How to Invest and buy Landed Properties in Nigeria

With much real estate around these days and you have the desire that one day you will definitely buy and own a land but at the same time you are scared and heard news of people losing their hard earn money to land grabbers and real estate agents.

In this post, it serves as a guide on what you need to know on how to buy any landed properties anywhere in Nigeria.

The Purpose for the Land

Before ever thinking of buying a land in Nigeria, you should first of all consider the purpose for the land.

Are you considering building and living in that area? Or are you considering building and rent out space or rooms for people to live in which is called the real estate rental business? or you are just considering buying and to keep and sell later in the future?

Let’s pick at the goal of buying land, to build and to live in. This seems to be the most common goal in real estate.

If it is to build, or what ever goal you are considering, you need to look at the residential side and the commercial side of the area you are intending to buy that land.

You also need to look at the government plans and proximity of good access roads, schools, hospitals, church and notable industries which can serve as a factor or use later in the future.

Places like Lekki, Magodo, Ogba, Ikeja, Epe are place you can consider to buy land and consider the residential part and commercial part of these areas. So have a purpose for the land you intended buying and from there you know your next step.

Have a Good Budget to Buy

Everybody loves good things but there’s a saying that a good soup na Money kill am

To buy a land you must have good budget to get something good and worth the price. Places like Lekki, Magodo, Ogba, Ikeja, Omole, VI in Lagos and places like Challenge, Akobo, Ring road areas in Ibadan and so are good areas you could buy for investment purpose and live in. But you must have a budget to stand with the prices of those areas.

With good budget you must add the cost of documentations to be able to acquire a land in expensive place like Lagos, Port-Harcourt, and Abuja.

I have received calls from people looking to buy land and the mistake I observe they do is not having a realistic budget to buy land and thus ending up with land grabbers who will later duped them.

They are looking for something cheap they can buy. You want a good area to buy land? Consider a great budget to make the deal done.

Work with reliable and Trusted Real Estate Consultant

Getting a reliable and trusted real estate agent around is really hard to come-by but really you need them.

In many cases, these real estate agents or consultants knows land which have just come on the market and which may not have been noticed by others yet. They also usually know well and versed with the dangers attached to buying land within neighbourhoods, which can be important if you are not from that area. They are well experience in real estate matters and you must always ask questions when you feel uncomfortable about a deal.

Consider Hiring Land Surveyor

A land surveyor will help you with the coordinates and chart the land and gives you an update if the land falls under government acquisitions or if the land is own by a different person.

Before making the decision of buying land in Lagos, or any where, make sure you ask and get a copy of the survey and chart it immediately. It is important you do this.

Why? Because the same land could be under circular road, or it is under government acquisition, maybe government has a plan about that particular spot of land. All land plans are with the government. Make sure you do due diligence before anything.

Hire a Property Lawyers

Hire a property lawyer for proper land documentations. There are certain English terms that are attached and written to land documents and you may barely understand how it is written and understand those English terms.

The property lawyers explain more further about it and advice you on the terms if agreed or not.

It is also important to hire a property lawyer at all cost. A property lawyer defends your interest no matter what!

Making Payment

After you have thoroughly consider the point read above then you can make payment to the right bodies involved and ask for receipts of payment. In any payment you make in landed property always ask for receipts and even demand they sign an MOU if necessary.

Don’t make payment to any real estate agent personal account. If it is a real estate company ask of their company account.

Secure your Property

After making your payment successfully and having the right legal documents of the land with you, the next thing to do is to secure the land immediately.

How do you secure the land? You secure the land by putting up a fence and gate or by doing a strong visible foundation on the land. After these, start processing the land title for the land with the land registry from the state government. The process officially transfers the title from the previous owner to you.

Follow the guide lines mentioned here on how to invest and buy landed properties in Nigeria. With these guide line you are on right track.

If you gain something Kindly Share!

Also Consider Reading …….

6 certain Areas where you could have Problems with Real Estate Companies

What you need to know about Ibeju Lekki Lagos. The Commercial Hub of Lagos.

How to Find the Right Investment Rental Property in Nigeria

4 Tips to Consider before Trying Real Estate Investment Rental Property as your Passive Income

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