20 Nigerian Real Estate Common Used Terms You Should Know Before Buying Properties In Lagos – Anne Nwakama Realtor Shares
These are the 20 most common professional terms we use in Real Estate. In your Real Estate investment journey, a knowledge of these gives you an advantage to know how to start, what to look out for and what they really means:
1. Appraisal – This is the estimation of a property by an expert. Appraisals are typically used for insurance and taxation purposes, or to determine a possible selling price for a property some call it valuation.
2. Mortgage – This is a designed loan from the bank or building society in order to buy a property, outrightly or Installmentally. In Nigeria those qualified for this must have a steady job, there would be a letter issued by their company for this purpose and so many others documents required.
3. Plot : This is the land size measures in sqm or ft that could be 500sqm, 600sqm, 648sqm, 725sqm. Etc. Click here to watch the video on land size on our youtube. Half plot is also available sometimes it is 300sqm or more.
4. Acre – Land measurement size is key before buying a property I Lagos. An acre is a parcel of land measuring 6plots. It can be likened to the size of a standard football field in some cases.
5. Hectares – This is a larger size of land measuring 15plots.
6. Distress sale – This kind of sale occurs when a property owner wants to sell his/her property quickly. This happens when the seller has emergent needs to take care of and want to sell his land or house for this purpose.
7. Green Area – This is a peice of land that is designed partly or completely covered with grass, trees, shrubs, or other vegetation. It also includes parks, community gardens, Playgrounds and Public seating areas. Left for recreational purpose and for other ecological benefits to human life.
8. Rent – This is payment made for occupying an apartment, duplex or store within a period of time. Most rent runs in 12 months to 24 months in Lagos. We also have lease which can be signed in months or years. There is also what we call shotlet where you can stay within a period of time out of being in an hotel. Lagos have alot of shotlet for you. All you need is to ask.
9. Appreciation – The is an increase in a property’s market value. Which some people call it return on investment [ROI]. This is expected once you buy a property is a strategic location.
10. Commercial plot – This plots of land are used for business activities, industries, hotel, resort, hospital, gas station, shopping mall, office space, warehouse event centers, you bring your business to spotlight.. for example we have this commercial land in Lagos going for N10m per plot. Half plot is also available. See One Of The Commercial Land We Have . There are also farm lands in Nigeria to buy for Agricultural purpose all you need to do is to ask us via the whatsapp link below.
11. Residential plot – This plots of land are used for live-in purposes only like building blocks of apartments, Maisonette, penthouse, Bungalows, terrace, duplexes, Mansions and owning a mini estate for commercial purpose.
12. Initial deposit – This is a down payment percentage or amount of money paid to secure a property while in the market then buyer is able to spread other payments over a period of time. Sometimes alot of estate land and off plan developments permits you to spread payment to 3, 12, 18 or 24 months.
13. Statutory fees – These are fixed fees some call it other payments made for documents to be done in your name as well as development levy on a property you have purchased. This is as important as the property you paid for. Never ever skip this. Watch this Video On Statutory Fees.
14. Inspection – This is a thorough or comprehensive inspection of a home or land by an agent and a buyer or a third party to a buyer to discover more about a property before purchase. INSPECTION CAN BE VIRTUAL OR PHYSICAL. Once you are not on ground to see a property you can have a video inspection already done of the place or request your agent to have a whatsapp video or any platform you are comfortable with to have a clear virtual inspection with you to help you decide. SEE WHAT SOME OF OUR CLIENT’S INSPECTION LOOKS LIKE ON YOUTUBE.
15. Title – This are the documents a property posseses in Nigeria. It could be Government Approved Excision, Gazette, Certificate Of Occupancy [C of O], Governor’s Consent, Government Allocation, Government Allocated C of O. WATCH MORE ON LAND TITLES ON YOUTUBE
16. Typography : Land can be either dry or swampy. What we’ve discovered over the years only those who are wealthy secure land in water area or swampy area and after a while the wealthy who build mansions then the prices of proeprties in that axis start skyrocketing. Only smart investors understand this.
17. Luxury Homes : A luxury home is one that is valued within the top 10% of properties on the real estate market. Luxury homes tend to be considerable in size, located in optimal areas, constructed and finished with high-end materials and designed with uncommon architectural details and exceptional amenities. CHECK OUT OUR LUXURY HOMES BY CLICKING HERE TO WATCH THEM ON YOUTUBE.
18. OUTRIGHT PAYMENT : This is a total payment on a property you wish to buy. It could be land or an house. Some clients pay outright while some pick Flexible Payment Plan as stated above. It’s anyone conveinent for you you should opt in for.
19. Realtor : Real Estate Agents that can help you sort out properties in a location you desire with best negotiating skill and ensuring you are buying what suits your budget. Searching for geninue real estate agents is key. Award Winning Real Estate Agent. Top Realtors in Lagos to enable you know who to work with. While working with your agent be willing to get real estate advice to make the right or best decisions for your investment in Lagos. ANNE NWAKAMA REALTOR – Top Award Winning Realtor & Highest Selling Real Estate Agent In Lagos Click to Watch. Don’t rely your decision on just family and friends get a professional realtor to do so for you.
20. Launch Price : AM sure if you are conversant with buying properties you must have here realtors say launch price and you tend to assume what this means? Launch price is also known as introducing price. A property newly sold by an individual, group or a developer will be on a launch price which is then affordable to key in. Once you buy a property at launch price and price changes even before you take possession of such property your property appreciates.
Written by Anne Nwakama Realtor – Copyright ©️
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