10 advantages of buying off-plan property in Nigeria

Have you ever thought about buying a house or apartment that has not been built yet? This is called buying an “off-plan” property. In Nigeria, more and more people are choosing this option when they want to own a home. Let’s discuss the 10 major advantages of buying an off-plan property in Nigeria.

1. Lower Prices

One of the best things about buying a pre-built home is that it is usually cheaper than buying a finished home. When you buy early in the construction process, developers often offer lower prices to attract buyers. This is because they need the money to start or continue construction. By buying a pre-built home, you can get a great deal on a property that may cost much more once it is completed.

For example, let’s say a developer is planning to build an apartment block in Lagos. They might offer a 20% discount off the final price to the first few buyers. This means you could save millions of Naira just by buying early!

2. More Time to Save

When you buy a house off-plan, you don’t have to pay for everything at once. Typically, you pay a deposit first, then make further payments as the building progresses. This gives you more time to save or arrange a mortgage. It’s like having a savings plan that ends in home ownership!

For example, the price of the apartment you want is 50 million Naira. You may have to pay a down payment of 10% (5 million Naira) when you agree to buy it. This gives you 18 months or more to save or arrange the rest of the money before the apartment is ready to be purchased.

3. Customization Options

Another great thing about buying a move-in ready home is that you can often choose the look of the inside of the home. You may be able to choose the wall color, the type of flooring, or even the layout of the rooms. This means that your new home can be made exactly how you want it, without having to do any extra work.

Imagine being able to choose between a larger kitchen or an extra bedroom. Or choosing the perfect tiles for your bathroom. When you buy off-plan, you often get these choices!

4. New Design and Technology

Unbuilt properties are usually more modern than older homes. Developers use the latest building techniques and incorporate new technology. This could mean better insulation to keep your home cool, solar panels to save on electricity, or smart home features that make life easier.

For example, your new apartment may already be equipped with high-speed internet, or a modern security system to keep you safe.

5. Potential for Higher Value Increase

Property values ​​in Nigeria tend to appreciate over time, especially in big cities like Lagos, Abuja and Port Harcourt. When you buy a ready-to-move-in home, you are locking in the current price for a property that will be completed in the future. By the time your home is ready to move in, it could be worth more than you bought it for!

Let’s say you buy a ready-to-move-in apartment in Abuja for 40 million Naira. Two years later, after completion, a similar apartment in the same area might sell for 50 million Naira. You’ve made a profit of 10 million Naira!

READ ALSO:Five reasons Lagos’ housing deficit persists despite booming construction

6. Better Location

Developers often choose a good location for their new projects. They look for areas that are developing or improving, places that are close to important highways, schools, or shopping areas. By buying an undeveloped property, you may have the opportunity to own a property in an area that will become very popular in the future.

For example, a developer might start a project in an area of ​​Lagos where a new train station is to be built. When your home is ready, you will be living in a well-connected and desirable neighborhood.

7. Guaranteed New Home

When you buy a move-in ready home, you know that you are getting a brand new home. Everything will be new and unused. This means that you may not have to spend money on repairs or renovations for a long time. New homes also often come with a warranty, so if something goes wrong, you can get it fixed for free.

Imagine moving into a house where you are the first person to use the kitchen, or sleep in the bedroom. Everything is clean, new, and works perfectly!

8. Easier Budgeting

Buying ready-made items can make your financial planning easier. You know exactly how much you need to pay and when. This can help you avoid surprises and ensure you have enough money saved at the right time.

For example, if you know you have to pay 20% when the foundation is laid, 30% when the walls are up, and the rest when it is finished, you can plan your savings or loan payments to correspond to these milestones.

9. Potential for a Better Deal

Developers want to sell their properties quickly, especially at the beginning of a project. This means they may offer special deals to early buyers. You may get extras included in the price, such as an air conditioning unit, parking space, or even furniture.

Some developers may even offer a guarantee to buy back the property at a higher price if you decide you don’t want it when it’s completed. This can give you peace of mind about your investment.

10. Excitement and Anticipation

Finally, buying a move-in ready home can be so exciting! You get to see your future home being built from the ground up. Each site visit will reveal more progress. It’s like watching your dream come true before your eyes.

This excitement can make the waiting time feel special, rather than frustrating. You have time to plan how you will decorate, or save up for furniture. By the time you move in, you will feel a strong connection to your new home.

By: Dennis Isong

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