PROS AND CONS OF BUYING AN OMO-ONILE LAND
Land scams are becoming more and more common in Lagos, Ogun, Port Harcourt, and Abuja, and purchasers are tired of falling for them. Bad people are pretending to own land, but the land they say they own and want to sell actually belongs to someone else.
Because the system is so broken and there are so many problems with renting an apartment, people who want to buy property don’t know what kind of property they want to buy. People want to buy land more than ever, and they don’t care about how much it costs, where it is, or if there are any problems with the paperwork. This makes it easier for land scammers to take advantage of people.
So, it makes you wonder what kind of land is best to buy. A proverb about buying land or getting into an estate. Both of them have their own benefits and quirks, but I’ll do my best to explain what makes them different.
Buying an Omo-onile Land (Pros):
- They are all over the place and come in a wide range of sizes, locations, prices, and features.
- You can talk about how much the land will cost at your own pace.
- You can choose the type of land you want and where you want it to be.
- Most of the time, you can deal directly with the original vendor and not let anyone else influence your decisions.
- Most of the time, you can do due diligence on something because you have direct access to the documents.
- When you do your homework on the land, it’s easy to find out what it’s like, which can help you decide whether or not to buy it.
- You can easily see or find the land you want to buy. There are no restrictions or bottlenecks.
- You can complete the deal, sign all the contracts, and take ownership of the land all in one day.
- You don’t have to worry about whether the land is mortgaged or when your papers will be ready.
- You can start building as soon as you pay for the land. You don’t have to wait for anyone to tell you what to do. If something bad happens to your land, you’ll probably be compensated or moved to a different place.
Buying an Omo-onile Land (Cons):
- When you buy Omo-onile land, if you don’t look into who really owns it, you’re walking a thin line.
- Lands in Omo-onile are either owned by Families or by people who bought them from Families. No matter what, you must have a relationship with these families until you finish building your house.
- Most omo-onile lands have some kind of problem, like a land dispute, a family dispute, the resale of someone else’s land, buying land that belongs to the government, etc., so you need to do your research before you buy.
- You pay for everything, including your own survey, legal, agency, omo-onile, foundation, roofing, drainage, Nepa, and other fees.
- Even if you do everything right, like do your research, buy from the right person, and pay all the fees, criminals and trespassers will still try to steal your land unless you build a fence around it.
- You must always keep an eye on your land until you finish building your house. If you were lazy or careless, criminals would buy your land and sell it to someone else.
- During the inspection and negotiating process, you would have to deal with agents who are annoying.
- If you want to keep your Omo-onile Land from being stolen by bad people, you have to be tough and not take their crap.
Buying Land from a Real Estate Developer (Pros)
- You know who you’re buying from, and most of them are registered real estate companies.
- Most of the Lands are in closed areas, so you would be living with people who think like you do.
- The estates have planned amenities, so you don’t have to run around looking for blocks to build your fence, provide electricity, roads, drainage, etc.
- Most estates are built with parks, schools, hospitals, etc. in mind when they are planned.
- When you buy from a real estate company, you don’t have to deal with or pay any fees to omo-oniles.
- Most of the time, the real estate company does all the paperwork for the purchaser.
- For those who can’t pay the whole amount at once, they offer payment plans with instalments.
Buying Land from a Real Estate Developer (Pros)
- Most of the time, you may just be buying a fancy sign that has no future and no chance of becoming an estate tomorrow.
- Most of them don’t have official documents from the government, and they always say, “Our documents or papers are being processed”. When you look into the “documents under processing,” most of the time it turns out to be a lie.
- Most people are drawn in by how cheap the sales are, like “pay N50, 000 every month for two years and you’ll get the land,” but it turns out to be a Ponzi pyramid scheme most of the time. I know a lot of people who have paid for land through some of these well-known real estate companies, but they still don’t have the land, the paperwork, or their money back after two or three years.
- Most of the time, the lands promised at the beginning turn out to be something else. When the time comes to give you the land you bought, you end up wondering why you did it in the first place.
- Even after you’ve paid in full, most of them won’t give you the land right away. You might have to wait for months or even years before they try to give you the land. Getting these lands right away is very hard, and you have to fight the people who own them to get them.
- Most of them take out huge loans to buy the cheap land they offer to their subscribers. When the real estate company first starts marketing, they expect to sell all of the lands in a record amount of time. When this doesn’t happen, disappointment sets in, and sales are slow, the lenders become hostile, and everyone who invested in the real estate company becomes in debt to the bank or mortgage company. Your land could be sold, taken away, or put up as collateral at any time.
- A licensed surveyor shouldn’t be able to do a survey in less than a week, but with these real estate companies, you might not see the survey plan, deeds of assignment, or Allocation Letter for weeks or months.
- Most of them give subscribers sales contracts that are hard to understand, and at the end of the day, these subscribers sign their futures to pay huge service charges and development fees until they get tired of the estate.
- When you want to buy an estate, most of them tell you it has a C of O or Gazette to get you to buy it. When you look into it more, you find out that they don’t have the C of o they said they did, and you have to get all these papers on your own, just like if you bought from Omo-oniles directly.
- When the real estate company shows you the original plan for the estate, it looks very appealing. However, when they start selling, they scatter the whole plan, leaving you with a jumbled estate where you have to figure out how to get all the amenities you want on your own.
- Lastly, most of them trick people into buying by using big fences and fancy names for the estate. Once you start making payments, you’ll find out that they don’t have a valid document to prove they own the land, and they need your money to make the payments they promised the people they bought it from.
In the end, both Omo-Onile lands and real estate developer lands have their pros and cons, and it’s up to the purchaser to choose wisely. One thing that is certain, though, is that you need to do a lot of research before you buy into either one, so that you don’t lose your hard-earned Millions to thieves.