Buying land in Nigeria especially in Lagos is not the same thing as buying a car. You can see a car you like to buy on the road and in less than an hour, the deal is sealed and payment is made. But, in land investment, there are lot of factors to consider.

It is important to understand this process as they help you make more informed decisions in real estate investment. This week, we will focus on these highlighted 12 most important factors to consider before you buy a land in Nigeria:

*Budget
*Location
*Land Documents & Sizes
*Land Ownership Verification
*Zoning Restrictions
*Inspection of the Land
*Soil Quality & Composition
*Documentation & Payment
*Omo Onile
*Additional Cost
*Troubled Land & Security
*Taking Possession of Acquired Land

It will be difficult to fall prey of hungry landowners(omo onile), fake real estate agents and lot of unreliable real estate companies if you understand and follow the process thoroughly in the next land you plan to buy. Also, if you are yet to get a land, you need to start considering it in your goals before end of the year 2018!

1. Budget For Buying Land in Nigeria.

When drawing a budget for a land purchase, you have to factor in all other important things in your life that needs financial commitment (e.g feeding, house rent, school fees etc) at that point of time.
This will prevent you from getting yourself choked unnecessarily.
Also, your budget is also one of the determinants of the location you will buy into.
Once this is achieved, the next thing you start considering is the Location.

2. Location.

Prices of lands vary based on the location, developments and the peculiar character of the neighbourhoods.
The more commercially advanced and urban a neighbourhood is, the more expensive it becomes to buy land at such locations.
All these will also determine how rapid your property value will appreciate in years to come if you buy it.

3. Land Documents/Titles & Land Sizes.

Before you make payment for any land in any location in Nigeria, you should ask for the title it has, the documents you will get after payment and the actual size of the land.
Note: Try as much as possible to confirm the size of the land yourself with the help of your surveyor and it will cost you more money. Do not assume especially when you are dealing with an individual or omo onile(Landowner).
If you buy from an estate, you may not need to bother because a Surveyor will be provided to measure yours for you.
Then, the documents of the land also known as Title should be your major concern.
The main documents to check for are the Survey Plan, Deed of Assignment, Excision, C of O and Gazette.
This will help you to know if the land is under government acquisition or Free, you will also know what the land can be used for with the help of these documents.
The titles also determine the price of the land.
If the land excision is in process, all you need to do is get the excision file number from the seller and confirm it at the state secretariat of the land. The Secretariat official will let you know if there are possibilities that the excision will be granted with the guide of the plans the Government has for the area.
However, if you buy a land without titles from an individual, you can process the documents yourself, just be sure you bought it from the genuine owner.

4. Land Ownership Verification.

Haven checked the documents yourself, try to request for proof of ownership. Involve verification experts before you pay for any piece of land. Don’t take anything for granted. The process of land investigation is quite complicated and you should leave it to professionals to do this on your behalf.

5. Zoning Restrictions.

Here you get to know the kind of buildings Government want in that area. Some areas have been marked only for industrial purpose while some are only meant for residential purpose. Those that negates the will of the government mostly have their properties demolished years after. To know the Government plan for any area you wish to invest in, visit the nearest town planning or the state secretariat. It may be stressful, but it is important for the future of your investment.

6. Inspection of the Land.

You need to go see the land yourself before any transaction. You can even take the soil sample to the secretariat to confirm if it is a dry land or not. It is not advisable to send someone to represent you. This also explains the Soil Quality & Composition of a land.

7. Documentation & Payment.

Take the pain to document every single part of the transactions involved in buying land in Nigeria. Every single part of the deal needs to be documented; from the cost of land to the survey fees, Deed of Assignment and Developmental Fees(where stated). This is important for reference purpose. And all details should be clearly stated in simple English language.

8. Omo Onile.

This scares everybody... In Lagos and Ogun state, they are like the unshakeables of the land. If you are buying from the family, ensure the head of the family and even the Baale of the community sign the Deed of Assignment. Also, work on the documents like C of O immediately. Do not forget to fence out your portion of land immediately! However, this doesn't mean you won't pay them at every building stage.
That is why I always advise you buy from Real Estate companies that will easily prevent them from reselling, disturbing your land and extorting money from you every now and then.

9. Additional Cost.

If you are buying from a Real Estate company, you are also expected to pay for these: Survey, Deed of Assignment, Developmental fees(if it has been stated).

10. Troubled Land & Security.

Stare clear from properties with This land is not for sale, beware of 419. If you pay any agent for such property, you on a long-short thing called voicemail!

11. Taking Possession of Acquired Land.

This means when you buy from individual, erect a mini perimeter fencing of 4 to 6 coaches around your property, work on the documents, visit the site regularly & get someone living around to monitor it for you. This will keep you on the alert in case anything funny want to occur on the land.


Finally, everybody need to invest in real estate, whether poor or rich, but not everybody will own a land because most people allow opportunities slip off their hands. However, whenever you get a good deal on land, ensure you do the background check on the land, owners, documents, government plans for it & inspect it before you make that payment. Above all, pray about it and pray on the land.

*References*
Privateproperty
Estatehomes

I am Nurudeen Abdulsalam and I am always available to attend to your questions related to Real Estate Investment on 08097391641, 07034465109(Whatsapp only) and nurudeenabdulsalam1219@gmail.com