Lekki and Ajah are among the top 10 most expensive areas in Lagos state. Properties in these areas offer a high resale value, attractive location, amenities and infrastructures for investors. Despite these advantages, recent demolition trends, flooding concerns, and environmental issues in these areas necessitate extensive due diligence before purchasing any property.
This article outlines five essential checks you should make before purchasing a property in Lekki or Ajah. By conducting these comprehensive checks, investors can mitigate risks and make informed decisions, ensuring their investment in Lekki or Ajah not only preserves but also appreciates in value.
Price of properties for rent in Lekki/Ajah (₦/M)
Price of properties for sale in Lekki/Ajah (₦/M)
5 Essential Checks to Carry Out When Buying A Property In Lekki/Ajah
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Verify the Property Title
The first and most critical step in buying a property is to verify the property title. This process ensures that the seller has a clear and legitimate title to the property. This title should be free from disputes or any form of legal issues.
To verify the title of a property, it’s important to engage the services of a qualified Estate Surveyor and Valuer (ESV) or a lawyer. These professionals will search the Land Registry to confirm the authenticity of the title documents.
By carefully carrying out this step, you potentially effectively avoid legal disputes, demolitions and ensure that the property is free from any existing claims, mortgages, or court litigations.
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Inspect the Physical Condition
Conducting a comprehensive inspection of the property’s physical condition is a step that should not be ignored. This step involves evaluating structural integrity, plumbing systems, electrical wiring, and overall maintenance of the property. Check for dampness and signs of obsolescence that could harm your well-being.
Look for structural damage, water leakages, faulty electrical systems, and other maintenance issues. A professional surveyor or structural engineer can assess the property and provide a detailed report on its condition.
During this inspection process, pay attention to the quality of construction materials. Examine the finishing and any signs of wear and tear.
By doing this step, you can understand the true state of the property and the costs of repair. You can also re-negotiate the price based on your findings during the inspection.
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Evaluate the Location and Accessibility
Lekki and Ajah are known for their strategic locations and accessibility. In this step, you should:
a.) Evaluate the specific location of the property within these areas.
b.) Assess the location and accessibility based on its intended use (residential, commercial, etc.
c.) Consider proximity to essential services like schools, hospitals, and shopping centres.
d.) Check the quality of the road network and the potential for traffic congestion. Properties in well-developed areas with easy access to amenities typically have higher value.
e.) Furthermore, consider future developments in the area. Projects such as the Lekki Free Trade Zone, the Dangote Refinery, and other infrastructural developments can significantly impact property values.
Understanding these dynamics can help you make a more informed investment decision.
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Check for Flood Risks
Due to the coastal location of these areas, flooding is a major concern in Lekki and Ajah. Recently, approximately 2,000 residents in the Jakande Estate area of Eti-Osa Local Government Area (LGA) were displaced from their homes due to flooding between May and June 2024. These recurring flooding incidents are primarily attributed to inadequate drainage systems in the area.
During property inspections, observe signs of waterlogging and poorly constructed drainage systems. Ask neighbours around about the state of the property and consult with the property managers to understand the flooding risks and mitigation measures.
Consider the elevation of the property relative to the surrounding areas and the quality of drainage channels. Properties in flood-prone areas may incur additional expenses to mitigate flood risks, potentially impacting your budget. Investing in properties with effective flood mitigation measures can help prevent future damages and reduce repair costs.
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Assess Security and Safety
Safety is a paramount consideration when buying a property. Check the security measures in place within the neighborhood. Look for features such as gated communities, security personnel, and surveillance systems. Additionally, inquire about the crime rate in the area and any recent security incidents.
Check the proximity of the property to police stations and other security installations. A secure environment not only ensures your peace of mind but also adds to the value of the property. Consider also the availability of emergency services such as fire stations and hospitals, as these can significantly impact safety and response times in case of emergencies.
Additional Considerations
Beyond these essential checks, there are other factors to consider to make a well-rounded decision:
1. Market Trends and Property Value:
Understand the current market trends and property values in Lekki and Ajah. Collaborate with real estate professionals, such as Buyletlive, who offer market insights for investors
2. Legal and Regulatory Compliance:
Ensure that the property complies with building regulations and zoning laws. Verify that all necessary approvals and permits have been obtained for the property.
3. Neighborhood Assessment :
Assess the neighborhood. Factors such as noise levels, neighborhood culture, and the availability of recreational facilities play a crucial role in shaping your overall living experience in the area. These aspects should be considered to ensure they align with your preferences and lifestyle needs when choosing a property.
4. Future Resale Value:
Evaluate the potential resale value of the property. Properties in well-planned and developed areas with good infrastructure will have a better resale value.
5. Developer’s Reputation:
When purchasing a newly built property, conduct thorough research on the developer. Developers known for delivering high-quality projects within schedule, are more likely to meet your expectations.
Conclusion
Although properties in Lekki and Ajah are renowned for their high rental and sales value, failure to conduct these essential checks can lead to financial losses. Investing time and resources in these checks ensures that your purchase of properties in Lekki or Ajah yields the desired returns and aligns with your long-term goals.
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