The property bias: What the builders, developers and agents won’t tell you

There is something nobody tells you when you are buying property: the person presenting the property has a reason to make you believe it is a good property.

The developer wants to sell. The agent wants to close. The contractor wants to complete the job. And the buyer? The buyer wants to believe they are making a good investment.

That is where property bias begins.

Property bias is the tendency to see a property through the eyes of the person selling or presenting it, rather than through the eyes of the person who will eventually live in it, maintain it and carry the financial consequences of its defects.

The beautiful tiles are visible. The leaking roof may not be. The expensive kitchen is visible. The undersized electrical cables behind the walls are not. The fresh paint is visible. Poor drainage, moisture problems, defective workmanship and concealed construction deficiencies may be waiting underneath.

A property can look perfect and still be a bad investment.

The sales story is not the building

Property marketing is designed to sell a vision: “luxury”. “Exquisite finishing.” “Premium development.” “Smart home.” “Serene environment.”

But none of these descriptions tells you whether the building was properly constructed.

A proper inspection asks different questions. Are the electrical installations safe? Is the roof properly constructed and waterproofed? Does water drain away from the building? Are the plumbing systems properly installed? Are the windows and doors adequately sealed? Are there visible signs of structural distress? Are the finishes properly executed?

These are not merely technical questions.

They are investment questions.

The developer may not know everything.

This is not necessarily about accusing builders or developers of deliberately hiding defects.

Construction is complicated. A developer may depend on architects, engineers, contractors, subcontractors and suppliers. A defect can enter a project at almost any stage.

A contractor can make an error. A subcontractor can install something incorrectly. A material can be substituted. A rushed project can leave defects unresolved.

And sometimes everyone assumes somebody else checked.

That is how defects become the buyer’s problem.

The agent is not your inspector.

A good estate agent is valuable. But an agent’s role is to facilitate a transaction, not to independently verify the technical condition of a building.

So when an agent says, “Everything is fine,” the appropriate response is not necessarily suspicion.

It is simply:

“Fine according to what inspection?”

The same principle applies to developers. Reputable developers should not be threatened by independent inspection. Independent verification can actually protect them by identifying problems before handover and providing an objective record of the property’s condition.

The most expensive defect is the one you buy.

A defect discovered before purchase may be inconvenient. The same defect discovered after you have paid tens or hundreds of millions of naira for a property can become extremely expensive.

Some defects become far more expensive once construction is finished.

Opening a finished wall to correct wiring costs more than installing the wiring correctly in the first place. Removing finished flooring to correct drainage costs more than getting the falls right during construction. Repairing water damage caused by poor waterproofing costs more than verifying waterproofing before finishes cover it.

Inspection is not simply about finding defects. It is about finding them early enough to matter.

We need to change the culture.

Nigeria’s property market needs to move from:

“I like the house.”

to:

“I have verified the house.”

Buying property is one of the largest financial decisions most Nigerians will ever make.

You would not buy a used car without checking its mechanical condition. You would not invest in a company without examining its financial position.

So why should a building worth tens or hundreds of millions of naira be purchased simply because the tiles look beautiful?

A beautiful property can still have electrical defects, poor drainage, roof problems, plumbing failures, structural concerns, hidden moisture and poor workmanship. By the time you discover them, you may already own the problem.

The property market needs more independent eyes. More inspections. More documentation. More verification. More accountability.

Don’t inspect because you distrust the seller. Inspect because you value your investment.

Before you fall in love with the property, inspect it.

Inspect before you invest.

Casper Chidubem: [email protected]; Home Inspectors Nigeria Ltd (PRESIDENT)

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