In-depth understanding of real estate business is important when you want to purchase a piece of land in Nigeria. If you have bought a land without good knowledge of real estate and the deal went well, count yourself lucky. Real estate generally provides a good investment platform for people but not all property deals are good. The experience of professionals at South and Sttes Properties shows that there are some things you need to know before buying a land in Nigeria. [The case of Lagos can even be more complex. Buying land in Lagos might be one of the most complex real estate transactions as some even feel it is more complicated than buying a house.]
With different types of land documents in Nigeria, you need to know the real estate document details and the land receipt format so you will not be duped. Before you make an offer on a property there are many questions that need answers, so don’t be shy to ask the real estate agent or the land owner as many questions as possible so you do not get your finger burnt.
Two (2) of the six (6) things you need to know before investing in land will be discussed today while our next publication will discuss the remaining four (4):
- Necessary information about the location of the land
Location is one of the oldest real estate adage and also the most basic concern in land purchase transactions. No matter what property you are purchasing or why you are buying it, nothing is more important than location. Land is an investment and you shouldn’t buy one with no resale value. If you are starting a business, do not buy real estate completely isolated from potential customers and if you are planning to build a house, don’t buy a parcel of land you cannot build on.
Before you shop for real estate in Nigeria, you should have a general idea of the areas suitable for your purchase including the social amenities the area provides.
Shopping for a piece of land also means shopping for the community at the same time. When you have scored a win in both categories — community and land — you will know you have made a good choice.
- How much is the total cost involved?
Real estate generally cost money and time. Before you go into buying a piece of land, you need to prepare and ask questions so you can spend your money wisely. Cost of land in Nigeria varies as it is determined by the size of the property, the area among other factors.
In Nigeria, highly commercialized areas like Lagos face the issue of land grabbers (Omo Onile) and it will be nice to make enquiries about these people so that you will not spend wrongly. Asking questions like what kind of expenses can you expect to incur when buying a vacant land will help you plan your purchase well.