The Hidden Costs of Buying Real Estate in Lagos

When buying property in Lagos, the listed price is just the beginning. Many buyers are unaware of the hidden costs involved in completing a real estate transaction. To help you budget effectively, here are the additional expenses you should consider.

1. Legal Fees
   Hiring a lawyer is essential to verify property documents and draft agreements. Legal fees typically range from 5% to 10% of the property’s cost.
2. Agency Commission
   Agents often charge a commission of 5% to 10% for their services in facilitating property transactions.
3. Survey and Registration Fees
   These are necessary to ensure the property is properly documented and registered with the appropriate authorities.
4. Omo-Onile Fees
   Customary landowner charges, known as Omo-Onile fees, are common in Lagos. It’s important to negotiate and understand these fees upfront.
5. Infrastructure Levies
   Some areas require contributions toward local infrastructure development, which can add to your expenses.
6. Property Taxes
   Annual property taxes must be paid to the local government, varying depending on the location and size of the property.

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Understanding these hidden costs ensures you’re fully prepared when purchasing property in Lagos. Transparency and due diligence are key. Contact us to help you navigate real estate costs with ease!