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Mistakes to Avoid When Buying Property in an Estate in Lagos by Dennis Isong

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Investing in real estate, especially in Lagos, Nigeria, can be a lucrative opportunity, but it’s not without its pitfalls. Lagos is known for its dynamic property market, with a wide range of options, including estates.

However, navigating this market requires careful planning and consideration to avoid common mistakes that could lead to financial losses or legal issues.

In this article, we will highlight the mistakes you should avoid when buying property in an estate in Lagos.

● Lack of Due Diligence
One of the most crucial steps when buying property in an estate is conducting thorough due diligence.

Failing to investigate the property’s history, ownership, and legal status can be a costly mistake.

Make sure to obtain all necessary documents, including a Certificate of Occupancy (C of O) and a survey plan. Verify the property’s ownership and history to ensure it is free of disputes and encumbrances.

● Ignoring Location Considerations
Lagos is a sprawling city with varying property values depending on location.

Failing to consider the location carefully can lead to dissatisfaction with your investment.

Evaluate the estate’s proximity to essential amenities like schools, healthcare facilities, markets, and transportation hubs.

Also, consider the security and infrastructure in the area.

● Overlooking the Reputation of the Estate Developer
The reputation and track record of the estate developer are crucial.

Avoid buying property in an estate developed by a company with a history of legal issues, subpar construction quality, or delays in project delivery.

Research the developer’s past projects and seek feedback from previous buyers.

● Not Inspecting the Property
Never buy property without physically inspecting it. Pictures and descriptions can be misleading, and visiting the site allows you to assess the property’s condition, potential renovation needs, and whether it aligns with your expectations.

● Skipping a Property Inspection
In Lagos, some properties may be subject to flooding during the rainy season.

Ignoring a proper inspection, which includes checking for flood risk and drainage systems, can lead to devastating consequences.

Engage a qualified surveyor or engineer to assess these factors.

Avoid buying property in an estate developed by a company with a history of legal issues, subpar construction quality, or delays in project delivery

● Overextending Financially
Avoid the mistake of stretching your finances too thin to acquire property.

Carefully assess your budget, including the purchase price, legal fees, taxes, and potential renovation costs.

Create a realistic financial plan to ensure you can comfortably afford the property without jeopardizing your financial stability.

● Neglecting Legal Assistance
Property transactions in Lagos can be complex, and legal guidance is essential to protect your interests.

Hire a reputable real estate attorney who specializes in Lagos property law. They can review contracts, conduct due diligence, and ensure all legal requirements are met.

● Not Understanding Estate Rules and Regulations
Each estate in Lagos may have specific rules and regulations governing property ownership and management.

These rules can affect your ability to use, rent, or resell your property. It’s essential to understand and abide by these regulations to avoid potential conflicts or penalties.

● Not Considering Future Growth
Lagos is a rapidly growing city, and the landscape can change significantly in a short time.

Failing to consider potential developments and infrastructure projects in the area can lead to missed opportunities or reduced property value appreciation.

Research upcoming projects and urban planning initiatives that could impact the estate you’re interested in.

● Underestimating Maintenance Costs
Owning property in an estate comes with ongoing maintenance responsibilities and associated costs.

These can include security fees, waste management, and common area upkeep.

Ensure you are aware of these expenses and budget for them accordingly to avoid financial strain in the long run.

● Relying Solely on Verbal Agreements
In real estate transactions, verbal agreements hold little to no legal weight.

Always insist on putting all agreements in writing, including terms, conditions, and any promises made by the seller or developer.

A written contract protects your interests and ensures both parties are held accountable.

● Rushing the Decision-Making Process
Buying property is a significant decision that shouldn’t be rushed. Take your time to thoroughly research, evaluate, and compare different options.

Don’t succumb to pressure from developers or agents to make a hasty decision. A well-informed and patient approach can lead to a more successful purchase.

● Neglecting Property Resale Value
While you may be focused on your immediate needs and preferences when buying property, it’s essential to consider its resale value. Market conditions can change, and you might need to sell the property in the future.

Choose a property that has the potential for appreciation and appeal to a broad range of buyers.

▪︎Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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Kogi’s Ododo Tasks Officials on Grassroots Engagement, Clears N98.8bn Debt

“Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said.

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Kogi State Governor, Ahmed Usman Ododo has charged government officials to remain close to the grassroots and ensure constant engagement with the people, noting that such connection is key to responsive governance.

Also in a separate briefing, the Commissioner for Finance, Budget and Economic Planning, Mukadam Asiwaju Asiru Idris, announced that within just 15 months, the Ododo administration has fully liquidated N98.8 billion in debts inherited from previous administrations.

“We are in government to serve the people, and that means staying connected to their needs and aspirations,” said Ododo during the Kogi State Executive Council meeting held today at the EXCO Hall, Government House, Lokoja.

LOCAL PATRONAGE

As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries.

He encouraged the citizens to take pride in local products and lead a cultural and economic renaissance from within.

Briefing journalists after the meeting, the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, said the administration is committed to making governance more visible and impactful.

“Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said.

On infrastructure, Fanwo disclosed that the perimeter fencing at the Confluence University of Science and Technology (CUSTECH), Osara is 90 percent completed, while both male and female hostels have been completed and are already housing students.

Similar projects at the Kogi State University, Kabba, are progressing satisfactorily.

As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries

To improve public safety, the Council also approved a bill to restrict the movement of heavy trucks during peak hours.

Another bill was approved for the establishment of the Kogi State Agency for Climate Change as part of a forward-thinking response to global environmental challenges.

STATE‘s DEBT BREAKDOWN

Regarding the paid state debt, he said:

“The breakdown includes: • N8 billion in bonds from the Idris Wada administration. • N50.8 billion salary bailout from the last administration. • N10 billion ECA-backed infrastructure loan. • N15 billion infrastructure loans from Zenith Bank and another N15 billion from UBA Plc.”

“This is a landmark achievement. His Excellency Governor Ododo has demonstrated fiscal discipline and commitment to economic recovery.

Within 15 months, we have cleared N98.8 billion in inherited debt,” Idris said.

He added that Fitch Ratings has upgraded Kogi State’s credit rating from ‘B-’ to ‘B’, with a stable outlook, citing prudent financial management.

As of September 30, 2024, the state’s debt profile stands at N40.5 billion, placing it on a strong path to debt sustainability.

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FG Declares June 6, 9 Holidays To Mark Eid-Ul-Adha

This was announced by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on behalf of the Federal Government on Monday.

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The Federal Government has declared Friday, June 6, and Monday, June 9, 2025, as public holidays to mark this year’s Eid-ul-Adha celebration.

This was announced by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on behalf of the Federal Government on Monday.

The minister congratulated all Muslims in Nigeria and the Diaspora on the occasion, urging the Ummah to continue to embody the spirit of sacrifice, obedience, and faith as demonstrated by Prophet Ibrahim (Peace be upon Him).

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I use my popularity to elevate PDP in Rivers, what did you do in Lagos?– Wike criticises Bode George

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Minister of the Federal Capital Territory, FCT, Nyesom Wike, has reacted over the recent comments by Peoples Democratic Party (PDP) stalwart, Bode George, asserting that his own efforts brought prominence and electoral success to the party, rather than the other way around.

Speaking during his monthly media briefing in Abuja on Monday, Wike responded to George’s claim that the PDP had made him a nationally recognized figure.

The former Rivers State governor acknowledged the role the party played in his rise, but maintained that it was his own work and influence that led to tangible victories for the PDP particularly where others, including George, had failed.

“It’s true the party gave me a platform,” Wike said.“But platforms don’t win elections people do. Ask yourself, who has PDP made relevant in Lagos since 1999?”

Wike criticized George for allegedly contributing little to the party’s electoral strength in Lagos, pointing to his own record of building the PDP into a formidable force in Rivers State and beyond.

He suggested that George, given his age and current position, might be better off stepping back from political commentary.

“If he has no role anymore, perhaps it’s time he stayed home and read newspapers,” Wike remarked, in a pointed rebuke.

The minister also addressed criticism surrounding the temporary sealing of the PDP’s national headquarters over unpaid ground rent.

He clarified that he is not the property’s owner and cannot be held accountable for the liabilities, emphasizing that even resolving the issue had required intervention from the highest levels.

“There were claims that the sky would fall—yet the matter couldn’t be resolved without the President’s involvement,” he said.

In a final jab, Wike reflected on past struggles to strengthen the PDP during the Goodluck Jonathan administration, suggesting that despite their efforts, support in Lagos remained elusive.

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