Purchasing land is hot in many business sectors at present, and it very well may be a wise decision to get your land if you can do it the right way. Purchasers need to learn and work from the professionals to make the entire exchange smooth. Here are 12 tips to help you with buying lands with ease in Nigeria
1. Guarantee That the Property is not used for collateral
While intending to purchase land, it’s critical to do your due diligence to guarantee that your purchasing property is liberated from liens. A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt (Investopedia). We prescribe that you recruit a lawyer to look at the title of the property and the deed. When you are confident that the property has no liens, you can then make a fair proposal.
2. Purchase Before the Potential Upcoming Trends
In most developing cities in Nigeria, financial backers are ceaselessly grabbing up land bundles in grand style. When new buildings and facilities are developed in that area, the lands become more expensive and increase in value. So look at areas where new developments are going, then survey and get your piece of the real estate cake.
3. Get Your Own Surveyor to Get a New Survey
Purchasers of empty land ought to consistently commission another review/survey for their land. Don’t simply depend on an old study that the real estate company might give you first. Get your surveyor to look at the current survey and make sure it is yours, and nothing has changed. A survey must depend on the party named in the assessor’s authentication document. Therefore, the purchaser/landowner must be named as an owner in the survey document to keep away from limited debates or issues with the reallocation of lands to others.
4. Think about Checking for Tear-Down Properties When Buying Land
While looking for land, it’s intense, particularly in city areas with thick populaces. If the land you are buying has a property on it, then you will have to consider if you want to tear down the property before building yours or if you want to buy the property on the land. In city regions and most rural areas, a business can now and again search for the buyers of properties that need destruction. You can buy this and then build a new property on it. In some cases, you might run out of luck, and the cost of the property might be even not precisely the worth of the land that the property is on.
5. Do Your Due Diligence Before Buying
Research is your companion with regards to purchasing land. The key is to get what data to explore. One tip is to check out the drafting in the space of the land you’re hoping to purchase. If you’re anticipating purchasing an area to sell later, you should think of the future investments of your property. Is the land for business/retail use. is it private? Likewise, research transportation improvement projects. Ask yourself, what would investors be able to anticipate? What conveniences or street enhancements exist or are being added to the local area/region it is situated ready? See whether such amenities and enhancements will affect, increment, or reduction the worth of the property.
6. Expect Land Taking Several Years to Sell for a Profit
Typically, the land will often take years to sell. In a situation where a parcel of land needs to be sold promptly, one can expect to receive about half of the parcel’s full value. Exceptions exist in a hot real estate market with a shortage of housing inventory. In this situation, land may sell quickly. Also, land value can often take 10 to 20 years to see positive appreciation value, as there must be an economic shift in the market to drive that change. Consider these things, especially if you’re buying land as an investment.
Be on the lookout for the remaining parts of this lesson on buying lands in Nigeria. Have a question? leave it in the comment below and remember to share it with your friends.
