Frequently Asked Questions
General Questioning
Can a home depreciate in value?
Homes generally appreciate in value over time, especially in high-demand areas like Lekki, Ikoyi, and Victoria Island. However, factors such as location, market trends, property maintenance, and economic conditions can influence value.
Pro Tip: Investing in well-located real estate in Lagos ensures your property remains a valuable asset that grows in worth.
Is an older home as good a value as a new home?
Yes! Both new and older homes can be great investments.
- New Homes: Offer modern designs, smart home features, and fewer maintenance concerns.
- Older Homes: Often come with larger land sizes, better craftsmanship, and prime locations.
For real estate investors in Lagos, buying a well-maintained older home in Ikoyi, Victoria Island, or Ikeja GRA can provide high ROI and rental income potential.
What is a real estate broker?
A real estate broker is a licensed professional who connects buyers and sellers in the property market. Brokers:
✔ Help buyers find the best property deals
✔ Assist sellers in getting the best market price
✔ Guide investors on high-ROI property investments in Lagos
Looking for a trusted real estate broker in Lagos? Covenant K.S.O Properties offers expert property consultation!
Can I pay my own property taxes and insurance?
Yes! As a property owner in Lagos, you are responsible for paying:
- Land Use Charges (annually)
- Property Insurance (recommended for protection against risks)
- Other statutory fees depending on location
Investing in real estate in Lagos not only provides long-term financial security but also helps you build wealth through rental income and property appreciation.
What are the best areas to buy property in Lagos for high ROI?
If you’re looking for top real estate investment locations in Lagos, consider:
✅ Lekki Phase 1 & Ajah – High rental demand, luxury developments
✅ Ikoyi & Banana Island – Premium real estate, exclusive properties
✅ Victoria Island – Commercial & residential opportunities
✅ Ikeja GRA & Maryland – Secure, family-friendly environment
✅ Epe & Ibeju-Lekki – Fast-growing investment hotspots
For expert advice on verified properties in Lagos, contact Covenant K.S.O Properties today!
How do I verify land documents before buying in Lagos?
To avoid real estate scams in Lagos, always verify:
✔ Certificate of Occupancy (C of O) – Confirms legal ownership
✔ Deed of Assignment – Shows transfer of ownership
✔ Survey Plan – Confirms the exact land location
✔ Governor’s Consent – Ensures government approval for resale
Pro Tip: Work with a reputable real estate company in Lagos like Covenant K.S.O Properties to ensure secure property transactions.
What are the benefits of off-plan property investments in Lagos?
Investing in off-plan properties (buying before construction is completed) offers:
✔ Lower purchase prices compared to completed homes
✔ Flexible payment plans for investors
✔ High capital appreciation as the project develops
✔ Customization options before construction is completed
Want to invest in high-value off-plan properties in Lagos? Contact Covenant K.S.O Properties today!
Buying & Ownership FAQs
How can I avoid buying land with legal issues in Lagos?
To avoid land scams in Lagos, always verify:
✔ Certificate of Occupancy (C of O) – Confirms legal ownership
✔ Survey Plan – Ensures land is not under government acquisition
✔ Deed of Assignment – Proves transfer of ownership
✔ Governor’s Consent – Ensures the property can be resold legally
🔹 Tip: Never rely solely on sellers—engage a real estate expert like Covenant K.S.O Properties to conduct due diligence.
What are the hidden costs of buying a house in Lagos?
Aside from the purchase price, be prepared for:
🔹 Legal & Documentation Fees – C of O processing, deed of assignment
🔹 Survey Plan – Required for land purchases
🔹 Stamp Duty & Taxes – Paid to the government
🔹 Agency & Brokerage Fees – Typically 5-10% of the property cost
🔹 Development Levy (for estates) – Varies based on location
🔹 Tip: Budget an extra 10-15% of your property price to cover these costs.
How do I confirm if land is under government acquisition?
Many lands in Ibeju-Lekki, Epe, and other fast-growing areas may be under government acquisition. Before buying:
✅ Conduct a Land Search at the Lagos State Land Bureau
✅ Request a Red Copy Survey & check the Gazette status
✅ Confirm Excision & C of O status
Never buy “cheap” land without proper verification!
Investment & ROI FAQs
Where are the best areas to buy property in Lagos for high ROI?
🔹 Lekki Phase 1 & Ajah – High rental demand, luxury appreciation
🔹 Ikoyi & Banana Island – Exclusive luxury investments
🔹 Victoria Island – Commercial and residential goldmine
🔹 Epe & Ibeju-Lekki – Future investment hub with upcoming developments
🔹 Tip: Invest in off-plan projects for massive price appreciation!
Short-let (Airbnb) vs. Long-term rental – which is better in Lagos?
🏡 Short-Let Rentals (Airbnb):
✔ High daily rental income (₦30k–₦100k per night)
✔ Best for Lekki, Ikoyi, VI, and Ikeja
✔ Requires furnishing & maintenance
🏡 Long-Term Rentals:
✔ Stable annual income
✔ Less maintenance stress
✔ Best for family-friendly estates & suburban areas
🔹 Tip: Lekki & VI short-lets generate 3x more income than long-term rentals!
Is off-plan real estate a good investment in Lagos?
✅ Yes! Off-plan properties offer:
✔ Lower purchase prices than completed homes
✔ Flexible payment plans
✔ Massive appreciation upon completion
✔ Customization opportunities
🔹 Warning: Only buy from verified developers to avoid project delays or fraud!
Selling & Market Concerns FAQs
How long does it take to sell a house in Lagos?
🔹 Prime locations (Ikoyi, VI, Lekki Phase 1) – 3 to 6 months
🔹 Mid-range locations (Ajah, Ikeja, Surulere) – 6 to 12 months
🔹 Developing areas (Epe, Ibeju-Lekki) – 1+ year
🔹 Tip: Sell faster by staging your property, setting the right price, and marketing with experts like Covenant K.S.O Properties!
What mistakes should I avoid when selling property in Lagos?
🚨 Common mistakes sellers make:
❌ Overpricing (scares buyers away)
❌ Poor property condition (reduces value)
❌ Lack of proper documentation (delays deals)
❌ Not using an experienced realtor (limits visibility)
🔹 Tip: Work with a trusted real estate company in Lagos to sell faster and maximize profit!
Property Management & Maintenance FAQs
How do I protect my property from bad tenants in Lagos?
🔹 Conduct background checks & request references
🔹 Use legal tenancy agreements (to avoid disputes)
🔹 Collect caution deposits for damages
🔹 Inspect property regularly
🔹 Tip: Hiring a professional property manager saves you from tenant headaches!
What are the biggest challenges of owning rental property in Lagos?
🔹 Late rent payments – Some tenants delay payments
🔹 Property damage – Some tenants don’t maintain the house
🔹 Tenant disputes – Issues over maintenance & security fees
🔹 Government levies & taxes – Annual property & land use charges
🔹 Tip: Choose professional tenants & invest in high-demand rental areas like Lekki, VI & Ikeja.