WHICH QUESTIONS SHOULD BE ASK WHEN BUYING LAND?
There are many reasons to purchase real estate, including the ability to build your own home, use the property as a long-term investment, or even launch a business. However, purchasing land in Lagos, Nigeria, may be one of the most complicated real estate transactions because, in the opinion of some, it is more complicated than purchasing a home. One must be aware of the specifics of real estate documents and the land receipt format due to the various sorts of land documents in Nigeria, if you don’t want to be taken advantage of. Don’t be afraid to ask the real estate agent as many questions as you can so you don’t get burned. There are many questions that need to be answered before you make an offer on a home. Some of the questions to be asked are:
- How is the surrounding? No matter what property you are buying or why you are buying it, location is crucial. Land is an investment; you shouldn’t buy one with no resale value. If you are starting a business, don’t buy real estate completely isolated from potential customers. If you are planning to build a house, don’t buy a parcel of land you can’t build on. Location is one of the oldest real estate adages and also the most basic concern in buying land. You should have a broad notion of the neighbourhoods that would be good for your purchase, including the social facilities the neighbourhood offers, before you start looking at real estate in Nigeria.
- How much does the whole thing cost? The cost of land in Nigeria varies depending on the size of the property, the area, and other considerations. Before you get into buying a piece of land, you need to be ready and ask questions so you can spend your money wisely. Asking questions like “What kind of expenses can you expect to incur when buying a vacant lot?” will help you plan your purchase well. In Nigeria, highly commercialized areas like Lagos face the issue of land grabbers (Omo Onile), so it will be nice to make inquiries about these people so you won’t overspend.
- How much utility costs will be incurred? Utilities like power, water, and light might be an issue if you purchase land in a very desolate, undeveloped area.
- Can you easily get to the major road? In most of the larger areas of Lagos state, access to major roads is rarely an issue because you can access the roads without difficulty. But in rural areas, land for sale could potentially be blocked off from a major road and be reachable only by private access
- The land is it surveyed? A licensed surveyor will be able to inform you and show you the precise boundaries of the land you are contemplating, giving you the peace of mind to buy knowing you are getting precisely what you paid for.
- Does the property have any zoning restrictions? If you’re planning to build a structure, it’s important to know the neighbourhood zoning restrictions. You don’t want to find out that your plans violate the neighbourhood regulations after you’ve started, or even after you’ve purchased the property. Find out in advance what you can and can’t legally do on the land and make sure this fits in with your requirements before purchasing.
CONTRIBUTORS:
- ISOCHUKWU MICHAEL
- AYENI OMONIKE
