Scrutiny Needed to Avoid Scams, Infrastructure Challenges, Says Webbihomes CEO

Bennett Oghifo

A Lagos-based real estate enthusiast and CEO of Webbihomes Ltd, Mr. Victor Usoro, has presented some pitfalls in real estate transactions and advised potential investors to avoid them.

Usoro said Lagos, a megacity teeming with opportunity, also presents a complex landscape for real estate hopefuls. With a rapidly growing population, property purchases can be fraught with risk and this surge in demand presents a minefield for unsuspecting buyers, highlighting the need for scrupulous due diligence.

Buyers face a minefield of potential pitfalls, including fraudulent claims of ownership and properties susceptible to flooding. 

“A recent case involved a client nearly purchasing a property unaware it was part of a family dispute, with one sibling attempting a sale without the knowledge of others,” Usoro said. “Thankfully, a thorough title check by us revealed the murky ownership situation.”

Essential infrastructure can also be lacking. Potential buyers may find themselves charmed by a property, only to discover later it lacks reliable electricity or water access, or is situated in an area prone to seasonal flooding.

“However, innovative solutions are emerging to combat these challenges. Real estate firms like Webbihomes Ltd are offering meticulous due diligence services, conducting thorough checks to verify legal ownership and identify potential red flags like flooding risks,” he said.

Usoro said: “Physical inspections are crucial. We recently encountered a property during an inspection where access was severely limited due to flooding during the rainy season. This could have been a disastrous situation for the buyer if not identified beforehand.”

The future of Lagos real estate appears to be one that prioritises both buyer protection and environmental responsibility.

Usoro adds: “We have carved a niche by offering comprehensive due diligence services. These services include verifying land titles at government registries, ensuring access to essential utilities, verifying authentic owners and factoring in the impact of future development plans and ecology on a property’s value.

“Before recommending a property to a prospect, we consider proximity to services and transportation. Also, we do proper findings if the area is flooded. We confirm the availability and reliability of water, electricity, and other essential services. This protects buyers from fraudulent schemes and ensures they are making informed decisions.” 

Webbihomes currently boasts two prime investment opportunities: Isura Estate, ideally situated amidst landmarks like Pan Atlantic University and the National Mortgage Bank; and Fantasea Estate, an idyllic coastal escape with easy access to Novare Mall and Greenspring School. Both properties offer verified titles and flexible payment options, making them strong contenders for discerning buyers seeking a secure and appreciating investment.