What Every First-Time Home Buyer in Lagos Should Know: A Guide by Rinwa Realty
Buying your first home in Lagos is an exciting step — but it can also feel overwhelming if you don’t know what to expect. At Rinwa Realty, we believe that every buyer deserves to be informed, not just sold to. That’s why we’ve created this guide to help you understand what truly goes into home ownership, especially in a dynamic market like Lagos.
Whether you’re buying to live in, to rent out, or to hold as an investment, here are some key things every first-time buyer should know.

1. Location Influences Everything
In Lagos, property value is heavily tied to location. Areas like Lekki, Ikoyi, Ikeja, and Ajah are popular, but each has its pros, cons, and price ranges.
Before making a decision, consider:
- Proximity to your workplace or school
- Security in the area
- Future development plans (e.g., road expansion, commercial growth)

2. The Real Cost: It’s More Than Just the House Price
A lot of first-time buyers budget for just the house, but there are additional costs involved in owning a home in Lagos, such as:
- Legal fees
- Agency fees
- Survey plan and Governor's consent
- Stamp duty and registration fees
- Renovation or furnishing costs

These setup costs can add an extra 10–15% to the property price. It’s important to factor them into your budget early on.

3. Homes Can Be Investments Too – Here's How
If you’re buying a home to rent out, or even if you plan to resell it later, your home becomes an investment.
A useful way to understand this is by calculating your Return on Investment (ROI).

Let’s say you buy a 3-bedroom flat in Lagos for ₦25 million, and you spend another ₦3 million on paperwork and setup — that’s ₦28 million total.
If you rent it out for ₦2.8 million per year, your ROI would be:
ROI = (2.8 million / 28 million) × 100 = 10%

That means you’re earning back 10% of what you spent every year. Over 10 years, that’s your money back — and the property would likely have appreciated in value too.

4. Not All Properties Are Equal
Whether it’s a newly built duplex, an off-plan apartment, or a renovated bungalow, each property type comes with its own maintenance needs, risks, and rewards. Don’t rush into a purchase because it “looks nice” — consider:
- Title documents (to avoid land disputes)
- Structural integrity
- Demand in the area (if renting out)

5. Professional Support Makes a Big Difference
At Rinwa Realty, we help first-time buyers avoid costly mistakes. From identifying the right property to walking you through legal processes, we’re here to guide—not pressure—you.

If you’d like help calculating your budget, understanding property documents, or finding homes with good rental returns, feel free to reach out to Rinwa Realty. We’re always happy to help.


Need Advice?
Whether you’re ready to buy or just gathering information, contact Rinwa Realty for a consultation.
We’re here to make your first home purchase in Lagos simple, smart, and secure.