Buying property is a significant financial decision. Whether you are purchasing land, a house, or an off-plan property, proper inspection and due diligence can help you avoid unnecessary risks and protect your investment.
Before committing your money, here are seven essential things to check.
1. Location and Accessibility
Evaluate the property’s accessibility, road network, neighbourhood security, proximity to essential facilities, and surrounding development. A desirable location can support long-term property demand.
2. Ownership and Title Documents
Verify the seller’s identity, ownership history, survey plan, and relevant title documents. Engage a qualified property lawyer to conduct independent searches and identify potential ownership disputes, encumbrances, or acquisition issues.
3. Structural Condition
For completed buildings, inspect the foundation, walls, roof, ceilings, plumbing, electrical installations, and ventilation. Consider engaging a qualified building professional to identify defects that may require expensive repairs.
4. Drainage and Flood Risk
Examine the property’s drainage system and look for signs of erosion, waterlogging, or previous flooding. This is particularly important in areas where drainage infrastructure is inadequate.
5. Infrastructure and Utilities
Confirm the availability of electricity, water, access roads, and other essential services. For undeveloped land, distinguish between existing infrastructure and facilities that developers merely promise to provide.
6. Additional Costs
Look beyond the advertised purchase price. Budget for legal fees, agency fees, survey expenses, title registration, applicable taxes, service charges, and potential renovation costs.
7. Investment Potential
Consider rental demand, future infrastructure, neighbourhood development, resale prospects, and your investment timeline. Avoid relying solely on promotional claims about future appreciation.
Final Thoughts
A property inspection is more than a physical visit. It involves checking the property’s condition, verifying its legal status, understanding the total acquisition cost, and evaluating its investment potential.
At Access Realty, we encourage investors to prioritise due diligence before committing their hard-earned money.
Whether you are considering land or premium residential property in Lagos, Ibeju-Lekki, Ogun, or Oyo State, informed decisions can help you invest with greater confidence.
Contact Access Realty to explore strategic real estate investment opportunities on +2348166876262
To your success,
Realtor Tunde Raji, BSc, MNIM, MCIB
CEO, Access Realty
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