Factors to Consider Before Buying Land to Build Your Home in Nigeria
Rent is a huge issue for many people, particularly those living in cities, during this economic downturn. Many people have developed high blood pressure as a result of the prospect of receiving a phone call from a landlord or an agent.
I know must be considering building your own home. I’m sure you’re tired of having to sell your landlord excuses and explanations all the time owing rent.
Building your own home is advantageous since it relieves you of some burdens. Living in your own home is considered a big accomplishment in various parts of the world. But before you start your new house projects, I’d like you to think about a few things.
The eleven factors should be considered before buying land to build Your home in Nigeria.
When purchasing land in Nigeria or anyplace else in the globe, the most important factor to consider is location.
This is the foundation for anything else you’ll need to check.
The location will decide the future worth of the land because land in a developed area will cost more than land in a developing area.
It is better to consider location when buying land, in which you need to consider if the location of the land is fast attracting development and this is part of the factors to consider before buying land to build or invest on real estate
2. Knowing a genuine land/owner
This is a primary reason why many people have shunned the idea of purchasing land to begin construction projects.
The stories of lawsuits over lands that fill the space are enough to prevent many people from considering purchasing land to build their own homes.
The existence of good and bad has always been observed in the world. Everything that is good has a negative counterpart.
Our ability to recognize the positive at all times is what makes us winners in life.
It is not true that every land offered for sale is not real, and vice versa, but in any case, the buyer must guarantee that due diligence is followed.
When attempting to purchase land for any enterprise, desperation should be avoided. Fraudsters frequently take advantage of the buyer’s desperation to defraud them of their hard-earned money.
Before making any commitment, take your time to ask the required questions and ensure you obtain the correct answers.
Seek expert assistance if you are dissatisfied.
To be honest, do not disregard professional advice in all of your land dealings.
Don’t be a penny wise and a pound foolish! If you need to pay for professional services, don’t consider it a waste of money.
3. Neighbourhood and Landmarks
Yes, you should investigate who your neighbors will be before purchasing land in Nigeria.
Many people make this error while purchasing land. The landmarks in that neighborhood determine how quickly an area develops and the value of the land.
Check to see if any important government or private projects are now underway or have already begun to operate, as this will indicate how quickly the area will expand.
If you can discover world-class landmarks in any neighborhood, whether they are operational or under development, you are fine to go.
For example, if the government or an individual decides to construct a prominent landmark such as a factory or university next to your land, the value of that land will immediately increase.
Before purchasing land in a particular area, you should understand how secure it is.
Examine whether the government or community chairman has given appropriate security within the area. Check to determine if the community has a strategy for dealing with security issues.
You can also ask those who have been leaving the area if the neighborhood is peaceful and free of robbers and hoodlums.
Security is a critical problem that must be considered when purchasing land since you do not want to live or invest in a property where your lives and property are in grave danger.
5. Size of the Land.
You should also examine to see if the size of the land conforms to what the owner claims.
The only way to do this is to hire a surveyor to come out and survey the area and take accurate measurements.
Do not simply assume that because the owner says it is one plot that it is one plot; instead, confirm.
Even though it will cost you money, it is preferable that you do it and are certain of what you are getting.
6. Proximity to major roads and highway
It might be aggravating when your home is not easily accessible to friends and relatives. And having to travel for several hours to get to the main road in your town/city may have a bad impact on your health.
When your land is close to a main road and highway in your area, you can save valuable time. This can have a favorable impact on the amount of time spent on everyday activities and engagements.
When considering buying land for home developments, consider factors such as the land’s proximity to main roads and the city’s major highway.
7. Proximity to office or place of work
The fact that you have become a landlord is no excuse for your work or business to suffer. This is an important element to consider before beginning a construction project.
I’ve seen people who had to close their city businesses because they moved to their own houses in a faraway region of the state.
They would no longer be able to make as much money as they had before becoming landlords.
Houses in isolated places could be rented out until the owners feel confident enough to face the obstacles of living there without remorse.
8. Proximity to electricity
When planning to build a home, electricity is an important element to consider. Running a home without electricity can be costly and inconvenient. It will have a negative impact on your finances.
It may not be widely available in your prospective estates at the time of purchase, but it should be close by.
The cost of setting up electricity to the site, on the other hand, should be reasonable and cost-efficient if it is to be completed in a timely manner.
9. Proximity to Bank/ATM
Another factors to consider before buying land to build your home is the neccesity of you needing cash to spent. You will always require money to manage your life and your property. Especially in an atmosphere where e-commerce is still unpopular and many businesses still rely on traditional methods of selling, you will be able to rely on cash all of the time in your new home.
Unlike in the past, when you could store currency at home for as long as you wanted, the current security difficulties that many countries are facing do not allow for the holding of excess currencies at home.
Access to a bank or an ATM would relieve the strain of holding and accessing cash as needed but being stranded at home without access to cash could be disastrous.
When thinking about creating your own home, avoid situations where you will have to travel for hours to get to a bank or an ATM.
10. Overall cost of building and living in your new home
This will determine whether or not you will be able to build and maintain your intended home.
Before beginning the projects, the costs of land, constructing, and supplying basic amenities should be carefully considered.
It can be aggravating to own a structure in an area that is not easily accessible by road.
The cost of keeping automobiles, providing security, and providing energy may cause one to give up the title of landlord too soon.
11. Comfort of your family
It is important to consider the comfort of individuals who will live with you in the home.
What is beneficial for you may not be beneficial for your spouse or children.
It is not fair to deny your children access to a high-quality school simply because you have moved into your own home.
You should be concerned about the suggested area’s impact on their health and emotions. This is a factor to consider before buying land to build your home
If you follow these 11 factors to consider before buying land to build your home, you will not only save money, but you will also spare yourself from unnecessary stress.
I’d like to hear from you as well, as your perspective could be beneficial to many of my readers.
Please share your opinions on this post in the comment section below. And if you think this piece will be useful to someone in your social circle, please share it with them.
Adeyeye IfeOluwa is a Web Designer & Developer, Digital marketer, Real Estate Consultant, and Writer
Landsprout.com came with a passion to help you achieve wealth in real estate investment and solve the hassle within it.
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