal fees, agent commissions, and utility connections.

Hidden Costs to Consider:

Legal and Agent Fees: Typically 5–10% of the property value.
Community Development Fees: Often required for lands in newly developed areas.
Maintenance Costs: For diaspora buyers, hiring a property manager can be invaluable.

5. Not Inspecting the Property Thoroughly

Photos and videos can be misleading. Failing to conduct a physical inspection—or having someone do it on your behalf—can result in purchasing a property with structural issues.

Tips to Avoid This Mistake:

Inspect the Property: Focus on plumbing, wiring, and the overall condition of the building.
Check the Surroundings: Look for environmental issues like flooding or poor drainage.
Hire a Surveyor: To confirm land boundaries and identify potential disputes.

6. Lack of a Long-Term Plan

Not aligning your property purchase with your long-term goals can lead to dissatisfaction. Are you buying to live, rent out, or flip the property?

Tips to Avoid This Mistake:

Define Your Purpose: If it’s for investment, choose areas with high rental demand. For personal use, prioritize proximity to schools, offices, or amenities.
Evaluate Future Prospects: Understand how the area is expected to develop in the next 5–10 years.

7. Ignoring Professional Support

Some buyers rely solely on agents, neglecting the input of surveyors, lawyers, and property managers. This oversight increases the risk of fraud and legal disputes.

Tips to Avoid This Mistake:

Involve Multiple Experts: Engage a lawyer to verify documents and a surveyor to confirm land boundaries.
Hire a Property Manager: For diaspora buyers, they can oversee the property in your absence.

8. Underestimating Delays and Complications

The bureaucratic nature of real estate transactions in Nigeria can cause delays. This is especially common in land purchases or off-plan properties.

Tips to Mitigate This:

Plan for Delays: Budget extra time for approvals and document verification.
Regular Updates: Stay in constant communication with your agent or lawyer.
Hire a Local Representative: They can handle unexpected issues promptly.

Conclusion

Navigating the Nigerian real estate market requires patience, research, and professional guidance. Avoiding common pitfalls like neglecting legal checks, underestimating costs, and relying on unreliable agents will help you make a sound investment.

Whether you’re a young executive settling down or a diaspora investor, these tips will ensure your journey to property ownership is smooth, secure, and rewarding.

Take the time to plan wisely and surround yourself with experts—you’ll thank yourself in the long run!