Buying an uncompleted building or house is at times a very risky venture, but life itself is a risk, and it is good to take risks in life because not taking risk in life is a risk on itself.

Buying an uncompleted building is a risk worth taking. In this article, I will be discussing some very vital factors you must consider before buying an uncompleted house in any part of the world.

Please note that there are a thousand and one reasons people sell out their uncompleted house, ranging from the death of the very owner and the immediate family decided to sell the uncompleted house.

A situation where the real owner of the house is bedridden and the family has run out of money may also compel the immediate family to sell the uncompleted house to raise money for medical treatment of their breadwinner; the list is endless.

So, let’s get started with highlighting these very vital factors:

1. Be in your right frame of mind
Emotions sometimes betray us, in your bid to buying an uncompleted house; your emotions must be in a very balanced state. You are not buying the house out of pity nor are you buying to make bigger profits.

Don’t be too happy that you have hit a jackpot, and don’t be too fearful; it is a risk worth taking.

2. Ask some questions
It is very important that you meet with the very owner of the house if he is still alive. Ask him/her why the uncompleted house is put on sale.

In case you are not satisfied with his/her answers, then make thorough enquiries about the followings:

a. The land purchase documents: Tell him/her to let you see the original land purchase documents, and make sure you verify that the documents were duly signed by those who are supposed to sign it as regard that portion of land.

b. Locate the family or person (s) who sold the land: There is a family or person who sold that portion of land, find out from them if there are any outstanding financial issues or any other issue concerning that portion of land where the property is situated.

c. Meeting the town planning committee: There are town planning committee in every village and towns around, locate the ones in charge of that location and find out if there are any pending issue regarding that land and the uncompleted building.

d. Meeting the LGA in charge: In every LGA, there is the office that is in-charge of land and property. Locate them and make inquiries about the uncompleted house you want to buy.

3. Consult a building engineer
Now that you are satisfied that the house and its land are free of any case, you need the service of a building/structural engineer to inspect the structure on ground. It is important you get a very good one. Let him tell you if what is on ground is worth your investing into.

4. Begin negotiations
At this juncture, if the engineer gives his/her green light, then negotiations must begin immediately. You can decide to negotiate with the landlord alone, or you can get the service of an estate agent to take over the transaction.

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