Before buying a property in any part of Nigeria, including Asaba, it’s essential you ask the right questions.
While real estate is one of the most profitable investments, not all properties are worth investing in, as you can lose all your money in a bad deal.
However, if you ask the right questions, you’re sure to make the right decisions. That’s why this article discusses the top seven questions you must ask before buying a property in Asaba or anywhere in Nigeria.
Why You Should Buy a Property in Asaba
Asaba, the capital of Delta State, is one of the fastest-developing cities in Nigeria. In the past two decades, the city’s development has been tremendous, with the construction of the Asaba International Airport, federal medical center, and other notable establishments improving the State’s economy.
Also, the cultural heritage of Asaba, coupled with its infrastructural development, made it irresistible to Nollywood, Nigeria’s film industry. The Delta State government went further to build one of the best film villages in Nigeria. This attracts actors, film lovers, and professionals from within and outside Nigeria to Asaba.
With the fast-growing economy, increased population, and serene atmosphere, it’s clear Asaba is a great place to buy a property. It’s suitable for residential and commercial properties and promises favorable returns, because many people still undervalue the potential of the city.
7 Questions to Ask Before Buying a Property in Asaba
Here are some important questions you must ask to ensure you make an informed decision when buying a property in Asaba:
1. Where is the Property Located?
Location is one of the most important factors to consider when buying land or property anywhere in Nigeria, including Asaba.
Real estate investment is one that’s influenced by location. Your property’s resale value and liquidity in the coming years depend on its location. Therefore, whether you’re buying a residential or commercial property, location should be at the top of your considerations.
If you’re buying a residential property, consider if it’s located in a safe and secure neighborhood. Is it in an environment where you will desire to raise your kids? How close is it to essential facilities such as schools, hospitals, markets, and public transportation?
On the other hand, if you’re buying a commercial property, you should consider how close it is to your potential customers. This ensures you don’t locate your business in an area where your customers can’t reach you.
Also Read: 10 Frequently Asked Questions By First-Time Property Buyers in Abuja
2. What is the Title Status of the Property?
Some people sell properties in Asaba without title documents. While this doesn’t mean the seller isn’t the legitimate owner, things can go wrong.
If you don’t want to enter into land disputes with anyone, ensure you buy a genuine property from the legitimate owner. The title status of the property is essential in helping you determine this.
There are many titles a land or property can have, but here are the ones you should look out for:
- Certificate of Occupancy (C of O)
- Governor’s Consent (GC)
- Deed of Assignment, etc.
A legal title to a piece of land or property saves you the cost and inconvenience of legal disputes or demolitions.
3. What is the Condition of the Property?
You can’t pay for a property without inquiring about its overall condition. In fact, that’s essential for determining the current value of the property.
Therefore, before buying a property, you must ask relevant questions like:
- How old is the property, and when was it last renovated?
- Are there any structural issues or necessary repairs?
Getting answers to the above questions will help you to not overpay for a property. It will also prevent you from buying an ancient house that’s just given a facelift.
4. What is the Total Cost Involved?
Like buying properties in any other place in Nigeria, buying properties in Asaba requires more than the actual cost. You’ll have to pay additional fees like agent fees, legal fees, title investigation, transfer of title, and property taxes.
Understanding the total cost involved will help you plan better towards purchasing the property. Even more, it will help you not to overpay, as some real estate agents don’t hesitate to take advantage of some people’s ignorance of property costs.
Also Read: The Fastest Developing Areas in Asaba for Real Estate Investment
5. What are the Development Plans for the Neighborhood?
It’s essential to know the development plans for an area before buying a land or property there.
With information on the upcoming development projects in the area, you’ll know the impact on your property value. It also helps you know what you can and can’t do on the land.
For example, suppose you’re buying a property in GRA Asaba. In that case, you should already know you won’t be permitted to build factories or any other property that will disrupt the serenity of the environment.
6. Is it Easy to Access the Main Roads?
Road access is another important consideration you shouldn’t overlook when buying a property. If you buy land or property far from the town, you’re incurring additional expenses, such as increased cost of transportation.
Buying a property in Asaba central core areas will save you the cost of transportation and give you easy access to the city. You can easily access the hospital, airport, and other essential locations in Asaba.
7. What is the Demographic of the Neighborhood?
While location is essential, especially when considering property values, the demographic is another vital consideration.
You must inquire what the predominant demography of the neighborhood is. Find out if it’s residential, commercial, or mixed. Also, inquire if there are known issues with neighbors or the local community.
This enables you to purchase a property in a neighborhood that aligns with your original intentions for the property and gives you peace of mind.
Also Read: Read This Before You Purchase a Property in Abuja
Conclusion
Without the right information, you might acquire properties in a location that stunts your personal or business growth. This might prompt you to cash in early on the property and possibly incur a loss on the transaction.
Asking the right questions before buying a property in Asaba will help you avoid losing money on non-existent or dispute-ridden properties.
Hopefully, this article has given you insights on the right questions to ask before buying a property in Asaba or anywhere in Nigeria.
To invest in our Asaba real estate offer, Ogwashi-Uku or Ibusa, Delta State, please, call +2348132794689. You can also send a WhatsApp message to +2348132794689.
