Abandoned Property Guide Lagos Nigeria - Free Abandoned Real Estate Tips

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Abandoned property guide Lagos Nigeria - This guide provides some insight into how to deal with abandoned real estate if you happen to be a property owner whose property has been abandoned over the years.These tips will help you safeguard your investment for yourself and for generations to come.

Let's start with a practical definition of abandoned property.

Abandoned real estate or property is a property that is vacant and that has been vacant for several years without any form of maintenance.

The key words here are . . . vacant for several years and lack of maintenance.

A property cannot be considered abandoned property if one tenant exits and it takes over a year to get another reliable tenant. And the property owner keeps the property in top shape all through the time it stays vacant.

A property cannot also be considered to be abandoned real estate if the property owner live overseas and occupies the property for a short period once every two years when he visits the country.

Properties that can be referred to as abandoned property in Lagos Nigeria are properties are practically forgotten by the owners.

  • weeds take over the premises
  • snakes and birds become the tenants
  • doors start falling apart
  • the paint wear off almost completely
  • the roof is in a state of disrepair
  • the gate get 100 percent rusted
  • the gate key has to be broken open during inspection because its completed rusted

    . . . and a host of other things happen to the property.

    Abandoned real estate can be a plot of land, an uncompleted building, or even a completed building.

    Why would anyone in his right senses abandon something as valuable as a property that is worth millions of Naira and that has the potential to generate income year on year?

    There are actually several circumstances that may lead to a building or plot of land becoming abandoned real estate.

    A property can become abandoned property . . .

    1. If the owner dies and the wife is not aware that he has a house or land. Or perhaps she is grieving so long and hard that the property he left behind is not a priority for her or

    2. If the owner dies and he is single and none of his relatives know he has a house or land or

    3. If the owner bought the land as investment property and is waiting for the price to rise or

  • 4. If the owner has built a house but the house is too far from where he works and so decides not to move in just yet or

    5. If the owner already built the house but feels that the area is still too 'local' for him or that the neighbourhood is below his status

    Of course, there could be other reasons why a property could become abandoned real estate. The list above is not exhaustive.

    What happens if a property is abandoned?

    The property could be taken over by the government if the property or land is within a government estate or land fraudsters (hoodlums) called Omoniles in Lagos Nigeria could sell off the property to unsuspecting buyers.

    So, what should you do to safeguard your Nigeria real estate investment and prevent these fraudsters and hoodlums from selling it off before you know it?

    I recommend two approaches.

    1. Register your title with the Lagos state government or the government of the state where the land or property is located and

    2. Build a small setback boys quarters (or bq) and get a tenant or somebody to occupy the bq

    Strategy 2 above serves four purposes:

    1. It prevents fraudsters looking for land to sell from selling off your land without your knowledge

    2. The occupant will keep you informed of any development in the neighbourhood where your property is located that may benefit you

    3. You earn income from the property instead of it just lying fallow and

    4. The occupant keeps the property neat and clear and therefore increase its market value in the eyes of potential buyers if you eventually decide to sell

    The truth is . . . having an abandoned property in Lagos Nigeria is risky. The property may no longer be yours the next time you visit.

    My advice?

    Adopt strategy 2 mentioned above. It's a strategy that aligns with the investing for income strategy discussed on this premium Nigeria real estate site. And it's a strategy that secures your investment now and into the future.

    Related Content:

    Apartment Guide

    Apartments For Rent

    Buying A House

    How To Build A House

    How To Sell Your House

    Bank Owned Properties

    Investing For Income

    Investing For Retirement

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