The show kicked off with Mrs Anjous advising listeners on various details to look out for when buying a property. A property buyer will need to look at attributes of the property like the size of the plot and the location but most importantly the title. The title document of the property helps the buyer to know the authenticity of the property as well as its ownership.
The verification of title documents is done by search at the lands registry (if buying a property in Lagos). A property consultants can help a prospective buyer with this process by advising on how to go about verifying the title documents as well as performing the due diligence process on a buyers behalf. The due diligence process involves finding out if the property is genuine or not.
Addressing the issue of title documents, a prospective property buyer will need to obtain copies of a Certificate of Occupancy (C of O) or a deed of assignment which has been given to the previous buyer or the person one is buying the property from. These documents are to be taken to the land registry in Alausa where a comprehensive search is performed. The search enables a prospective property buyer to gather information on the property including checks of whether the property is encumbered or not and if that property has been placed on a mortgage. By doing a search, one can discover whatever is going on with the property they are interested in purchasing. Also, a request for the original documents of the property should be done before transferring fees and money.
Mrs Anjous also talked about property value and the factors that affect the value of a property. Environmental factors like location of the property have an effect on a property value. It is for this reason that the value of different property, even though constructed with similar materials and features, can have varying values. For instance, the value of a property in Lekki Phase 1 will vary from a similar property in Ogba.
Environmental factors like natural disasters such as floods also have an effect on the value of a property. A street can have one end flooding and another that end within the same street which does not have the flood problem. You will find the same type of property on such a street will not have the same value.
Social factors also affect property prices. People now prefer gated and serviced properties because security and amenities like power are taken care of. These properties are generally more comfortable and will have a higher value than a similar property that is stand alone in a not so secure area.
Speaking on purchasing a property, there are various information and details prospective property buyers need to put together prior to a property purchase. A prospective property buyer needs to have a budget, decide on the use of the property they wish to purchase and means of payment. By working with a budget a prospective property buyer can be advised on the location that will be most ideal for the purchase. Also, the means of payment also enables a property buyer to know what type of property to look into procuring.
First time property buyers may consider various schemes that make property purchase more affordable such as off plan property developments, mortgages from the National Housing Fund and Lagos HOMS.
Off plan property developments enable a buyer to purchase a property and pay in phases as the developers completes various stages of the property development.
An individual interested in financing a property purchase with a mortgage needs to first decide on the amount to collect and the interest rates the institution is offering. There is the National Housing Fund which is a government backed mortgage scheme and accessible to low/medium income earners. The NHF mortgage is currently the most affordable mortgage rate in Nigeria with interest rates as low as 6%.
Furthermore, property buyers need to select a housing scheme that is affordable to them. For individuals interested in buying into housing developments, there is a need to look out for the credibility of the developer and also gather information on the documents of the land on which the property is being developed.
The verification of title documents is done by search at the lands registry (if buying a property in Lagos). A property consultants can help a prospective buyer with this process by advising on how to go about verifying the title documents as well as performing the due diligence process on a buyers behalf. The due diligence process involves finding out if the property is genuine or not.
Addressing the issue of title documents, a prospective property buyer will need to obtain copies of a Certificate of Occupancy (C of O) or a deed of assignment which has been given to the previous buyer or the person one is buying the property from. These documents are to be taken to the land registry in Alausa where a comprehensive search is performed. The search enables a prospective property buyer to gather information on the property including checks of whether the property is encumbered or not and if that property has been placed on a mortgage. By doing a search, one can discover whatever is going on with the property they are interested in purchasing. Also, a request for the original documents of the property should be done before transferring fees and money.
Mrs Anjous also talked about property value and the factors that affect the value of a property. Environmental factors like location of the property have an effect on a property value. It is for this reason that the value of different property, even though constructed with similar materials and features, can have varying values. For instance, the value of a property in Lekki Phase 1 will vary from a similar property in Ogba.
Environmental factors like natural disasters such as floods also have an effect on the value of a property. A street can have one end flooding and another that end within the same street which does not have the flood problem. You will find the same type of property on such a street will not have the same value.
Social factors also affect property prices. People now prefer gated and serviced properties because security and amenities like power are taken care of. These properties are generally more comfortable and will have a higher value than a similar property that is stand alone in a not so secure area.
Speaking on purchasing a property, there are various information and details prospective property buyers need to put together prior to a property purchase. A prospective property buyer needs to have a budget, decide on the use of the property they wish to purchase and means of payment. By working with a budget a prospective property buyer can be advised on the location that will be most ideal for the purchase. Also, the means of payment also enables a property buyer to know what type of property to look into procuring.
First time property buyers may consider various schemes that make property purchase more affordable such as off plan property developments, mortgages from the National Housing Fund and Lagos HOMS.
Off plan property developments enable a buyer to purchase a property and pay in phases as the developers completes various stages of the property development.
An individual interested in financing a property purchase with a mortgage needs to first decide on the amount to collect and the interest rates the institution is offering. There is the National Housing Fund which is a government backed mortgage scheme and accessible to low/medium income earners. The NHF mortgage is currently the most affordable mortgage rate in Nigeria with interest rates as low as 6%.
Furthermore, property buyers need to select a housing scheme that is affordable to them. For individuals interested in buying into housing developments, there is a need to look out for the credibility of the developer and also gather information on the documents of the land on which the property is being developed.
About Modupe Anjous
Modupe has a wealth of experience in the property industry having worked in the industry and several private sectors for over 8 years. She is currently the CEO of Rydal Mews Ltd a real estate company and has been for the past 3years. She holds a Bachelor of Science degree in Estate Management from the University of Lagos and is a student member of the Nigerian Institute of Estate Surveyors and Valuers.
Modupe has a wealth of experience in the property industry having worked in the industry and several private sectors for over 8 years. She is currently the CEO of Rydal Mews Ltd a real estate company and has been for the past 3years. She holds a Bachelor of Science degree in Estate Management from the University of Lagos and is a student member of the Nigerian Institute of Estate Surveyors and Valuers.
About The Property Show
The Property Show is a weekly real estate radio show with www.privateproperty.com.ng which airs live every Tuesday at 5PM on Inspiration 92.3FM and is hosted by popular OAP Ms. Wana Udobang (Ms. Wana Wana) as host.
The Property Show comprises a 15-minutes interview with a Special Guest that will enlighten listeners on selected real estate topics and issues. Also, there is a 15-minutes phone in segment that enables listeners of the show make enquiries and receive expert advice from a pool of real estate experts and professionals.
No comments:
Post a Comment