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7 Ways To Avoid Real Estate Construction & Purchase Scams

7 Ways To Avoid Real Estate Construction & Purchase Scams

It is not an uncommon thing to hear most people saying that buying land or generally building in Nigeria is an extreme sport at the least. Some would compare juggling, not being scammed and avoiding high and hidden costs as a common act in the average building, buying or investor’s, mindset in the Nigerian real estate.

It is not as difficult as it is made to look. One would always consider Lagos, Port Harcourt, Calabar and Abuja as a known high end investment and as such it would help to be on the safe side. Before talking to people or asking around, make a mental note of what you want and stick to it as this will be of great help in the future. It would do so much good to know what you are looking for in order to avoid scams of any kind.  To help you join the long list of landlords  and property owners in Nigeria, we will guide you through the building and buying scam free process for Nigeria.

Luvanex Builds is dedicated to helping Nigerians in any and every form possible thus; guiding you on the “need to know” in real estate. Keep these in mind.

Have Budget Plan 

This cannot be overexagerated, as it is key to the completion of the project to begin with making proper research on how things will cost you down to the last hidden charge as this would help give you an overall understanding of things to come and prepare to avoid unrealistic promises during or while building or buying the said property.

 

Understand The Project Structure

This includes both architectural, environmental and governmental policy requirements and approvals it would take to get it done. This in the case of buying would be to know if there are any unforseen structural mistakes. Hiring a real estate firm like LuvanexBuilds would be of help.

Research Project’s Environment

The project environment holds key to alot of information that would otherwise be unavailable. If there are other real estate projects going on there it would do good to find out how much things cost and what they are doing different you would be surprised to hear a thing or two that would save you a ton of money but the better alternative is to get a project management firm to handle it all for you like luvanex builds and others you have heard from friends and family

Monitor Project Progress

If you cannot outsmart keep a close eye on them and make sure things are going accordingly with your project. This is proirity when building away from your project’s environment. Having a third party eye and report documentation can help not only solve disputes but briing in accountabilty to the project.

Verify & Vet Documents

There are always documents for every real estate project make sure you do not make a move without having them properly vetted the authenticity with the proper authorities. Forgery is not a new tool  but negligence will be a point of exploit for scams. Be wise.

Purchase & File With The Government:

With everything in place, you should make all payments regarding the house with your lawyer. After making payment, make all efforts to collect every related receipt forms. Documents required for land purchase in Nigeria include the deed of assignment, contract of sale, letter of allocation, affidavits, purchase receipt, deed of gifts, letters of administration, e.t.c. File it with the right authorities and you are SCAM FREE.

I hope you found this helpful. Don’t forget to share the post and chat us up on any questions you may have concerning the Nigerian real estate industry. We would love to hear from you

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