So you’ve found your dream house and the seller says it’s ₦15 million. You think that’s all you need? Think again. In Nigeria, the advertised price is just the beginning of your expenses. 

 First, there’s the legal documentation fee – usually 5-10% of the property value. For a ₦15 million house, that’s ₦750,000 to ₦1.5 million. Then comes the survey fee, which can cost ₦200,000 to ₦500,000 depending on the property size and location. 

Don’t forget about the agent’s commission – typically 5% of the property value. That’s another ₦750,000. If you’re getting a mortgage, add bank charges, valuation fees, and insurance premiums. These can easily add up to ₦500,000 more. 

 Registration fees, stamp duty, and government consent fees will cost you another ₦300,000 to ₦800,000. If the property needs immediate repairs or renovations, budget at least ₦1 million for basic fixes. 

 In total, you might spend ₦3-4 million extra on top of the ₦15 million purchase price. This is why I always tell my clients to budget 20-25% extra for hidden costs. Better to be prepared than surprised. 

 The key is to ask your agent for a complete breakdown of all costs before you start the buying process.