#thingstodoinlagos

Things to look out for when buying land in Nigeria.

Buying #land in #Nigeria today, comes with a lot of responsibilities for the individual or the #organization who are desirous of purchasing the said property. While purchasing landed #property is worth the investment, there are certain key things that are worthy of note and worth looking out for when purchasing landed property in these climes.

• Budget • Location • ROI • Owners’ documentation • Document all transaction • Land grabbers

• Budget- you must need to structure a #budget to know what you are willing to spend in acquiring the landed property. Bear in mind that if what you need is two million naira to purchase a piece of #real estate, you need to understand that in purchasing this property, it does not negate the fact that you will still pay your rent (if you live in a rented apartment), service your needs with regards to feeding, bills, #transport, #clothing; etc. kindly factor the #necessities before purchasing the land.

• Location plays a vital #role in purchasing landed property in #Lagos, Nigeria. The more commercially advanced a neighbourhood is, the more expensive it becomes. If a plot of land in Ikorodu goes for 1.2million naira, that same plot will go for 12-16 million naira in Ajah. Some locations have better road network, better amenities, better enlightenment and improved security.

• ROI- a lot of Nigerians who just want to acquire land do not always get immediate returns on their investment. Some buy a plot, some acres or hectares and leave it without building on it, securing it or the ability to gain access into the property. So, 6-30 million #naira is sunk in acquiring land, no return on investment is gotten. Even if it means that the individual is desirous of some form of appreciation, that property can be put to other use other than leaving it to lie fallow. In furtherance to this, there are a few agricultural strategies, wherein individuals can form agricultural groups or cooperatives, have very experienced farmers and or agricultural experts cultivate on their lands while paying the land-owners rental income. There could be the yearly yield of 4- 6 million naira for small groups and more for #cooperatives depending on the sizes of these cooperatives. This #strategy will afford individuals the yearly guaranteed payment (ROI). In this regard, your #money works for you and you have the opportunity to use these funds to satisfy any other needs.

• Owners’ documentation- request to see owners’ #documentation. Documents you need to see from owners are: 1. Title Document 2. Survey plan 3. Tax clearance certificate as necessary. Also, always verify the documents with the appropriate authorities. • Questions- before making any payment ask relevant questions: 1. Ask for the reason why the land is being sold; verify if the reasons are genuine. 2. Confirm if there are any disputes or pending litigation as regards the landed property. 3. Confirm if the land is inherited. You will need to check this out too because of issues from siblings and other relatives.

• You will also need to do a background check on the owner, the mediator, the agents or company involved as we would not encourage individuals to hurry into any fraudulent liaison. • Inspect the property, personally. • Documentation of transaction- have a chronology of events (pictures) and documents involved in the transaction when buying the property. From first meeting, inspection, negotiation, cost of land to survey fees. Ensure the documents are well detailed. Documents like receipts, land survey, letter of allocation, power of attorney, gazette, and deed of assignment must be available regardless of who is selling the land. • Bearing in mind the omo-onile factor, also put aside funds to settle these land grabbers as they have a penchant for making things difficult for land buyers. • Stay away from properties that have been marked with the inscription, “This land is not for sale”.

Ensure you carry out a thorough research on the said property and evaluate the documentation, including the persons involved before making any commitments.