Buying your first home is one of the most significant financial decisions you'll ever make. In Nigeria's complex property market, being well-informed can save you millions and years of headaches. This comprehensive guide walks you through the entire process.


Step 1: Assess Your Financial Readiness

Before you start house hunting, honestly evaluate your finances:

  • Save 30-40% deposit: Most mortgage providers require this upfront
  • Factor in additional costs: Legal fees (1-2%), survey fees (₦200K-₦500K), stamp duty, registration
  • Monthly income rule: Your mortgage payment shouldn't exceed 30% of monthly income
  • Emergency fund: Maintain 6 months of expenses separate from your house fund


Step 2: Get Mortgage Pre-Approval

Approach multiple banks for pre-approval. This gives you:

  • Realistic budget understanding
  • Negotiating power with sellers
  • Faster transaction closure

Top mortgage providers in 2026 include FMBN, Abbey Mortgage Bank, and mainstream commercial banks. Interest rates currently range from 7-12% annually.


Step 3: Define Your Must-Haves

Create a clear criteria list:

Location: Proximity to work, schools, hospitals

  • Property type: Detached house, semi-detached, apartment, duplex
  • Size: Bedrooms, bathrooms, parking
  • Budget range: Stick to your pre-approval amount
  • Amenities: Generator, solar, water treatment, security


Step 4: Engage a Licensed Estate Agent

Working with registered agents through the Nigerian Institution of Estate Surveyors and Valuers (NIESV) provides:

  • Access to verified listings
  • Expert negotiation
  • Market insights
  • Protection from fraud


Red flag: Avoid agents requesting large upfront fees before showing properties.


Step 5: Conduct Due Diligence

This is THE most critical step. Before paying any money:

  1. Verify ownership: Check title documents at Lagos State Land Registry or relevant state authority
  2. Search for encumbrances: Ensure no hidden liens, mortgages, or disputes
  3. Inspect physical survey: Hire a licensed surveyor to confirm property boundaries
  4. Check planning approval: Verify building plans match actual structure
  5. Community inquiry: Speak with neighbors about any issues