Nigeria’s property market is filled with a lot of offers where you can find different properties of your choice.
Most times we tend to look for cheap/affordable housing which will still represent our dream home, if you are part of this search then keep reading cause you will find that PERFECT HOUSE.
LET’S GET STARTED IN HELPING YOU BUY A HOUSE
When you’re looking for a property, you need to take note of some vital information that will guide your journey in getting the home of your choice.
Real estate is real property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems.
There are several types of real estate; each of them has its own unique purpose and utility. The main categories are:
- Land
- Residential
- Commercial
- Industrial
Land is the starting point for all types of real property. Land can be typically referred to as an undeveloped property and vacant land. Developers take possession of land and merge it with other properties (called assembly) and rezone it so they can increase the density and increase the value of the property.
Residential
Residential real estate comprises of housing for individuals, families, or groups of people. This is the most frequent type of estate and is the asset class that most people are familiar with. Examples of residential are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.
Commercial
Commercial property can be referred to as land and buildings that are used by businesses to carry out their operations. Examples include shopping malls, individual stores, office buildings, parking lots, medical centers, and hotels.
Industrial
Industrial real estate can be referred to as land and buildings that are used by industrial businesses for activities such as factories, mechanical productions, research and development, construction, transportation, logistics, and warehousing.
Now that we’ve outlined the four main categories, let’s explore some specific examples of different types of real property.
Single-family dwelling – A home designed for only one family
Multi-family dwelling – a group of homes designed for more than one family
Attached – A unit that is connected to another (not freestanding)
Apartment – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
Multi-family house –mostly seen in multi-story detached buildings, where each floor is a separate apartment or unit.
Condominium (Condo) – A building with individual units owned by individual people.
Detached house – This is a free-standing building not connecting to anything else (a stereotypical “home”)
Portable house – These are houses that can be moved on a flatbed truck
Mobile home – This is a vehicle on wheels that has a permanent residence attached to it
Villa – This is a building with only one room and typically a steep pointy roof
Hut – This is a dwelling typically made of raw materials such as bamboo, mud, and clay
NIGERIA PROPERTY MARKET
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Check out our real estate Nigeria property market
