Thinking of buying land in Nigeria?
Even though Real Estate generally feels like a good investment, buying a land in Nigeria isn’t a simple process. There is so much you need to know about a property before taking out that cashbook, not all sellers will tell you things you need to right away. Buying land in Nigeria is far more complicated than buying a house.
Here are 7 questions you should ask before buying that land.
Why are you buying land, can you afford it?
The first question you ask your self is to know the main aim of you buying a land. Do you want to create a personal residence, build a vacation home, a company, or an investment? Then you move on to asking if you can afford the land without having to spend your entire life savings or borrow and get into debt before buying a land in Nigeria.No matter how enticing a piece of land or property may be, don’t borrow money to buy land if you do not have a means of paying it back yet.
Check the location. Check again
Do not miss any slight detail about the location you are about to buy land in. Location is the most important thing to consider and it is one of the oldest real estate adage. The land is an investment that you shouldn’t get yourself one with no resale value or one that you can’t build on. Look out for the soil conditions even if the land may seem build-able. Check the community where you are buying yourself a land. What other constructions are planned? What is the topography of the land? Is it close to schools, work, shops, medical care, and the likes? Is the property located in a flood zone? What changes are likely to come over the years?
Check again so you don’t end up missing something.
Any zoning restrictions on the land?
These are laws that govern what and what not to do with your land property. It is best to find out upfront what you can and cannot legitimately do on your land. Ensure it fits in with your needs before purchasing. You would be saddened to discover that your plans violate the neighborhood regulations.and this might come after you have bought the property or even started your plans.
Get to know our highest and best use. The Appraisal Institute defines the highest and best use as follows: “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.”
Can you access the main roads?
When buying a land in Nigeria, especially in the major parts of Lagos state, access to the road is rarely a problem. In rural areas, you need to know what the road maintenance schedule is. You need to find out who maintains your private road. It might be you or the local government.
Has the land been surveyed?
Get a certified surveyor to tell and show you the accurate representation of the land you are considering before you purchase. You have to do this to be sure you are getting exactly what you paid for. In order to also make sure you have established boundaries so you can place your home in the right spot on the land.
What are the utilities that can be assessed?
The rights and benefits you get as a property owner aside from road access are mineral rights, development rights, utilities like electricity, water and network. It is very common for properties to have a large ‘dead’ zone with none of these utilities because the buyer didn’t ask about it beforehand.
What are the costs involved?
Put aside the money and time spent on getting a land, there are other factors that are likely to affect you. The issues of land grabbers, popularly known as Omo Onile, in the highly commercialized areas of Nigeria especially in Lagos. So ask questions. What is the land use charge? Any annual property taxes? What kind of expenses can you expect to incur when buying a vacant lot? What are the permits and fees required?
If you are satisfied with these questions and others, then there is a good chance you have just found the perfect property for your dream.
Olalekan Ajimoti – Blogger, Content Writer, and Digital Marketer helping brands and retailers build 8-figure e-commerce since 2016.
As a corporate trainer, brand communications expert, and brand consultant, I help people start, stay and grow in business leveraging digital skills and traditional expertise.
