7 factors to consider when buying a house in Lagos. If you are planning on settling down in Lagos State, Nigeria. There are factors to bear in mind. Before that, let’s first look at some facts about Lagos, Abuja, and Nigeria.
Nigeria is a great nation with its capital being Abuja, — a country with a fair living condition and great opportunities. When it comes to natural resources, Nigeria is among the list of the top ten countries with natural deposits such as natural gas, tin, coal, zinc, iron ore, petroleum, just to mention a few.
Nigeria is indeed a very rich country. With a population of over two hundred million people based on the 2020 world meter elaboration of the latest united nation data; equivalent to 2.64% of the total world population.
Lagos state facts
Lagos is said to be the most populated city in Nigeria and Africa, with over twenty million people living in the city. Lagos state occupies 3,557 sq km landmass, smaller in size compared to Nigerian’s capital Abuja which occupies a landmass of 8,000 sq km. It may be smaller in size but unbeatable in terms of population.
Lagos is popularly known as the commercial and entertainment hub of Nigeria — the most fast-paced and diverse city in the country.
With this population, it means the demand for housing will be dire and could be an issue for many. This enormous population could also attract many people to become real estate professionals.
Depending on where you live, the cost of buying a house can range from ₦10,000,000 to ₦500,000,000. And the cost of renting can be anywhere between, ₦100,000 – ₦10,000,000.
7 factors to consider when buying a house in Lagos
If you are looking to buy a house in Lagos, whether for short term or long term purpose. There are 7 factors to consider when buying a house in Lagos. These factors are not to be treated as the be all end all. However, they may come in handy during your search.
This is the first and most important step in the home-buying process. Once you determine how much you want to spend to buy a house, only then would other factors come into play. Ask yourself this question: how much am I willing to spend on a house? Once you have an answer, then you can proceed to the next step.
There are so many areas in Lagos mainland and island. Houses in highbrow areas such as Ikoyi, Victoria Island, etc, can be very expensive. That being said, there are other areas in Lagos where houses are “affordable”. This factor can be a hassle, as many would want to live in decent areas or an area that is close to their place of work, but those areas might be outside their budget.
If you are looking for a good house to buy in a decent area that would not break the bank, then you need to exercise lots of patience during your search.
One mistake a lot of people make during their quest to buy a house in Lagos is the fact that they go for cheaper or the cheapest houses. This can bring a lot of regrets later on in the future, as “cheap houses” are often built with low-quality building materials or may have other underlying issues.
Real estate listing
There are many property listing platforms that can be used to find a house to buy or rent. Some are garbage — flooded with spam ads, and fake listings. Use a reputable real estate listing platform for your house or land search. In fact, some platforms do a good job by matching you with suitable properties for sale or rent.
Type of people
In as much as the fact that this factor is not as important as other factors, I feel it is still worth mentioning. While some areas in Lagos might not be safe due to the type of people that reside in those areas. You cannot completely writeoff those areas as inhabitable. There may be some decent and affordable houses in those areas that may appreciate over time, you never know.
You should choose a house and area that suit your lifestyle. If you are married with children, then you should search for houses in family-friendly areas. Similarly, if you are a single, bubbly, working-class individual, then seek houses in areas that match your lifestyle. Bear in mind, some places are prone to heavy traffic congestion which can be very frustrating when commuting to work by car or public transportation.
Social factor and maintenance
It is important to know the available social amenities in your environs, how the houses are maintained and the cost of maintenance. For example, waste management, markets, school etc.