IMPORTANT FACTORS YOU MUST CONSIDER BEFORE BUYING A LAND

This is the first thing to consider when buying land.

It does not matter if you already have a particular location in mind as preference; if you do not have the right budget you could be borrowing soon.

It is important to research on the cost of buying a land; all the costs including legal fees, agency fee, cost of putting up a fence, cost of getting all the required documents from the Government and more.

Have these in mind before setting out to talk to sellers.

Location

Here is the next key factor to consider when buying a land.

Consider what you are buying land for and consider the resale value before even buying.

Also, do not buy a land you cannot build on, notwithstanding what you are buying it for.

In considering location, always think about the growth potential of the area it is located.

It is a fact that any location that is within 30 minutes drive from the city centre might be part of the city in 5-10 years, typical of Nigeria’s demographic growth.

Get a good idea on locations to buy for the purpose you have in mind.

Accessibility

When buying land, make sure the area is easily accessible.

This could be tricky, though.

Consider this; the more inaccessible the land is, the cheaper it should sell for.

It would take an experienced real estate investor to tell what the seller cannot see about the land they are selling at low cost.

As long as buyer can drive to within 1 mile of the actual property on sale, it could be wise to buy.

Where the property is surrounded by other property, you’d be talking of bringing in city or council attention to help establish your right of way.

This could be the case in many Nigerian localities, but in places like Akwa Ibom, it is advised to negotiate with the owners of the surrounding property to get your own access.

If you manage that relationship well, you could be going home with a super deal: you bought it cheap and got the access at low cost.

Security

Security is vital.

Especially if you are buying in a place with well known insecurity issues, you must consider if government has provided enough security in the area of your interest.

Also check with the community and the neighbourhood; do they have their own way of securing themselves?

Are there any vigilante?

A quick way to know is by observing the compounds around there; are they fenced high?

That’s your signal.

You can also ask unsuspecting residents around the area about harassment, robbery and thefts.

The local police department also have valuable information in this area.

Environment

You would not want to stay in a polluted or flooded area.

If possible, buy in rainy seasons.

But even if you don’t, look around.

Do the residents sand-fill their compounds?

If you are buying in the tropical areas, do you find grasses growing in the middle of the road?

Also, check many more times; are there factories operating in the area?

You would have to live with noise and air pollution.

If it is close to a busy road, the fumes and vehicular noise will be a constant.

But especially with global warming worsening, you might want to steer clear of water paths to avoid being a victim of flash floods and gully erosions.

That is one other to look out for.

Be sure there is no burrow pit or ravine nearby; it could affect you in future.

Size of the land

Make sure to confirm the exact size of the land.

Hire your own surveyor if need be, spend that little bit more money for this.

If you are buying directly from communal owners, go with a surveyor the first time you are seeing the place.

Get Legal Documents

When buying land you must check to be very sure that it is properly registered.

You could think the only document to check for is the C of O (Certificate of Occupancy) but this is not necessarily so.

That document is only valid for about 99 years, in Nigeria.

Get help from lawyers that handle these things at a reasonable cost.

Check for Survey Plan, Deed of Assignment, Excision, Gazette and others.

This will help you to know if the land is under government acquisition or free.

You will also know what the land can be used for with the help of these documents.

Notwithstanding, you can still buy a land and register it yourself, but make sure you are buying it from the actual owner or better still from a reputable real estate firm like BELKALID CONSULTS

Know The Price Of The Land

Land without any title would never be priced same as one with title.

Registering the land having surveyed it, carrying out checks at the Surveyor General’s, fencing and all of that constitute adding value to the property.

When you add value to land, the price is affected.

Consider these when negotiating.

These factors add to the value of the land and help to keep it appreciating.