It may be tasky for Nigerians in the diaspora to be able to identify what a property entails if they have not been in Nigeria for a while. However, when property features and neighborhoods are highlighted in a property listing, it helps with making informed decisions.
Nigerians in the diaspora considering investing in property back home should prioritize assessing the features of a property thoroughly for several reasons:
1. Ensuring Value for Money:
The neighborhoods of the property’s location significantly influences its value. Proximity to essential amenities like schools, hospitals, markets, and transportation can enhance a property’s attractiveness and market value.
The dimensions of the property features, including the number of rooms, bathrooms, and overall layout, should match the buyer’s needs and justify the price.
Evaluating the condition of the property, including the quality of construction, age, and any need for repairs or renovations, helps ensure that the investment is sound and that there won’t be hidden costs post-purchase.
2. Maximizing Rental and Resale Potential:
Properties with modern amenities (e.g., reliable water supply, power backup, security systems) and features (e.g., parking spaces, green spaces) tend to attract higher rents and better resale values.
Understanding Lagos real estate market can help investors choose properties that are in demand, ensuring they can quickly find tenants or buyers.
3. Avoiding Scams and Fraud:
Cross-checking the advertised features with the actual property helps verify the legitimacy of the deal. Scammers often misrepresent properties to deceive buyers.
Ensuring the property has a clear title and all necessary documentation prevents legal disputes and confirms ownership.
4. Personal Satisfaction and Suitability:
For those planning to use the property personally, it’s crucial that the property aligns with their lifestyle and preferences. Features like the number of bedrooms, kitchen size, and backyard space can significantly impact living quality.
Features that allow for future expansion or modifications can be crucial for long-term satisfaction and adaptability.
5. Investment Stability and Appreciation:
Properties in economically stable and growing areas tend to appreciate more reliably, providing a secure investment.
Areas with ongoing or planned infrastructure developments (like new roads, public transport, or commercial hubs) often see a boost in property values over time.
HOW CAN YOU CONFIRM THE FEATURES AND NEIGHBORHOODS OF A PROPERTY LISTING IN ABSENTIA?
1. Ask the realtor to do a video.
2. Send a trusted person to confirm.
3. Do a video call for confirmation.
4. Ensure what was listed matches with what’s shown in the video.
5. Check the map.
By Dennis Isong
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