The difference between a mortgage and off-plan houses in Lagos is related to the stage at which the property is purchased and the method of payment used for the purchase.

 In the context of Lagos, Nigeria, getting a mortgage to buy a property is a common way for people to become homeowners. The buyer would select a property on the market, negotiate the price, and then apply for a mortgage from a bank or mortgage lender to cover the majority of the property’s cost which is different from how the Off-plan purchase is done.

 Buying off-plan in Lagos or any other location can be attractive for several reasons. Typically, off-plan properties are offered at a lower price compared to completed properties, as developers aim to attract early buyers and secure funding for the construction. However, buying off-plan comes with some risks, such as potential delays in construction or changes in the final product that might differ from the initial plans.

Watch the video below for more details.