10 FACTORS TO CONSIDER WHEN BUYING A LAND IN Nigeria
Buying a land is a good investment to go into. It is one of the ancient method used to determine how rich you are in Nigeria. Presently, people go into buying of land for business purpose, investment, retirement and many more.
I believe no one on earth doesn’t want to be a landlord and at some point in life you might thing it is right time and buy my own land either to build your own dream house or you are buying for investment purpose. There are many reasons people for buying a land. You might decide to buy a plot or acres but before doing that have you ever sit down and think on some of the factors to consider before buying a land.
There are many factors to consider place before buying land because buying a land does not come at a penny cost. Either it is your life savings or spare cash, you would want to safeguard your money from fraudsters and at the same time make the best decision on your investment. It is not enough to bank on your relationship with whoever is selling the land, you should be concerned about if it is legit or not. It is in the same vein that you don’t just on buying a land because you like the area, there are certain things to consider also.
Here, I will tell you 10 factors to consider when buying a land
1. Budget Is Important When Buying A Land
Buying land is quite expensive, depending on the location of the land therefore you need to budget the costs before setting out to acquire a land/property. It is not about just having the desire to buy a land, the real question is do you have the budget for it?
No matter the amount you might have saved, it is always important to make research on the cost of buying a land and the extra expenses that are associated with it. For example, there are extra expenses that come even after the purchase of land. This includes documentation fees, development fees and survey plan fees which are refer to as statutory fees
2. Location Of The Land
A perfect location increases the value of your land. When buying a land it is important you considered the geographical location of that land.
There are some areas where land is relatively cheap but will attract quick development in the near future like Epe, and if development comes to that area, the value of such land will increase.
3. Size Of The Land
Another factor is the size of the land. Depending of the purpose of buying, you need to know whether it a plot(s), acre or hectare of land that you need.
4. Land Appreciation
How fast is the appreciation value of the land you want to buy? The rate at which lands appreciate is what makes it one of the simple ways to invest in real estate. But you need to know the right place to invest for fast appreciation.
Do you need a property that will appreciate fast in value? Then, send us a message now via our Whatsapp link below
5. Purpose Of Buying A Land
Knowing the purpose of buying a land is another factor to consider. Are you buying for a long term investment or short term? Are you buying to build immediately for residential or business? A good place to get land either for residential or commercial can be found here
6. Accessibility of the land (Proximity to Roads)
Good road network will guarantee easy access to the location of the land you intend to buy. It is necessary to consider how you can access your land from major road before buying it.
7. Title Of The Land
Another crucial aspect to consider is the title of the land you are buying. You must make sure the land you are buying have a good title. Examples of good title are Government allocated CofO, Governor Consent, C of O and so on
READ ALSO: Meaning of Government Allocated C of O
8. Neighnourhood and Landmarks
You should investigate who your neighbors will be before purchasing land in Nigeria.
Many people make this mistake while purchasing land. The landmarks in that neighborhood determine how quickly an area develops and the value of the land.
Another power aspect to consider when planning to buy a land is how secured is the area. You must be sure of the security of the area where the land you want to buy is located.
10. Mode Of Payment When Buying A Land
If you are planning to spread the payment of a land over a certain period, you need to consider the type of land to buy because mode of payment varies from land to land.
Before you put down your hard earn money to buy property in Nigeria, all these factors must be considered. Are you ready to invest in property in Lagos in a fast developing area with good title? Click the WhatsApp button below to chat with us