Nigeria is the most populous Nation in Africa, and also Africa's largest economy. Amidst Nigeria's current security challenges that have now been largely checked by the Government, a lot of people do flock into the oil rich nation, for business, holiday, and other concerns.
Consequently, housing is largely insufficient in some of the cosmopolitan cities, and thus, very expensive.
In Lagos, for instance, getting accommodation in a relatively safe environment which is close to transport area, your workplace, school, or business area, is usually a tough job. Due to scarcity, and limited disposable funds, one will only desire to get affordable rent in desired locations, or find relatively affordable homes in secured areas.
We have therefore identified five factors to note before attempting to buy or rent a house in Nigeria, as follows;
1. The Cost:
First, you have to consider the relative and economic costs of the property.
Renting a house in Lagos might provide better opportunities for career advancement, and business networking than in smaller cities like Asaba, in Delta state. It is always important to draw up reconciliation between costs, and expected benefits. Therefore, an extensive research, and comparative analysis is highly recommended, before settling for any particular property.
2. The Environment:
This is yet another important factor to consider. A quick view and assessment of a given environment will show or signal possible problems, such as; improper drainage system, irregular electricity supply, proximity to workplace, market / shopping malls, schools, church, car parks, etc.
All these should be quickly considered before making your final decision on the property.
3. Security:
In any country, there are usually places that are less secure, and Nigeria is no exception to this fact. Even in Lagos, for instance, some areas are more habitable than the other.
Consequently, it is very important to consider the security of the area you want to buy or rent a property. Important security parameters to note are;
I. Proximity to a security post / Police station.
II. Consider the character of other inhabitants.
III. Closeness of the property to other houses in the same area.
It is not advisable to live in isolated areas / environments, especially if you are new in the area.
4. Preceding Events:
You should also take a short dive into the history of the area- if it has had any form of instability or previous security emergencies. It has also important to note how long such events happened, how they were resolved, and steps taken to prevent future re-occurrence.
5. Tenancy / Purchase Contract or Agreement:
Be sure to strike a favorable deal. You may need to quickly contact a lawyer to help you prepare all required legal documents.
Do not be in a hurry to pay! You need to have some paperwork properly done. Always make sure the terms fall in your favor. This is because, in the end, it is all about what you want, and not what the other party wants.