Buying a home in Nigeria nowadays is becoming more and more difficult; one needs to be wary of swindlers and carefully choose from whom they want to buy. Below are the important steps for buying a house or property in Ibadan, Oyo State.
If you are looking to buy a home, learn how to secure a mortgage in Nigeria.
FIND A RELIABLE REAL ESTATE AGENT
Although some buyers prefer going through speculators and friends, it is always advisable to find a reliable and registered real estate agent. Working with an agent is important because of their expertise with particular specifications of a prospective buyer (i.e. desired location, price range and other various components).
See the following sites to do research on see registered agents:www.mynigeriaproperty.com/findagent or www.findaproperty.com.
For someone living abroad, the best bet is to check these agents and send someone trustworthy, such as a family member or friend, to check the authenticity of the contacted agent. This family member or friend could also serve as a liaison between client and agent.
SIGN UP WITH THE AGENT
The next stage is to sign up with the agent and tell him or her whether you want a house or landed property. The sign-up fee depends largely on the scope of operation of such an agency, but it is generally between N5,000 and 20,000.
Below are some of the types of land and houses one can buy and the areas where one can find them.
1. RESIDENTIAL HOUSES: One can find houses around Agodi GRA, Jericho GRA, Ikolaba, Bodija, Bashorun Estate.
2. INDUSTRIAL LAND: This is land that one purchases for the purpose of industrial activities. One can purchase land for industrial purposes in these areas: Oluyole Industrial Estate Ring Road and the Lagos/Ibadan Expressway, Podo.
3. AGRICULTURAL LAND: This land can be purchased at the suburb of Ibadan. This includes Old Ife Road, Lagos/Ibadan Express Road, Alakia etc.
AFTER YOU HAVE SEEN A PROPERTY YOU LIKE
After seeing a property you like, the next step is to:
GET A VALUER: The aim of getting a valuer is to ensure that you don’t overpay for a property. The valuer will appraise the property in question and determine its actual worth.
GET A PROPERTY LAWYER: A property lawyer can look at the documents that you have drawn up or they can to draw up your documents.
THE IMPORTANCE OF GETTING A LAWYER
Most land that is sold nowadays is sold to multiple parties. This is why it is highly important to get a lawyer to check the land properly before making a purchase.
The issue of ‘omo onile’ (son of the soil) can also cause a prospective buyer a lot of stress, which is why the lawyer should ascertain that the issue is settled.
Ask the lawyer the following questions:
Is there any existing conflict over the land/property?
Are there other people or practices interested in the property?
Is there any legal tussle over the property?
Is the land/property encroaching on government property?
After ascertaining that there is no existing conflict over the property, one may feel secure in purchasing it.
Receipt: The receipt is the first thing you should ask for. This is the official proof that the land or house belongs to you.
C of O: The Certificate of Ownership is very important after you have purchased your land. You must visit the Oyo State Ministry of Land to obtain the document. This will establish you firmly as the rightful and legal owner of the property.
In case you can not come to Nigeria to carry out all of these tasks, you can have an agent and a relative perform all the above requirements.
Usually the agent fees are 10% of the price of the property, but if the property is over N10 million, one can negotiate to 8% or below.
PRICES OF THE PROPERTY
The prices of properties in Ibadan vary from area to area. Below are some examples of how much one might expect to pay for various properties:
Estates and G.R.A’s: Land usually costs between N6 million and N8 million per plot. If it is a house, one will get it between N15 and N20 million. Most of these properties can be seen around Agodi GRA, Jericho GRA, Ikolaba, Bodija, Bashorun, and Jericho Estate.
Outside Estates: If one wants to buy land in outside estates, one should be looking at N800 thousand and above. If it is a home, one can pay between N4.5 million and N10 million depending on the location and type of building. Most of these areas include Eleyele, Sango, and Mokola.
Have you bought land In Ibadan, or know someone who has? What was your experience? Share with us by commenting below!