Purchasing an uncompleted building in Lagos can be considered risky due to the pitfalls that may come with it. However, it can also be a good way of getting a property already equipped with an existing structure and approved building documents at a lower cost.
It is also a good way for you to finish your property in a way that would suit you. People complain about finishing all the time when they buy a house. So when you buy an uncompleted building you know you would be the one to finish it off, pick the tiles, paint colours, electrical plugs and so on that you want.
Anyone can sell an uncompleted building in Lagos for various reasons ranging from the death of the owner in which the immediate family decided to sell the uncompleted building to the fact that the owner ran out of money to complete the structure.
This article highlights the tips and tricks to guide you into making a good decision when you are buying an uncompleted building in Lagos.
Tips To Note When Buying an Uncompleted Building in Lagos
Check the Documents
It’s important to check that the property has proper documentation. Depending on the building stage, you will need a planning permit or approval, building approval, plumbing certificates amongst other documents.
When you get these documents don’t just collect them make sure you have them thoroughly checked. It is strongly recommended that you have these evaluated by a certified planner and an experienced real estate lawyer to ensure all requirements are met so that you do not regret anything in the future.
It is good to be cautious because the home may also be unfinished because the owner had issues with proper planning permission from the government or organisations in charge of it. You do not want to purchase a building and then have it sealed or shut down afterwards.
If you suspect your potential dream home investment could come with a series of permit headaches, plan ahead and check the permits and building codes for your area.
[READ MORE: Find Out How Long It Takes To Build A New House In Nigeria]
Inspect the Building
Before you purchase an uncompleted building it is important you have the building thoroughly inspected by a certified building inspector.
You may think you have it all figured out but a certified building inspector would be able to tell between the lines anything from shoddy workmanship to poorly designed plans would be easily seen by an inspector and not you.
Just like you would call a home inspector to check out an already built property you intend to purchase, you also need a building inspector to check uncompleted buildings.
It is pertinent to note that the home inspector you get must know his onions. This is not a time where you need someone to gloss over problems you will regret down the road. Find a home inspector who has a reputation for thoroughness and attention to detail.
Do Your General Research
Research is key. Before you get the uncompleted building make sure you have done all the necessary research you need to do. Asking questions is important. You would need to meet with the very owner of the house if he is still alive. Get to know the reasons behind him or her putting up the uncompleted house for sale.
Also, make findings from the area where the uncompleted house is located at. You can check either the LGA office in charge of land and property or the town planning committees. That way if there are any pending issues on the property you would get to know about it.
Negotiations
After you have done all necessary checks, inspections and research it is now time to negotiate with the seller so as to purchase the uncompleted building. Before you do so let your lawyer get you a comprehensive indication of what future liabilities will exist for you like government fees and the likes so that you can factor them in when negotiating on the price with the seller. Having an independent valuation of the property is key to knowing whether the amount being negotiated represents the fair market value of the property.
In summary, buying an uncompleted building may be more positive than negative if you weigh your options and do your research carefully. To figure out if it’s the right choice for you, gather all the facts, make your findings, and think clearly about what you want in a home, both now and in the future.
