How to Identify Unreliable Nigerian Property Projects

Hello! As part of a team of Lagos-based real estate brokers, we have experienced many fantastic property opportunities as well as a few challenging ones. Finding your dream property is exciting, but it's important to ensure you end up with a genuine deal that meets your expectations. Here are some tips to help you spot dodgy deals in Nigerian real estate.

1. Be Wary of Red Flags

1. Too Good to Be True. Be cautious of overly low prices or promises of guaranteed high returns. If something sounds too good to be true, it probably is. The real estate market is competitive, and super cheap deals often indicate significant issues in the future.

2. The Importance of Paperwork. Always ask for documentation such as land titles, building permits, and approved plans. If the seller becomes uncomfortable with providing these documents, it's a major red flag. These documents are crucial; you wouldn't buy a car without checking under the hood, would you?

2. Beware of Pressure Tactics

3. Pressure Makes Diamonds Not Real Estate Deals. If someone is pressuring you to sign a contract or put down a deposit quickly, hit the brakes! A genuine seller will be happy to answer your questions and give you time to consider the details. Do not get pressured into a decision you might regret later.

3. Everything in Writing

4. Get It All in Writing. Verbal agreements are great for catching up with friends, but when it comes to property, ensure all details are outlined in a contract reviewed by a reputable lawyer. This protects you and ensures everything is above board.

4. Do Your Due Diligence

5. Do Your Detective Work. Research the developer and the project thoroughly. Check online reviews, look for any legal disputes, and even visit the site yourself. A little digging can save you a lot of trouble.

If something feels off, trust your instincts! Do not hesitate to walk away if something does not seem right. There will be other opportunities, and a genuine project will stand the test of thorough questioning.

Additional Tip

Consider Using a Reputable Real Estate Agent. They can help you navigate the buying process and spot potential issues. Happy house hunting!