Top Mistakes to Avoid When Buying Property
Certainly! Here’s the updated blog post with attribution to Femi Ogunjimi and Associates, reflecting a professional tone and expertise in the Nigerian property market:
By Femi Ogunjimi and Associates – Real Estate Consultants
Buying property is one of the most significant financial decisions you can make — and in Nigeria’s ever-evolving real estate market, it comes with both high rewards and high risks. At Femi Ogunjimi and Associates, we’ve helped individuals, families, investors, and institutions navigate the complex terrain of property ownership with confidence.
Here are seven common mistakes you should avoid when buying property in Nigeria, based on real market experience and expert insight.
1. Failing to Conduct Proper Due Diligence
Title issues, double sales, and encroachments are frequent in many parts of Nigeria. Without thorough investigation, you risk losing your investment.
✅ What We Recommend:
- Conduct a proper land title search at the state land registry (e.g., Alausa in Lagos).
- Verify that the land has a valid title (such as C of O, Governor’s Consent, or Registered Deed of Assignment).
- Involve a qualified real estate lawyer before making any financial commitment.
2. Underestimating the Importance of Location
In real estate, location isn’t just key — it’s everything. Many buyers get enticed by cheap prices without considering future access, infrastructure, or development potential.
✅ Our Advice:
Focus on areas with government-approved layouts, proper access roads, drainage systems, and clear development potential — such as Lekki Phase 1, Gudu District Abuja, Magodo, and Port Harcourt GRA.
3. Ignoring Additional Documentation and Statutory Fees
Many buyers focus only on the sale price and forget to factor in processing fees, legal charges, and other statutory requirements.
🧾 Budget for:
- Legal fees (typically 5–10%)
- Survey plan and architectural drawings
- Governor’s Consent/Registration
- Deed of Assignment
Always ask the seller or agent for a breakdown of what is and isn’t included in the quoted price.
4. Accepting Verbal Promises Without Documentation
In Nigeria, only what is documented and signed holds legal weight. Relying on oral agreements — especially when dealing with family-owned lands or informal sellers — can be a costly mistake.
✅ Secure Yourself By:
- Signing a proper Contract of Sale
- Collecting receipts for all payments
- Having a lawyer oversee or witness the transaction
5. Dealing with Unregistered or Unverified Agents
The market is flooded with self-proclaimed “agents” who often lack the experience or credibility to handle serious transactions.
⚠️ To Avoid Trouble:
- Engage only with registered real estate firms like Femi Ogunjimi and Associates.
- Ask for the agent’s CAC registration, office address, and track record.
- Avoid high-pressure tactics and “urgent sales.”
6. Skipping Property Inspection
Online photos, drone shots, or verbal descriptions cannot replace on-site property inspection.
🔎 Always Inspect For:
- Flood-prone areas
- Soil conditions and topography
- Encroachments or physical disputes
- Accessibility and road condition
If you’re abroad, designate a trusted consultant to carry out physical inspection on your behalf.
7. Buying Without a Clear Plan or Purpose
Some buyers acquire land or property with no defined use in mind. This often leads to underutilized or neglected assets.
💼 Be Strategic:
- Are you buying to build? Lease? Resell?
- What’s the holding period?
- What’s the expected return on investment (ROI)?
Having a real estate consultant helps you align your purchase with a solid investment or lifestyle goal.
Conclusion
The Nigerian real estate market offers incredible opportunities — but only for those who approach it with knowledge, clarity, and professional guidance. Avoiding these common mistakes could save you from future loss and ensure your journey into property ownership is successful.
Need Professional Support?
At Femi Ogunjimi and Associates, we provide expert real estate consultancy services, including:
✔️ Property Valuation
✔️ Agency & Marketing
✔️ Property & Facility Management
✔️ Development Advisory
✔️ Title Verification & Due Diligence
📞 Contact us today to schedule a consultation and take the next confident step toward safe and profitable property ownership in Nigeria.
