While clicking through property listings online, I spotted a nice 4 bedroom 4 bath duplex in Lekki phase 1. It checked all of the boxes that we wanted: In Lekki, 4 bedrooms, 4 baths, walled compound with nice landscaping, and it came fully furnished, also, the estate in which it was located promised 24/7 light and water – this was our dream home!
So, I emailed my local agent/partner and told him that this was the house we chose and that he should begin the due diligence immediately. In about one weeks time, the agent emailed back with all relevant information, including: deed information, parcel description and purchase agreement – all of which needed processing.
My wife and I reviewed the documents, notarized all paperwork signed via electronic signature and submitted them. Once accepted, we quickly made the bank transfer and voila, we had purchased our new home in a matter of two and a half weeks – and better yet, we did it from abroad in the comfort of our Atlanta, USA flat!
The above scenario probably sounds too good to be true- because it is. But, this is exactly the type of situation that should be possible.
The process of purchasing a home or land should not be a burden or a series of problematic potholes. It should be thorough, efficient and detailed, but not a source of anxiety and stress.
The few times I have purchased homes/plots in Nigeria, the process was not easy, and I am still entangled in a legal battle for a plot of land that I bought 3 years ago!
So what is being done to help Nigerians in the diaspora (and at home) to make the process of purchasing property a smooth one?
Fortunately there are a few courageous companies that are aiming to make the real estate purchasing process efficient as possible for those living at home in Nigeria and those in the diaspora.
Four Seasons Investment is one such company. They claim to offer a seamless portal for investors and purchasers with their real estate needs. As with the scenario above, they are offering a one stop shop tailored for Nigerians in the Diaspora when they are looking to buy a home for residence or for investment.
They can help with the financing portion, construction, property management , insurance and relocation. This type of online platform is a welcomed tool that can help facilitate the home buying process from those living abroad and local residents alike.
The benefit of a streamlined process would not be only for the purchaser, but also the seller, the agent and the local authorities. This way everyone benefits and gets paid faster.
If you read our last post on Blockchain Technology, where we delved into the future of real estate, when things will be all online, digitized and streamlined in such a way that the difficult processes will be a thing of the past. This is a move closer to that future, a stepping stone of sorts until we embrace the raging technological wave that we can’t afford to miss.
Let’s hope more companies get on board , along with the local authorities to usher in a new era of real estate transactions for all to benefit.