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How To Buy A House In Nigeria: The Full Guide


Buying a house is one of the biggest purchases you’ll ever make in your life, so in order to be happy with your choice and not lose your life savings, it’s important to be prepared. Find out how to buy a house in Nigeria right now!


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1. Get your finances in order

Real estate is, without a doubt, a very expensive purchase, and hardly anyone has the money to buy a house ready at hand. That is why you need to choose your strategy for buying a house. Today Nigerians choose from the following strategies:

  • Saving money is the best option, but it’s only possible when your income is enough to cover your family’s expenses and save money for the house. In general, you need to save up to 30% of your monthly salary to buy property.
  • Taking a loan from a bank or family members is the next best thing, but be prepared for a big interest rate if you loan from a bank. The sooner you repay the loan, the more money you will save, which means your family will have to live on a tight budget for a few years.
  • Right now there are several government housing schemes that you can apply to. Look into the National Housing Fund Scheme, Lagos H.O.M.S, Nigerian Housing Finance Program, and Federal Integrated Staff Housing to see whether you qualify for any of the programs.

How much does it cost to buy a house in Nigeria? If you want to live in Lagos and own a 4 or 5-bedroom house, it’s going to cost you about ₦60-100 million, depending on the location and the condition of the property.



2. Choose your ideal property

If you’ve looked at real estate in Nigeria for a long time, you probably already have an idea about the house you want to live in. Here are the most important factors for choosing your new home.

1. Location

The location of your future house influences every aspect of being a homeowner, from the satisfaction of having your own property to the price of the house: houses for sale in Lekki will cost more than similar property in most other states.



2. Price

Few of us have an unlimited budget when shopping for property, which is why price is such an essential factor. The key here is to research the price: is the cost of the house you want to buy fair for its condition and location or should you try to negotiate a better price?

3. Conveniences

We are all looking for different things when shopping for a house, and your requirements for a future home should be your number one deciding factor. For example, a family with children likely needs a big yard, while several families sharing a home will definitely need more than one bathroom.

4. Neighbourhood

Moving into a new neighbourhood without learning what it’s actually like is clearly not a smart move. Research the neighbourhood prior to making a decision: is it loud or quiet, what is its current crime situation, and is there the right infrastructure for your family are the most important questions you should ask.

5. Additional expenses

Even the best house available will have something you’ll want to change; plus, initial and future repairs can eat up a lot of your budget. Consider those additional expenses when sorting our your finances to know what you can truly afford.



3. Complete the deal

Once you’ve found the property you like, all that is left for you to do is a couple of simple steps:

  1. If you’ve been doing the house searching alone, get an independent real estate agent to help you with finishing the deal, plus a lawyer to oversee the legal side of the purchase.
  2. Negotiate with the seller in person or through your property agents to score the best possible price.
  3. Meet in the office of a real estate agent or lawyer to finalize the deal. Be sure to carefully read every legal document you’re asked to sign – always be alert and watch out for anything suspicious.
  4. Make sure to negotiate additional terms with the seller – for example, when he will be ready to move out and vacate the property.
  5. Enjoy your new house and do everything you need to make it a home!



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