FAQ

Frequently Asked Questions

Am I Ready to Be a Homeowner?

You are ready to own a home in Nigeria when you have a stable income, have begun saving toward a down payment or outright purchase, and have a clear understanding of the additional costs involved. If you are unsure, our consultants at Realty Options are happy to guide you through the readiness assessment at no cost.

Is Renting/leasing or Buying Better?

This depends on your current financial position and long-term goals. Renting/Leasing gives you flexibility, especially useful if you are still exploring neighbourhoods. Buying, on the other hand, builds lasting equity and protects you from the rising cost of rent. If you can afford to buy, it is almost always the smarter long-term investment in the Nigerian market.

What Is the Lender's Formula in nigeria?

In Nigeria, mortgage lenders including the Federal Mortgage Bank of Nigeria (FMBN) and commercial banks typically assess how much you can borrow based on your monthly income, existing debts, and credit history. A general rule is that your monthly mortgage repayment should not exceed 33% of your monthly net income.

What Do I Look for when viewing a property in nigeria?

Beyond the aesthetics, here are key things to check: Is the are prone to flooding? What is the road and drainage situation like? Is there a reliable water supply or borehole on site? How is the electricity supply? What are the service charge and estate management fees? These are Nigerian realities that significantly affect your comfort and the property’s value over time.

Do I Need a Home Warranty in nigeria?

While home warranties are not yet common practice in Nigeria, what matters most here is ensuring the property has proper structural integrity and that all fittings are in good working condition before you take possession. At Realty Options Limited, we recommend a professional structural inspection before any purchase, and we can connect you with certified professionals who handle this.

What Should I Expect at the point of sale?

In Nigeria, completing a property transaction involves several key steps: signing a Contract of Sale, payment of the agreed purchase price, and transfer of title of documents. These documents may include a Deed of Assignment, Survey Plan, and Certificate of Occupancy (C of O) or Governor’s Consent. You will also need to pay stamp duty and registration fees at the relevant Land Registry. We strongly advise working with a qualified property lawyer.

What Is mortgage Pre-qualification in nigeria?

Pre-qualification is an early assessment by a bank or mortgage institution of how much they are willing to lend you based on your income and financial profile. In Nigeria, you can explore mortgage options through institutions like the Federal Mortgage Bank of Nigeria (FMBN), Family Home Fund, or commercial banks offering home loans. Getting pre-qualified before you start property hunting helps you focus on properties within your actual budget and shows sellers you are a serious buyer.

Am I Ready to Rent?

You’re ready when you can comfortably afford the upfront costs, which in Nigeria typically include 1 – 2 years rent in advance, agency fees (usually 10% of annual rent), and a legal/agreement fee.

What Should I Offer for a property?

In the Nigerian property market, the asking price is often a starting point for negotiation. Research recent sales or rental prices in that neighbourhood, consider the condition of the property, and make a reasonable counter-offer. Our agents at Realty Options Limited are experienced negotiators who will ensure you get the best possible value without losing a property you love.

Can I Ask Realty Options for Advice?

Absolutely, and it costs you nothing to ask. Whether you are a first time buyer trying to understand the process, an investor looking for high-yield opportunities, or a business owner searching for commercial spaces, our team is here to give you honest, practical guidance every step of the way. reach out today and let us start the conversation.

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Begin your search with confidence.