Hidden Fees you should check before buying a house in Nigeria

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Hidden Fees you should check before buying a house in Nigeria

There are many affordaple properties for sale in Nigeria, most especially finished houses. This would be a better option instead of buying land and building from scratch. Building from scratch can also have a lot of stress and troubles involved if not done properly. But for prospective buyers who are buying finished houses for the first time, it is important to note the necessary fees involved in the purchase.

The chance of being deceived increases when buying a home because you are losing a significant amount of money all at once, and if you are one of their unfortunate victims, it will be very difficult for you to recover from it.

But Ofcourse, you can never go wrong with the right information. So read on to learn more details.

Do your research before you purchase that home to understand the additional costs associated with buying a property that must be paid so you don’t accrue debt before taking ownership.

CHECK: Flats and Apartments for Sale

Additional costs you should know

Fees

Legal fees to draft all paperwork are 5% of the property’s cost (negotiable), and agency fees are 5% of the property’s cost (negotiable), A house’s survey plan costs more than N200,000. Each survey might cost N350,000 if it’s a semi-detached duplex. Only a government surveyor can create a survey plan to divide the property appropriately if you purchase it through a government program. The subdivision will set you back N750,000.

Also be ready to pay up to N1 million for the original owner of the property document to sign your deed of assignment and Form 1c as penalty¬†for the developer not having his registered deed of assignment if the property document is a governor’s consent and belongs to someone other than the seller or developer.

Taxes

To help you when you want to process your own governor’s consent, you need in advance request the taxes of the original owner of the documents. For Instance if you are buying in Lagos, When it time comes to file your documents, you must pay the Lagos State government a minimum of N300,000 in taxes. If you fail to do this, it will cost you N500,000 or more to pay the taxes on behalf of the seller.

Conclusion

It is better for you to plan if you are aware of these costs as soon as possible. Be prepared to set aside about N5 million for major renovations if you plan to purchase an old house. Avoid purchasing a home that you won’t appreciate by taking your time and planning for all of these associated costs before you hurry to buy.

Christian Nduaguba