When you invest in land, you give
yourself an opportunity to build a house to your taste. That is why a piece of
land sometimes cost as much as a completed house in certain neighborhoods.
Now the
big question: what are some things to consider before buying a piece of land?
The five
tips below cover some basic things to
take into consideration.
Tip
1: The purpose of the Land.
One of
the very first thing to consider is the purpose of the land.
Is the
land for residential or commercial purpose?
If the
land is for commercial purpose, this will affect your choice of location
because it is common knowledge that some locations are better for business
purpose than others.
Another
thing to consider is whether the land is for investment purpose (speculative
investing) or whether it’s a plot of land you wish to build on immediately.
This
obviously affects how you see the land and how much you’re prepared to pay for
it.
Therefore
when looking for available land for sale, be sure to keep in mind your purpose
for seeking to buy a piece of land instead of just buying a house.
Tip 2: Your budget
How must can you afford or how much
are you prepared to spend?
Remember . . . money is everything
(or almost everything).
If you have unlimited cash, you can
buy property anywhere you wish without batting an eyelid.
Unfortunately, most people have
limited budget. And this limits the locations they can invest in.
Tip 3: The Title
There are different title documents
available for property for sale in Lagos Nigeria.
You will find that many land for
sale have just "family receipt" and survey plan. The family receipt
is the receipt issued to the buyer by the original owners of the land referred
to as omoniles.
Sometimes there can be a debate as
to who the original owners are. That is why a lot of people prefer land with C
of O.
So, the question is . . . are you
prepared to buy a property without C of O? Or must it be a property with C of
O.
Note that if you find a property
that you like, you can always perfect your title and get a valid C of O.
Tip 4: The Person Selling.
Who is selling the property?
The owner's brother, wife, or some
other relative?
Is the owner still alive or dead?
Please get some ID before making
payment for any land for sale you decide to buy.
Tip 5: Compare Options Available To
You
Don't just see a property and decide
that this is what you should buy.
Ask to see two or three properties
before making a final decision.
Wait. This does not mean you have to
see as many properties as possible before making a choice.
The truth is . . . if you live in
Lagos Nigeria, you will know a good deal when you see it.
Another important point.
Don't be swerved from doing due
diligence because you find a cheap property that is priced far below the real
estate market
price for the same kind of property in the same area. "Dead cheap"
can be deadly.
Why?
Well, children and relatives of home
owners who somehow get access to where the property documents are located
sometimes become greedy and try to quickly sell off someone else property at
dead cheap price.
If you buy into this kind of
"stolen property", you buy into trouble.
So, be careful. Do due diligence
before buying a piece of land whether cheap or expensive.
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