5 Things to Consider Before Buying A Land In Nigeria
This article contains 5 things to consider before buying a land in Nigeria
Our top focus here at BuyLandInLagos.com is to help Nigerians living abroad secure affordable land in a fast growing location here in Lagos, build their dream homes and enjoy consistent cash flow from capital appreciation which is the reason we spend 90% of our time educating our blog visitors how to buy land in Lagos Nigeria without falling victims of scam and fake documents.
From sharing detailed steps on how to spot buy land at cheapest price to key documents you should ask for buying paying for your next private property in a selected location, we strive to position our platform as the number one source for everything land in Lagos.
A lot of Nigerians have paid millions into a real estate company’s account, all in the name of property acquisition and at the end lost everything due to negligence and lack of right information.
In this post, I will be sharing 5 things to consider before buying a land in Nigeria with common mistakes you should avoid making.
Reasons you need to investigate a property before buying in Lagos Nigeria
Don’t just rush to make payment, ask questions, meet people and be well informed about what you are paying for. This will help you:
- Reveal hidden cost and charges like Land use charges that were accumulated before now.
- Get all useful information about the size of the land, area, and topography.
- Know who the real property owners are and key parties in the transactions.
- Know the current and future development that might affect value; from social amenities, industrialisation, government laws, etc.
5 things to consider before buying a land in Nigeria ( Lagos state as a case study)
- Ask for all the key documents and confirm the validity with a property lawyer. Get the seller to send you a photocopy of the following documents: Certificate of Occupancy, Power of Attorney, Tax Clearance Certificate, Approved Survey Plan, and Deed of Assignment. (Read 6 Key Documents To Ask Before Buying). For real estate companies selling a large expanse of land in plots, ask for global C of O.
- Investigate all taxes and legal fees relating to the land you want to buy. A land with C of O always attract land use charges, so it’s important that you confirm all charges on the land alongside other charges have been paid by the seller. Once you are satisfied, proceed to the third factor.
- Do a physical inspection of the land to verify the authenticity of the documents sent to you. You need to make sure everything stated on the land documents conform with the size of the land, location, and other condition of the property. Also, you can carry out further investigation by looking at the proximity to basic amenities and developing centres, making sure your next neighbour is not a filling station, oil and gas pipeline (route), powerline ( high tension cable) and waterways to avoid flooding.
- Assess the trend of land value in that area, so you don’t get your money stuck for long, by comparing what properties or house in the same location are selling for. This will give you an idea of the estimated fair value of plots of land in that region. For instance, when you buy a plot of land in Ibeju Lekki right now, it’s certain the value will go up because the price per plot has been going up for while which is not unconnected to the ongoing construction of Dangote refinery and development of Lekki free trade zone. The offer price was around N300,000 – N350,000 a few years ago but now it’s selling for N1,000,000 – N4,000,000. Though, some emerging areas are still selling for less which you can grab now.
- Government regulation and land use control; The very last factor to check after doing the above are whether the area is earmarked by the regulators for industrial estate or development project. This is vital if your intention is residential so that you don’t contravene the law and lose your cash.
And if you are satisfied with what you see, you can then proceed to make full payment and request for your genuine receipt.