Lawyer Calls For Due Diligence In Property Acquisition

A lawyer and an associate at Nesvixion Properties, Perpetual Godfrey has called for due diligence and understanding property business before buying or developing properties in Nigeria.

Godfrey, who spoke to journalists in Abuja on the topic, “FOMO in real estate: The fear of missing out and how it shapes buying decisions in real estate”, said lack of proper understanding of property business has led to a lot of mistakes in real estate businesses.

According to her, “In today’s fast-paced world, the fear of missing out, better known as FOMO, has crept into almost every aspect of our lives; from social media trends to investments, even in real estate now.

“FOMO in real estate happens when buyers rush into decisions because they are afraid a property will be gone tomorrow, or that someone else will snatch up a ‘better deal.’ This psychological pressure can drive people to make quick, sometimes risky, choices.

“For instance, a prime plot of land or an affordable house in a growing neighborhood. The thought that ‘if I don’t buy now, I may never get this chance again’ pushes many into signing deals faster than they intended. Developers and sellers often use phrases like ‘limited units available’ or ‘prices going up soon’ to heighten this urgency.”

She however warned that “while acting fast can sometimes secure you a great property, it is important not to let FOMO cloud your judgment. Buyers must still do their due diligence: inspect the property, review documents, and assess long-term value before committing.

“For investors, understanding FOMO is also a strategy. Properties in high-demand areas naturally create urgency, and tapping into that emotion can help close deals quickly. But ethical practice requires balancing urgency with transparency.

“At the end of the day, FOMO is a powerful force in real estate. It can drive growth and opportunities, but unchecked, it can also lead to regret. The best approach would be to stay informed, think long-term, and always remember, that in real estate, the right property is not just the one you don’t want to miss, but the one that truly fits your needs and investment goals.”