Buying land is one of the important steps most people wish to take at some point in their lives.
Because buying land does not cost just “a chicken change,” it needs to be carefully considered. If it’s your life savings or extra cash, you’d want to safeguard it against con artists while also selecting the best business property. Before relying exclusively on the relationship, you have with the individual selling the land. You should be vigilant regarding its legality.
Whether you are purchasing a small piece of property or a whole acre for a home or as an investment, it doesn’t matter. A disagreement is likely to set in. So let’s always take our time.
A single property can be sold to several buyers at once, the market is rife with scam artists. If you want to avoid fraud when purchasing land, there are a few things to consider before purchasing land or building.
Plan your Budget
There are a number of things to consider, be aware of, and keep an eye out for while purchasing land. However, setting a budget should be your first and foremost priority. It doesn’t matter if you’ve made the decision to buy land in Lagos or another state. You must conduct in-depth research on the price of land in Lagos. You can use your funds wisely and create your budget with this information’s assistance. If future problems and mandatory hidden costs aren’t properly budgeted for and planned for, purchasing a piece of land or a luxurious home might lead to financial ruin.
Proper research will inform you of how much money you should save before acquiring property, as well as the cost of obtaining a Certificate of Occupancy and other important documents.
because buying land in urban of big cities and state capitals is definitely more expensive than buying land in peripheral areas.
Just like any other real estate property, surveying location is crucial when searching for a property. The location of a property for sale will determine the buyer’s future comfort. Purchasing a home near your school, grocery store, or office will help you save money on transportation.
Secondly, the area’s potential for growth should also be taken into account while picking the location of the land. You ought to think about how that area will develop over the next 10 to twenty years.
A strategic location would increase your chances of selling your home for a higher price in the future because land’s worth does not diminish over time.
You should also find out if the area is well connected by either the road or train networks. Examine the traffic flow and make sure there’s an easy access to roads and public transportation before you purchase a home in Nigeria. There should also be a good drainage system to check flood.
Finally, you should find out if the area provides utilities like telephone and internet connectivity, street lighting, and recreational areas
Considering all of this will help you choose an ideal house location.
When looking for land for sale, different sizes of land are available. On the other hand, understanding the size of the land is critical because it helps you determine the building design and the available number of rooms when you erect a building on it.
The various terms for measuring land are; plots, acres, hectares, etc. It is important to get familiar with these terms.
Plot: Even though a parcel of land in Nigeria is measured at 50 by 100 feet, this measurement can change depending on the state in which you are purchasing the land. Whether it’s a property for sale or land for sale, you need to know the size of a full plot to avoid being scammed.
Acre: Six plots of 60 x 120 feet each make up an acre. While plots in other parts of the country are 50 by 100 feet in size. The average plot size in Lagos State is 60 by 120 feet (18 m by 36 m, or 648 sq ft). This is the unit of measurement most land sellers use, and it is almost similar to a football field. But an acre only makes up around 40% of a hectare.
Hectare: If you’re wondering how many plots of land make up an acre in Nigeria, the answer is around 15. With the largest of the three sizes being 50 x 100 feet. A hectare is equal to 10,000 square meters, or 100 meters by 100 meters (328 feet by 328 feet). Two and a half acres, or around 15 plots, make up one hectare.
But in some states of Nigeria, a hectare is composed of 10,000 square meters, making 1 hectare (11,000/900) equal to 11.1 plots. Whichever it is, the buyer and seller must thoroughly discuss and understand this.
Whether you are buying land to build a new home or as a commercial property, that land must appreciate. For instance, if unaltered, the quality of the land in Urban areas and high-profile cities will either improve or always stay the same. Therefore, if you acquire land to construct a house to live in, you benefit from its appreciation as the environment gets more populated and the area is developed.
Alternatively, if you are an investor, you will earn as the area develops and as more people look to rent or purchase real estate there.
Because of the current inflation, many individuals have been hesitant to invest in real estate.
However, Real Estate Broker Collins Osayi stated that “inflation has no negative impact on those who own property in Nigeria. Instead of the negative impact, real estate investors make more money depending on the cost of housing”.
Get the necessary documents.
Neglecting property documents is often one of the most disastrous errors people make when purchasing real estate. Specific documents are needed in order to claim full ownership of a piece of property.
You need to ask some questions like :
Does the land seller have the right to sell the land? Are they actually the owners?
A thief might easily pose as the owner, take pictures of the asset, and label them as “property for sale.”
Therefore, before making any purchases, you must insist on seeing the seller’s evidence of ownership. If a seller is unable to provide all required documentation, they should withdraw from the transaction. Because there is a possibility that the transaction you are receiving is fake and you are dealing with a fraudster.
Method of payment
If you want to avoid future arguments, then it is crucial to keep track of every payment you have made. No matter how small. It is best to pay with checks or bank transfers than cash to avoid losing your hard-earned money to scammers. In case something goes wrong, this can be used as a minor piece of evidence of your payment. Either a transaction record from your bank or a check.
A purchase receipt that may be signed by all parties must be drafted by a lawyer and should be used to acknowledge payments made through any bank channel. This eliminates the chance of a seller disputing the precise sum paid, the moment it was made, and the reason it was paid.
After properly fulfilling these necessary procedures, there are a few things you should never do or ignore when purchasing land or property.
Related article: Top Reasons to invest in Pre-construction.
Mistakes to avoid when buying a Land
- Don’t ever make the mistake of purchasing land without the assistance of professionals. Ensure that you hire a realtor and a professional lawyer to thoroughly investigate the property you are about to purchase.
- No matter how impatient you are, never try to rush your purchase; instead, always try to be patient. Because the moment you allow urgency to control your purchase, you will undoubtedly miss important details that you may never be able to recover.
- Never become emotional because of the seller’s stories or your personal relationship with the seller. Ensure that you obtain all required documents. Conduct all essential surveys, and ask all necessary questions, irrespective of how much you trust the seller.
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