Hidden fees are one of the most frustrating aspects of the Nigerian real estate market. Buyers and renters often budget for the advertised price, only to discover extra charges after signing contracts. Common hidden fees include: Service charges: Often added without prior notice. Maintenance fees: Some developers fail to clearly communicate recurring costs. Agent fees:...
Transparency is rare in Nigeria’s real estate market because many developers prioritize quick profits over trust. Hidden fees, incomplete documentation, and vague updates are common. This creates uncertainty and anxiety for buyers and investors. The effects of this lack of transparency include: Difficulty verifying property ownership Fear of fund misuse Delayed handovers Low trust in...
Buying off-plan means your apartment isn’t complete yet, which can create uncertainty. Knowing how to track progress is critical. Regular updates from the developer: Ask for timelines, progress photos, or virtual tours. Milestone reporting: Payments should correspond with construction milestones. Transparent platforms: Some developers offer dashboards or apps where you can monitor unit progress. Flinx...
Paying for an apartment in Nigeria can feel risky. Scams and fake listings have made buyers cautious, and rightfully so. But there are safe payment practices that protect your money. Verified developers: Always work with companies that have a proven track record and verified credentials. Trustee or escrow accounts: Funds should go into accounts managed...
Investing in an apartment that deteriorates soon after purchase is a nightmare. Common causes in Nigeria include: Low-quality materials Poor construction supervision Unverified or inexperienced developers To avoid this, buyers should focus on: Quality of construction: Verify materials and workmanship. Developer credibility: A track record of delivering durable apartments matters more than flashy designs. Insurance...
Delayed handovers are a major pain for Nigerian property buyers. Many apartments are delivered months—sometimes years—late, often due to poor planning, lack of funds, or mismanaged construction. How to avoid being stuck in a delayed handover: Check the developer’s track record: Companies that consistently deliver projects on time are more reliable. Verify project funding and...
Tenancy disputes are common in Nigeria. Misunderstandings over rent, deposits, maintenance, or lease terms can sour the renting experience. But they are preventable. Here’s how to avoid them: Clear agreements: Ensure your lease clearly states rent, duration, maintenance responsibilities, and penalties. Document everything: Always get receipts and written confirmations for payments. Verify landlord/developer legitimacy: Avoid...
Buying apartments off-plan—before construction is complete—can be a smart investment. But it comes with risks if not handled correctly. Many buyers in Nigeria have been misled by delayed projects, unclear timelines, or developers who lack credibility. Here’s what investors need to know: Track record matters: Only work with developers who have delivered projects on time....
Fake apartment listings are a major problem in Nigeria. From phony photos to copied content, scammers prey on uninformed buyers, often requesting upfront payments before disappearing. But these losses can be avoided. Here’s why it happens: Lack of verified platforms or credible listings Agents without accountability Buyers skipping verification for the sake of speed Preventing...
First-time buyers often enter the Nigerian real estate market with enthusiasm—but that enthusiasm can attract opportunistic agents. Many are overcharged, misled about unit size, or promised amenities that never materialize. To avoid this: Do your research: Compare market prices in your preferred area. Understanding typical costs gives you leverage. Verify the developer: Check past projects,...
|
Payment Plan
|
Outright
|
4 Months
|
|---|---|---|
|
Initial Deposit
|
₦95,000,000
|
₦30,000,000
|
|
1st Payment
|
|
₦17,000,000
|
|
2nd Payment
|
|
₦17,000,000
|
|
3rd Payment
|
|
₦17,000,000
|
|
4th Payment
|
|
₦17,000,000
|
|
TOTAL
|
₦95,000,000
|
₦98,000,000
|
|
Payment Plan
|
Outright
|
4 Months
|
|---|---|---|
|
Initial Deposit
|
₦58,000,000
|
₦20,000,000
|
|
1st Payment
|
|
₦10,000,000
|
|
2nd Payment
|
|
₦10,000,000
|
|
3rd Payment
|
|
₦10,000,000
|
|
4th Payment
|
|
₦10,000,000
|
|
TOTAL
|
₦58,000,000
|
₦60,000,000
|
