Buying a home and landed property for sale is a major decision that must be thoroughly addressed due to the numerous aspects involved.
Real estate is one of the riskiest types of investments in Nigeria, especially considering the country’s complex regulatory climate. As a result, getting conned should be avoided because it takes a lot of time, money, and work to afford a piece of real estate.
For many years, the country’s housing need has been projected at 17 million units. In recent years, estimates have ranged from 20 million to 22 million. The most recent estimate from the Federal Mortgage Bank of Nigeria and the International Human Rights Commission is 28 million units.
A minor mistake could cost you your entire life savings or other hard-earned assets. But don’t worry; there are steps you can take to safeguard yourself from falling for a land scam.
It is critical to conduct thorough research on possible investing partners. It should, in fact, be your top priority. Because extensive investigation will reveal many secrets about the real estate firm or family from which you are acquiring a house, you will be able to make a more informed decision.
- Look for licensed real estate agents.
Look for experts with skills and experience in the field to engage. You should consult with authorized estate surveyors and valuers. They have a way of conducting due research on properties for sale or rent before making the listings public, and then connecting with purchasers and possible tenants.
- Do not rush through the rental or purchasing process.
One of the most common methods used by scammers is to try to speed up the purchasing process. The majority of these real estate swindlers have honed this technique to the point where it appears miraculous to their victims. And they do so by enticing you to put down a deposit that serves as a commitment. And when you do this, they typically concoct new stories and deceitful techniques to steal even more money.
- Keep your information and money safe from unscrupulous real estate agents.
Online transactions may appear to be extremely convenient, but they also give crooks an easy way to steal your money. Never, ever neglect to double-check anything before proceeding with a transaction. Check to see if the realtor, lot owner, or homeowner you contacted is a real person. Never submit your information to a website without first checking it, as there are phoney websites out there.
- Confirm the identity of the individual with whom you are partnering on a real estate deal.
As previously said, it is critical that you confirm the identification of the individual or company with whom you are conducting real estate transactions. Because many people and firms appear as real estate experts while actually being scammers. As a result, you must determine which are genuine and which are forgeries.
Thank heavens, because with the internet, this is now easier than ever. Simply Google the person or business, then visit their social media profiles to read customer feedback.
- Do not use cash.
If the homeowner or real estate agent demands cash, you should proceed with caution. As opposed to paying at a bank, insist on writing checks or paying at a bank because doing so will not leave you high and dry if the transaction goes wrong. This is due to the fact that cash payments are not traceable.
If you paid at the bank, you would have your teller, which has the name of the seller and the amount paid, so there is an advantage. This will be used as evidence if a problem emerges in the future.
- Turn down unwanted offers
Some financial deals appear to be too good to be true. Unsolicited offers are frequently too attractive to pass up. Consider your options carefully if the offer has a quick return on your investment because it could also be risky. If fraudsters actually attempt to create the impression that investment is certain and would make many people wealthy, do not be readily convinced. Big returns always come with high dangers. As they frequently say, there is no quick route to success.
