6 Common Pitfalls That Ruin Your Real Estate Investment In Nigeria.

In the past, Nigerians in Diaspora have attempted investing in Real Estate in Nigeria, and most have been dealt injurious blows such that once they hear of someone contemplating going into it, they are quick to dissuade the person.

The truth is, no profitable trades in the world exist without its accompanying risks, but that hasn’t stopped anyone from venturing into these trades.

So why should a similar thing scare you? Would you rather continue living in the safe zone, wary of every business opportunity dropped at your doorstep, or go out there and build wealth for your generations to come?

Let’s take you through some avoidable mistakes and pitfalls that can hinder your plans of owning a Real Estate property in Nigeria.

1. Fraudulent land practices: 

This has always been the bane in Nigeria’s real estate investment.

In the past, some unscrupulous elements readily prey on unsuspecting investors, receiving their money and sell landed properties that originally belong to someone else to another.

This is so prevalent they end up flipping the same land to about 3 or 4 people at once while providing documentations which are filled with irregularities.

One of the things that have made them succeeded is that they observe their clients; once they see it’s a foreigner with no knowledge of what’s going on in the Country, they pounce and prey on them.

This is the reason, FirstleadNG decided to start this company, assuring you of quality service that’ll suit your needs, which is safe from fraught and will ensure you go to bed at night knowing you do not have to worry about the safety and security of your properties.

1. Financial risk: 

According to Richmond (1985), a prudent investor will consider the alternative types of investment available by comparing its qualities with that of an ideal investment.  As we’ve said earlier, no trade exists without its risk and for Real Estate; one of its risks is finances.

While money is exchanging hands, some are dealt cruel blows. When you deal with unregistered companies and real estate agents, you are more open to this great risk.

For example, FirstleadNG is a U.K-registered company, and all financial transactions are done digitally, to eliminate any sort of middleman that could result in theft and swindling one of your hard-earned money.

1. The documentation

Do you know the right type of documents is proof of your ownership of the landed properties? Many people are not aware of what these documents are, but are you also going to be like them?

At FirstleadNG, with the help of our legal team, you can be rest assured all necessary documents will be provided for, and in the event, any scuttle over land ownership ensues, you’ll be protected from any loss of sort.

Wait, isn’t that the kind of assurance any investor seeks? Yes, that’s exactly what we want for you too.

1. Forced Objective

If someone suddenly shows up and tells you that you must buy a property in a location that isn’t in line with your investment objectives, please run.

At FirstleadNG, we offer bespoke services to all our clients, so we find out exactly what your goal is when you consult us, and we make sure to carry your directives, after offering you our professional advice and insight into what we feel it’s best for you.

If you intend to build a house for family use alone, it’s not unusual to seek a land or property in places that are serene, completely out of the glare of bustle of the business, with zero disturbances.

Another point to note is the amenities in place, for a smart investor, you should look out for amenities like; good road network, good electricity, and water supply, the security of lives and properties and potential of further development of the area.

So it’s as simple as saying, a land situated at Ibeju-lekki would cost more than lands on the mainland, in Lagos.

As a Nigerian in Diaspora, depending on the information you have, you can consult us at FirstleadNG. We’ll proffer the best location for you to invest in that align with your investment appetite.

1. Land use policy

Nigeria, like most other countries, experiences change in Government, and this comes with its own risks. 

For example, a former president once gave out lands to be used for agricultural purposes while his successor reversed that decision and converted the land for another purpose.

Imagine a farmer obtaining that land and, after investing so much of his own resources into it, has to leave the land without any compensation because the land belongs to the Government. 

A landed property could be assigned for roads, train tracks, or for other purposes. If you are not aware of the history of a property and invest in it, you may end up losing your money.

FirstleadNG eliminated this type of bottleneck. This is why we hand-pick only vetted propertied before purchasing it on your behalf, so your property won’t be under any form of threat.

1. Communal lands

Lastly, we take a look at communal properties; this is a tricky one that usually results in litigations that may last for many years in court. Sometimes, it leads to loss of lives due to clashes on different levels.

There are lands and properties that are jointly owned by people or a community. If you are not aware of this and get sold by its location and luxury, you can run into trouble in the future.

So the best thing to do is avoid being caught in this scenario, talk to us at FirstleadNG to ascertain the history and suitability.