Every investor (domestic or foreign) invests into real estate for two reasons respectively: desire for gain and fear of loss. The desire for gain is obviously to be better off, for an improvement in conditions of some kind. Moreover, investors (including Nigerians abroad) are afraid of making a buying mistake, of getting stuck with something they don’t want, don’t need, can’t use and can’t afford.
As you may know, it pays to invest into real estate (either for residential or commercial purpose) by engaging into deals with credible real estate development firms than single individual(s) whose credibility profile cannot be ascertain. In the quest to acquire cheap properties (below market value), some investors have lost their money to fraudsters, land grabbers (a.k.a. omo onile), and so on.
No doubt, some Nigerians living abroad are afraid of losing their money all in the name of investing into real estate. However, the focus of this article is to guide you on how you can invest into real estate irrespective of your current location across the globe.
OPTIONS TO CONSIDER
It is true that anyone investing into real estate (especially in buying raw land) whether living in Nigeria or base abroad is taking some risks. The risk level is higher for Nigerians living abroad owing to this reason: TRUST.
Interestingly enough, some Nigerians abroad don’t know whom to trust to handle the buying processes, whether family, friends, or fraudsters posing as estate agents. While others are doubtful of paying for a particular property and getting another in return. Thus, paying for a property said to be DRY LAND and getting a SWAMPY LAND in return.
Should you fall into this category or know someone outside the country who wishes to invest into real estate but don’t know how to go about it? Here are the two available options to consider:
FIRST OPTION: To take away all doubts completely, it is most advisable that the investor(s) make a trip to Nigeria and watch over the buying processes. The buying process begins with
- Property inspection: This is usually done within a day
- Request for Documents: You can request for photocopies of the valid documents on the property for verification. This verification can be carried out at the Lagos state Office of the Surveyor General located in Alausa, Ikeja, Lagos. You can only present the documents there for verification, only on the basis that the intended property for purchase is situated in Lagos state. Otherwise, a visit to the State office of the surveyor general where the property is situated is needed.
- Make Payment: At this point, you will make payment for the property. Upon payment confirmation, you will receive a RECEIPT OF PAYMENT.
- Allocation of Property: Some real estate companies do instant allocation before physical allocation. Sometimes, physical allocation can be instant if you are ready to start developing the land immediately. Otherwise, you can travel back to your base and have any of your family member(s) of friend(s) represent you on the physical allocation day. Remember, your coming to Nigeria was to see what you’re buying, know who are buying it from, the location you are buying into, and so on.
SECOND OPTION: If some reasons you can’t travel to Nigeria to get involved in the buying process, but delight in owning piece(s) of real property, then the following are needful:
- Request for the survey plan, layout plan of the property
- Request for the Frequently Asked Questions document on the property to get better understanding of the terms and conditions therein.
- Request for a video clip on the property to ascertain if you are buying a dry land or swampy land.
- Upon satisfaction, request for the application form, fill it and send back to the company electronically.
- Have a bank account with any of the registered banks in Nigeria. Such account can be operated from abroad. Thus, you can carry out any further banking operations with the real estate development firm. Thus, making direct payment into the latter bank account.
PLEASE NOTE: Some real estate companies accept payment in foreign currencies, Dollar, Euro and Pounds. Please do not send money to a third party for the payment of the property, all payments should be made into the company’s corporate account.
Though you are outside the country (i.e. Nigeria), Theson Properties assist individuals, families and corporations make the right real estate investment decisions. Thus, making their dreams of owning properties in Nigeria a reality. We are available to work together with you, kindly contact us on +2348060559998 or +2348159840441.
Thank you for your time. Please do share with your family, friends and colleagues.
Check Out Our Best Selling Estates: