Buying land in Nigeria is one of the best ways you can invest your capital to gain many returns. But you have to do it the right way else you face the risk of losing out on your hard-earned money. However, for some people, buying land in Nigeria can be fearful because of some horrible experience some other people might have had in the past, but you have to look out for these important markers, so you can be on a safer side, make a wise buying decision, and buy your land without mistakes. Here are 8 important things you should look out for when you are buying land in Nigeria.
Whether you are buying your land for the purpose of building business outlets or building family apartments for rentals, or for your own residential house, you need to consider the location of the land. For example, assuming you’re buying land to build a family apartment for rentals, you should look out to buy land in locations that are secured, serene, have access to social amenities, and have a crime-free zone. You should look out for a habitable location that is open to attract quick development in the nearby future.
2. Soil Quality/Texture.
While buying Land In Nigeria, soil quality and texture have a big role to play. On a larger scale, soil texture will decide whether or not you will construct your gigantic new house or your new industrial facility. How? It will let you know the type of building the land can carry. It will also give you a clue if the land you want to buy is prone to erosion. In fact, it can influence the cost of building your foundations. So ensure you look out for a land that has a compatible soil quality so you do not regret it in the future.
Whether you are buying the land to build an industry, erect your residential house, or build a business outlet, the fact remains that nobody wants to live in an environment that is not secure. As a matter of necessity, the first question you should ask yourself before looking out to buy land is “how secure is this location where I intend to buy my land?” The answer should give you a clue to finding a secure area to make your investment. You don’t want to buy land and build in a location where criminals will always visit you. Nobody wants that.
4. Tendency Of The Land To Appreciate.
The land is one of the resources that doesn’t deteriorate over a given timeframe. For example, a plot of land in Lekki will continuously appreciate in value as it used to be before. Purchasing land is perhaps the surest method for putting resources into the real estate business that will surely mature with interest. As rural regions transform into metropolitan regions, the money you put into purchasing the lands in those areas will generally get fivefold. That’s a fantastic return on investment. (ROI). Because of this, it is critical to look out for areas in which you are purchasing land in Nigeria, and the rate at which land appreciates in those areas. That should also guide you.
5. Proximity To Major Roads.
Having easy accessibility to the area of the land you plan to purchase is pivotal. It is important to consider how you can get to your land without much stress. There are circumstances in Nigeria where individuals purchase land without thinking about the entrance road to their land and later find out that the best way to get to their land is through someone else’s land or house. You can imagine how frustrating such can be. Assuming there is no access street to the land you intend to buy, that could be an extra expense for you to create one. A red flag too. As you know, having an accessible road network in the environment where the land you want to purchase can attract speedy improvement to such areas. This will also increase the worth of your property as time goes on.
6. Price Of Land.
Having a budget is the first thing you should do. Your budget becomes like a compass, guiding you with decisions – especially, with the price of land you can afford. You should look out for lands that your budget can accommodate without weighing you down. In this case, your budget will guide you to find it.
7. Lands Having Legal papers.
Before you even commit to buying land, this is among the first things you ought to look out for. You should ensure the land is truly registered to the government and have a certificate of occupancy. Unless you plan to enlist the land yourself. Assuming that is the situation, let there be an agreement between you and the land owner since you will register the land by yourself. Also, ensure you hire legal personnel to smoothen this process. This agreement should also influence the cost of the land. The price should be reduced to absorb the registration expenses. Purchasing land with a C of O (certificate of occupancy) is in every case better and more genuine. With your C of O, you are legally the owner of the land. And would have the right to claim it if any issue emerges especially between you and the public authority. Look out for genuine land with valid legal documents.
Checking out to see if any landmarks are near the land you intend to buy is a wise survey. If the plot of land you intend to buy is near a well-known landmark, you can be at a profit. These landmarks are crucial to how fast a land can develop. With time, these landmarks will definitely spur development that will affect the entire area. Such development would also increase the rate at which the land appreciates.
Buying land remains one of the best ways to invest your money. But you need to do your homework while investing, so you do not risk your capital. Looking out for these crucial qualities we listed above can help you make a fantastic land purchase without regrets. To understand the best steps to take, see New Era Homes on how to invest in real estate in Nigeria. Let us help you today.