First Steps to Buying a Home in Nigeria

1. Understand the Market

Your first step in the home buying journey is getting an overview of the current Nigerian real estate market. Knowing a 50 kg-pack of Dangote cement cost ₦3,500 to ₦4,500 may not be an immediate game changer, but it will keep you savvy if major shifts in those prices affect housing affordability downstream.

2. Determine Your Budget

Assess your financial situation to determine how much you can afford to spend on a home. Whether it’s ₦50 Million or ₦500 Million, remember to factor in additional costs like legal fees, taxes, and agent fees. Don’t let large numbers scare you, as many purchases can be subsidised with equitable payment plans.

3. Identify Your Needs and Preferences

Consider what type of property you want (apartment, detached house, etc.) and identify your preferred location and neighbourhood. According to the 2019 Nigeria Living Standards Survey, more than 49% of urban households rent while only 32.5% of Nigerians own their home. Knowing what’s right for you is about understanding your lifestyle.

4. Research Potential Neighbourhoods

When choosing a neighbourhood, consider factors like safety and security, proximity to amenities such as schools and hospitals, and the quality of infrastructure and transportation. Amenities are important, but so are risks such as knowing if you’re in a flooding zone.

5. Find a Reputable Real Estate Agent

If you’re ready to really get going, start your search for properties and a real estate agent with vetted credentials. A good agent will have visibility, local market knowledge, and patience to work with you on your journey.