Here are 6 top things to consider when renting a property in Nigeria:
- Property Condition and Functionality:
- Conduct a Thorough Inspection: Don’t rely solely on photos or descriptions. Personally inspect the property, checking for leaks, faulty electrical wiring, plumbing issues, and any structural damage.
- Essential Amenities: Ensure the property has the basic amenities you need, including functional water supply, good water pressure, stable electricity (consider backup power options if frequent outages are common), and adequate waste disposal.
- Security Features: Assess the security measures in place. Look for secure doors and windows, good quality locks, and potentially security fencing or burglar alarms if necessary for the neighborhood.
- Legitimate Landlord and Proper Documentation:
- Verify Landlord’s Identity: Confirm the landlord’s true identity through government-issued IDs and match them with the names on the lease agreement.
- Review the Lease Agreement Carefully: Pay close attention to details like rental amount, duration, termination clauses, and any maintenance responsibilities outlined in the lease. Ensure you understand all terms and conditions before signing.
- Proof of Ownership: Request to see proof that the landlord has the legal right to rent out the property. This could be a Certificate of Occupancy (C of O) or evidence of a valid tenancy agreement if subletting.
- Understanding Costs and Fees:
- Total Monthly Cost: Factor in not just the rent but also potential service charges (security, waste disposal), utility bills (electricity, water), and any association fees if applicable. Get a clear breakdown of all expected costs.
- Payment Terms: Clarify the payment terms, including frequency (monthly, quarterly), acceptable payment methods, and any late payment penalties.
- Negotiate Rent: Especially if you find issues during the inspection, don’t be afraid to negotiate the rent to reflect any necessary repairs or inconveniences.
- Research the Neighborhood and Security:
- Safety and Security: Research the crime rates in the area and inquire about the general safety of the neighborhood. Consider factors like street lighting, presence of security patrols, and proximity to police stations.
- Amenities and Accessibility: Evaluate the surrounding area’s amenities. Are there essential shops, schools, hospitals, or public transportation options within a reasonable distance?
- Noise Levels and Ambiance: Consider the overall environment. Is it a quiet residential area or a bustling commercial district? Think about your noise tolerance and preferences.
- Understanding Maintenance and Repairs:
- Clarify Responsibilities: The lease agreement should clearly outline who is responsible for maintenance and repairs. Normal wear and tear is typically handled by the landlord, while damage caused by the tenant might be their responsibility.
- Response Time for Repairs: Discuss the process for requesting repairs and the expected timeframe for the landlord to address any maintenance issues.
- Trust Your Gut Feeling:
- Overall Comfort Level: Beyond the technical aspects, pay attention to your overall impression of the property and the surrounding area. Does it feel like a comfortable and safe place to live? Trust your gut feeling and don’t rush into a decision.
Want to buy, rent or build a property in Nigeria and have no idea how to begin? Send us an email today hello@masterpiececapitalltd.com or simply call us on +234 816 771 9050 for a free consultation.