If you are planning to buy a piece of land anytime soon in Nigeria, you’ll need to learn from the ultimate guide to buy a land in Nigeria before heading out to buy a piece of land.
Buying a piece of land is a hot cake in so many markets today, both local and international markets. Purchasing a piece of land can be a good investment if it’s done in the right way.
Buying genuine property anywhere in the world is not easy. It requires a lot of processes, forms, bidding, transactions and activities to ensure that all figures and documents needed to make the transaction is accurate and authentic.
In this article the ultimate guide to buy a land in Nigeria, we will be giving you an in-depth guide on purchasing property and buying land. Buying a piece of land is like owning a piece of the Earth.
A lot of individuals are out to get a plot/hectare of land than purchasing a physical property. This is because they have a dream of their dream home which they intend to build to their taste.
But whichever one you choose, make sure all twelve points on this list have been achieved before you purchase any piece of land.
Ensure That The Property Is Genuine
There are a lot of fake real estate agents and agencies everywhere. The first thing you should do when you’ve identified your choice of land or property is to confirm if the dealer is authentic.
When buying land you must ensure that the land you are planning to buy is registered and genuine.
Furthermore, make a thorough research and investigation before you conclude that the property is free from fraud. We recommend you to contact a lawyer to check the title of the property and the deed.
When you are sure that the property is backed with no fraudulent dealings, then, you can then start bidding for it.
Purchase Land Before The Area Becomes Popular
Let’s be honest, lands and properties in developed or urban communities are far more expensive than land and property in the developing and under-developed area. This is a secret that has guided the real estate business industry.
In Nigeria for example, investors are constantly grabbing up plots of land in popular places like Lekki, Victoria Island, and Ajah. The primary reason is that they are sure that the level of development and ongoing projects in the area will yield nothing less than 300% ROI after completion.
When you purchase a piece of land or property in a developing, rural community or slightly unpopular area, you are sure to get the land for a cheaper price. Be patient if the price is high and keep bidding, it will eventually come down. This is a strategy which should be in your plans as you read this ultimate guide to buy a land in Nigeria.
If you want to invest in real estate or buy land as an investment, I advise you to find and purchase the best deal and get a piece of land at a cheap rate, wait for the land to appreciate and then sell it to make a quick profit,
Survey The Land
Buying land is very different than buying houses. This ultimate guide to buy a land in Nigeria wouldn’t recommend you to use the same approach you use to get houses to purchase land. If you are thinking of purchasing a chosen property or land, you ought to have a surveyor commissioned for in-depth analysis of the land area.
Don’t simply depend on any data given to you by the seller because such data might be outdated and obsolete.
This is important because the surveyor’s document will help in settling boundary issues with the physical area of easements (check the size of the land), zoning restrictions (this helps you identify if the land has been designated for agriculture, residential areas or for factories.
READ ALSO: Ultimate Guide To Buy a House in Nigeria
If you should construct a skyscraper in an area where the Federal or State Government have designated for agriculture, you are bound to have issues with the government.
Eventually, this can be avoided since you don’t want your property confiscated by the government.
A surveyor will help you to know the security of the area, soil quality, erosion and drainage channels, rainfall, and also help you to identify other qualities of the land or property. You can see why this is important when buying land?
If you are planning on erecting a property on the purchased piece, consider bringing your builder, architect or bricklayer to the site. One of the tips you must follow in this ultimate guide to buy a land in Nigeria is to bring your builder before you pick a site.
He/she may have thoughts on how the building can be intended to utilize the space available and estimate the cost and labour that will be used on site. To ensure that you survey for the following areas;
- Zoning Restriction
- Soil Quality And Composition (This Determines The Foundation Type If You Want To Erect a Property)
- Environment ongoing Constructions Around The Site.
Enquire About The Area Before Buying
Our ultimate guide to buy a land in Nigeria encourages buyers to make critical research with regards to purchasing land. It allows you to comprehend the type of data to check and investigate.
One important tip to consider when seeking to purchase land you plan to resell is to inquire about the transportation improvement ventures. Seek to find out the luxuries or roadway upgrades that exist or are being constructed to the network/territory it is situated in?
Also seek to know if such courtesies and enhancements will effect, increment, or decline the estimation of the property. This allows you to bid/purchase low and plan how to resell for greater profit.
Consider The Profitability of The Land
Normally, the land will frequently take a very long time to sell. However, some fake land buying guide will woo you into buying land to make a profit within a short time. However, this is not always the case.
In a circumstance where the seller sells the land for a favorable price, you can expect to make a fortune out of the land. However, the reverse may be the case if the land is in a bad state or if the area is not populated by people.
Aside from this, land may sell rapidly. Also, the land can take from 10 to 20 years before the value appreciates.
Get An Insurance Coverage
One of the most significant tips and factors to be considered in this ultimate guide to buy a land in Nigeria is to make sure a desired piece of land is been guaranteed . This is ensured when you get a comprehensive protection from a dedicated insurance company.
We cannot over-stress the significant of insurance in this ultimate guide to buy a land in Nigeria; hence, a serious buyer will always insure his property.
There are various types of insurance offered for a Land Protection Strategy, pick a right and optimized size suitable for you and your pocket.
Purchasing a piece of land is a big investment no matter how small it is, so it makes sense to get it insured for your protection.
Make The Deal
Money is just one of numerous items on the list of things needed to purchase a piece of land. Without money, you cannot get a land unless you were given one for free.
Our ultimate guide to buy a land in Nigeria recommend you to save some money as you intend to purchase a property.
Once you’ve made the deal, the next thing you must do is to make the purchase, but not just with money. Work with a skillful land dealer or land lawyer to set up all the needed documents and agreement that adheres to all land laws in that area.
Make Inquiries From Local Residents
One of the most important players to know in this ultimate guide to buy a land in Nigeria are the neighbours. They play a significant role in determining the authenticity of the location where the land is situated.
Make sure you check them for potential nuisances and aggravations, inquire on the history of the land, the best spots in that location, price of their land (to know if you are buying it for the right price), undesirable smell, noises or dangers like wild animals or thugs.
In conclusion, know who your neighbours are and whether their way of life aligns with yours if you plan to reside in that location.
Make A Budget and Stick to It
Failing to plan is planning to fail, and if you fail to plan when it comes to the financial aspect of your dream of purchasing a land, it will fade and turn into a delusion.
The main thing that you need to do before purchasing land is to set a reasonable spending plan and choose the amount you can bear. Your budget will be your starting point in finding the land that will best suit what you can afford.
Try to adhere to your budget and make it optimized so that certain elements can be added or removed from the plan.
Although not every land buying guide will tell you to get a budget. By now, it is expected of you to have a budget plan to avoid making unnecessary expenses.
Hire a Land Planner
Smart Land Investors always employ a land planner before they buy the land that they like. A land Planner is an expert who investigates the land for any potential blemishes that may turn into an issue later.
A land Planner checks things like vegetation, wetlands, soil type, water, and access, as these are only a couple of the things that will affect whether structures can be raised.
Pay Due Taxes
Ensure that all necessary tax has been paid and all necessary document & certificates on the purchased land have been acquired if you want to avoid all unnecessary embarrassment from the authorities.
Secure Your Property
It is important that your fence and wire your property event before erecting any structure to avoid any future misunderstanding from fellow landowners, law enforcement and prevent hoodlums, thugs, vandals and fraudsters from gaining access into your property.
Conclusion on The Ultimate Guide to Buy a Land in Nigeria
Buying a piece of land can be stressful for you especially if you aren’t conversant with the terrain where the land is located.
There are lots of greedy land dealers who can be sunny and shady. This is why we implore our readers to adhere to these tips outlined in this ultimate guide to buy a land in Nigeria .
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