Buying a land is considered one of the oldest forms used to determine how wealthy a person is in Nigeria. In times past, it is not unusual to see people measure a person’s wealth by the amount of land they own. Times have passed, and people now understand that there are a thousand and one more way to determine this. However, the value placed on land cannot be undermined. For some, buying a land is one of those goals to achieve before a certain age or retirement.
A lot of consideration has to be in place 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. Therefore, the article is aimed at giving an expository on how to make the best decision and avoid being scammed.
BUDGET: The budget is the first thing to be considered when buying a land. It does not matter if you have determined to buy a land in Lagos or any other part of the country, the most important thing is having a budget. 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.
LOCATION: Definitely, there is more to just buying a land. A lot of things are considered before making a purchase; one of which is choosing the perfect location for your land. Like many other real estate properties, the location plays a vital role in the overall value of the land. The amount a particular land might be sold for is dependent on many factors as earlier stated, however, one of those factors is the location of a land. The price of a land in Lekki would definitely be different from that of a Land in Ikeja. Another thing to be considered when choosing the location of the land is the potential growth of the area. You would want to ask yourself what the growth of the particular area would be like in ten to twenty years’ time. Inasmuch as land does not depreciate, having a strategic location would increase your chances of making more value on future sales.
LAND SIZES: This is likely the first thing you want to know as a landowner to be. You might have come across various terms such as plots, acres, hectares etc. and probably don’t know the difference. They are different land sizes and also play vital roles in the prices of a land. It is the same as buying a unit product for let’s say N30, buying 6 units of the same product means N30 multiplied by 6. This means the total price for 6 units of the product is N180. You have to be aware of the appropriate size of the land, hence, familiarizing yourself with the definitions is a good way to start.
LAND APPRECIATION: A land is arguably the only asset that does not depreciate over a given period of time. A plot of land in Lekki will always remain the same if not tampered with. It is nature’s gift to man and does not depreciate. Buying a land is one of the surest ways to invest in the real estate business. As rural areas develop into urban areas, those who have invested by buying lands in those areas tend to get five folds of their investment because the area is now developed. This is why it is important to put enough consideration into the location in which you are buying a land in Lagos or any other part of Nigeria. The rate at which lands appreciate and never depreciate is what makes it one of the simple ways to invest in real estate.
LAND DOCUMENTS: It might sound like the silliest of things to forget, but people still fail to get the necessary documents needed in order to claim ownership of the land they have purchased. It is one of the common mistakes or traps people tend to fall into from fraudsters or land grabbers. Buying a land without getting the necessary documents is a recipe for disaster. Read here for all you need to know about Land Documentation in Nigeria- PART 1: https://blog.aimartrealtors.com/land-documentation-in-nigeria/ | PART 2: https://blog.aimartrealtors.com/land-documentation-in-nigeria-part-2/
MODE OF PAYMENT: The mode of payment when buying a land is vital and might just be the only reason you are duped or not. No matter what you do, DO NOT PAY IN CASH when buying a land. You must ensure everything is properly documented from the cost of the land to the receipt of survey fees. The only way you can save yourself from unnecessary stress in the future is by documenting all the payments.
There you have it! The above is some of the things to consider when you decide to buy a land.
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