Purchasing land in Nigeria, particularly in Lagos, may be a tough option. However, in this piece, I will emphasize all the Facts to Know For Land Buyers in Nigeria you must examine in order to make better decisions.
As a Real Estate Consultant in Lagos, I have assisted many individuals in purchasing and selling land in Lagos. I’ve come to realize that there are a few things you should think about before purchasing land.
What Kind of Title Does The Land Have?
I know a man who bought land from the owners, all papers were in order, and he proceeded to build and move into it, only to receive a letter from the government stating that he should vacate the house because it had been designated for demolition.
He couldn’t believe what he was hearing; according to the letter, he was constructing something that was not permitted in that location.
That land had previously been designated as an industrial zone by the government. As a result, the construction of a residential dwelling was rejected.
So, most of the time, it is not just the land documents that you need to verify before buying property; there are many more, and I will expose them to you in this post.
Do stick with me to the finish, and don’t forget to share this message since you never know who needs it.
8 Facts to Know, For Land Buyers in Nigeria
1: Where You Want to Buy Land
When purchasing land in Nigeria, the most important factor to consider is location. This is the basis for anything else you’ll need to check.
The location will affect the future worth of the property since land in a developed region will cost more than land in a developing area.
Another reason to examine location when purchasing land is to see whether the area is rapidly attracting development.
Nobody wants to acquire land in an area that is still expanding slowly.
When it comes to location, my suggestion is as follows:
If you’re looking to make an investment, don’t acquire land that has no resale potential.
If you want to establish a business, don’t acquire land that is entirely secluded from potential consumers.
If you want to build a house, don’t acquire land on which you can’t build.
Check out the Top 10 Best Places To Buy Cheap Lands in Lagos.
2: The Neighborhood And its Landmarks
Purchasing Land in Nigeria? Yes, you should investigate who your neighbors will be before purchasing land in Nigeria.
Many individuals make this error while purchasing land. The landmarks in that neighborhood determine how quickly an area develops and the value of the property.
Before purchasing land in that neighborhood, you should try to examine 5 – 10 years ahead to see what that place will become.
Check to see whether any major government or private projects are now underway or have already begun to function, as this will indicate how quickly the region will grow.
If you can locate up to 5 World Class Landmarks in any neighborhood, whether they are operational or under development, you are set to proceed.
For example, if the government or an individual decides to develop a famous landmark, such as a factory or institution, adjacent to your land, the value of that land will immediately increase.
That is why, before purchasing land, you must carefully evaluate this.
Another reason you should examine this is to see whether you can manage the growth in the neighborhood when the time comes for those who need to buy and build a residential house, but if you are purchasing to resell, the development will be a huge bonus.
For example, some individuals may be unable to understand why others enjoy having a jet constantly flying above their heads.
3: Consider the Environment
Checking the environment will help you determine whether or not the land you wish to utilize for housing is safe to live on since you don’t want to live in a polluted environment.
In order to ensure your safety while living there, you must evaluate the environment in which the land is located and understand how it is currently impacting individuals who live there.
Check for harmful chemicals in the neighborhood, such as environmental disposals, noxious odors from farms, and so on.
Also, ensure that the location from where you intend to acquire land in Nigeria does not undergo seasonal floods.
You may argue that this is unimportant, but you will understand how essential it is to verify if the land you purchased is inaccessible and you must now ask your neighbor before you can access your land.
Before purchasing land, always ensure that the region has a good road network that is easily accessible.
5: Security Is Critical
Before purchasing land in a certain region, you should understand how secure it is.
Examine whether the government has given enough security in that region. Check to determine whether the community has a strategy for dealing with security issues.
You may also ask individuals leaving the neighborhood if it is quiet and free of harassment by rubbers and hoodlums.
When purchasing land, security is an important consideration.
6: Check The Zoning Restrictions
It is essential to understand the zoning permits of the region from where you are attempting to purchase land since this will inform you of the government’s strategy for that location.
You will not be permitted to construct a factory on land that has already been designated for residential development by the government. You should be aware of this in order to avoid future problems with the authorities.
Even if the land is zoned for residential construction, be aware of the kind of structures that the government allows in the region.
Building a skyscraper in an area where the government says only bungalows are allowed can cause problems with the authorities.
7: Check the Soil Quality and Composition.
The quality and content of the soil are other important Facts to Know For Land Buyers as they will affect how you build your new house or enterprise.
It will inform you how much money you will spend on the land when the time comes. It will notify you if any landfilling is required.
When it comes to construction, soil type can have an influence on:
The cost of constructing foundations
Quantity of earthwork required
Land retention and stability
So, if you’re looking to acquire land in Nigeria, make sure you’re aware of this information.
8: Check the Land Size
You should also examine to see if the size of the land matches what the owner claims.
The only way to do this is to hire a surveyor to come out and survey the area and take accurate measurements.
Do not just assume that since the owner says it is one plot that it is one plot; instead, confirm.
Even though it will cost you money, it is preferable that you did it and are certain of what you are purchasing.
That is why I propose purchasing land from an estate; it will save you a lot of time and ensure you are free of any Omonile Wahala (problem).