Step-by-Step Guide: Buying Your First Home in Lagos

Buying your first home is an exciting milestone in a vibrant city like Lagos, Nigeria. However, the process can feel overwhelming. This guide breaks down the journey into manageable steps to help you navigate the Lagos real estate market with confidence.

What Is the First Step to Buying a Home in Lagos?

Step 1: How to Budget for Your Lagos Home

Before browsing properties for sale, understand what you can afford:

• Assess Your Finances: Review income, savings, expenses, and debts.
• Include All Costs: Beyond the purchase price, budget for:
  • Legal fees
  • Agency fees
  • Surveyor fees
  • Land registration
  • Statutory fees (e.g., Stamp Duty)
  • Renovation costs
• Mortgage Pre-Approval: Contact banks for pre-approval to set your borrowing limit.

A clear budget prevents disappointment and streamlines your search.

Why Does Location Matter in Lagos?

Step 2: Choosing the Right Neighborhood

Lagos’s neighborhoods impact lifestyle and investment potential:

• Commute: Proximity to work or transport links reduces Lagos traffic hassles.
• Amenities: Look for schools, hospitals, and markets.
• Infrastructure: Check roads, drainage, and power supply.
• Security: Research neighborhood safety.
• Lifestyle Fit: Prefer the Island (Lekki, VI) or Mainland (Ikeja, Yaba)?

Explore Lagos neighborhoods to find your fit.

How Do You Find Properties in Lagos?

Step 3: Searching for Your Ideal Home

With a budget and location in mind:

• Define Needs: Specify property type (apartment, terrace), bedrooms, and features (e.g., BQ, parking).
• Use Online Platforms: Browse Abiterra listings for convenience.
• Hire Agents: Reputable agents offer exclusive listings and guidance.

Who Should You Hire When Buying a Home?

Step 4: Building Your Support Team

Don’t navigate alone:

• Real Estate Agent: Optional, but helpful for viewings and negotiations.
• Property Lawyer: Essential for due diligence and contracts.
• Surveyor: Verifies property boundaries and survey plans.

Why Is Due Diligence Critical in Lagos?

Step 5: Conducting Thorough Due Diligence

Due diligence prevents legal issues:

• Title Verification: Confirm seller’s title (C of O, Governor’s Consent) at Lagos Lands Registry.
• Encumbrances: Check for mortgages, liens, or disputes.
• Inspection: Assess structure, plumbing, and electrical systems.
• Survey Plan: Verify coordinates and zoning.

Never skip due diligence when buying property in Lagos.

How Do You Negotiate a Property Purchase?

Step 6: Making an Offer

Once due diligence is clear:

• Submit Offer: Via lawyer or agent.
• Negotiate: Discuss price and terms.
• Finalize Agreement: Proceed to contracts.

What Are the Legal Steps to Buy a Home?

Step 7: Signing Contracts and Payment

• Review Contract: Lawyer drafts/reviews Contract of Sale.
• Initial Deposit: Pay upon signing.
• Payment Schedule: Use secure methods (bank transfers).

What Happens at Closing?

Step 8: Closing and Handover

• Final Payment: Complete payment.
• Deed of Assignment: Transfers ownership.
• Pay Fees: Cover legal fees, Stamp Duty.
• Receive Documents: Get title documents and keys.

How Do You Secure Your Property Title?

Step 9: Perfecting Your Title

Secure legal ownership:

• Governor’s Consent: Apply for consent.
• Registration: Register Deed at Lands Registry.

Perfecting your title ensures future ease.

Conclusion: Your Path to Lagos Homeownership

Buying your first home in Lagos requires planning and diligence. Work with professionals and follow these steps to succeed. Owning a home in Lagos is rewarding—start your journey with Abiterra’s listings today!

Ready to Buy?

Explore our properties for sale in Lagos or read more buying guides.