If you’re living abroad and thinking of buying a property here in the homeland, Lagos is probably one of your top options as it has Nigeria’s biggest real estate market. Purchasing property in Lagos while living abroad can be both exciting and challenging. The distance, currency exchange, time differences, and, of course, ensuring a trustworthy buying process can make the journey a challenge. However, with proper preparation, the right knowledge, and the best team on your side, buying property in Lagos can be straightforward, stress-free, and a rewarding investment.
Let’s dive into some essential tips to help you buy a house in Lagos while you’re living abroad.
1. Set Clear Goals and Budget
Define why you want to buy property in Lagos. Are you buying it as an investment property, for your family, or as a future retirement home? Understanding your “why” will help guide your decisions, from choosing the location to setting your budget.
Research the general cost of housing in your preferred areas. Key Lagos neighborhoods like Victoria Island, Lekki, and Ikoyi tend to be more expensive due to their proximity to business districts and modern amenities. Suburban areas like Berger, Bariga, or Ajah might offer more affordable options, with property values that still appreciate well.
When setting your budget, remember to account for extra costs like agency fees, legal fees, land documentation, and any property taxes. Knowing these details in advance will save you from unexpected surprises.
2. Research Lagos Real Estate Market Trends
Real estate in Lagos can be dynamic. Market trends vary, with some areas appreciating faster than others, depending on factors like new infrastructure projects, schools, or commercial developments nearby. Check recent reports, consult with Lagos-based property experts, and look into news about developments in various neighborhoods to get a feel for where the best investments might be.
Follow Lagos real estate news and online pages. You can also find us on social media platforms @nimblecasa. Join online forums where expatriates or foreign investors share insights and experiences about their property purchase journeys. Sites like Nairaland and LinkedIn groups on Nigerian real estate can be good starting points.
3. Choose a Reputable Real Estate Agent
Working with a trusted real estate agent is critical when buying property in Lagos from abroad. A good agent should not only help you find properties but also guide you through the entire process, ensure transparency, and protect your interests.
Look for agents with verified credentials or reputable real estate companies with established records like us here at NimbleCasa. To assess an agent’s credibility, request referrals, and check online reviews.
4. Get All the Right Documents in Order
In Nigeria, property ownership requires specific documents to establish ownership and avoid future disputes. Ensure the property has a Certificate of Occupancy (C of O), Deed of Assignment, Survey Plan, and Governor’s Consent. These documents confirm legal ownership and should be carefully checked to avoid any potential legal issues in the future.
Consider working with a lawyer who specializes in Nigerian property law to verify the property documents and guide you through the due diligence process. They can help to ensure everything is legitimate and aligns with Nigerian laws, saving you from any legal troubles later on.
5. Utilize Virtual Tours and Video Calls for Property Viewing
As you can’t be physically present to tour the properties, ask for virtual tours, video call walkthroughs, and updated images of the property. Technologies like Matterport, used by some Lagos real estate companies, offer 3D virtual tours that give you a realistic feel for the property and its surroundings.
A reputable real estate agent can organize these video calls or virtual tours and answer questions you have on the spot. This approach will help you feel more connected to the process and confident in your choice.
6. Consider Currency Exchange Rates and Payment Methods
With fluctuating exchange rates, it’s wise to keep an eye on the current Naira exchange rate against your currency. Even slight changes can impact your overall budget significantly.
Consult with your bank or a financial advisor about the best ways to handle payments for the property. You can often save on currency conversion fees by using foreign exchange specialists rather than banks.
7. Plan for Secure Payment Channels
Scams in the real estate sector are unfortunately common, so it’s essential to use secure payment methods. Avoid paying in cash or sending money directly to personal accounts. Always pay into company or escrow accounts and ensure your lawyer is involved in all payment transactions.
To further secure your investment, keep copies of all your receipts, agreements, and email exchanges as evidence in case of any future discrepancies.
8. Set Up Property Management
Once you secure a property, consider hiring a property management company in Lagos to look after it. Property management services can handle tenant sourcing, rent collection, maintenance, and other essential tasks that come with owning a house.
A reliable property manager will ensure your investment remains in good condition and can even help you generate rental income if you’re buying the property for investment purposes. Look for companies with good reviews and transparent fee structures.
9. Prepare for Cultural and Market Differences
Real estate in Lagos may work differently from what you’re accustomed to, especially if you’re based in countries with highly regulated property markets. In Lagos, negotiation is expected, and property prices can vary widely depending on location and demand.
Additionally, Lagos’ real estate market tends to be more fast-paced than many foreign markets. Sometimes, decision-making may require you to move quickly, so work closely with your real estate agent to understand when you can negotiate and when swift action is needed.
10. Visit in Person (if Possible)
If you can, try to visit Lagos before finalizing your property purchase. Seeing your investment firsthand allows you to assess the property and the neighborhood in person, meet with your agent and lawyer, and solidify the paperwork. This visit, even if short, can give you peace of mind and reinforce your confidence in the purchase.
With these steps, you can invest with confidence. Whether for income generation or a future home, Lagos is a vibrant market with growth potential. Working with trusted professionals and staying informed can make all the difference in achieving a successful purchase.
Contact us at +2349168584819 if you need more help navigating the Lagos real estate market.
Visit www.nimblecasa.com to browse our properties.
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