Thinking of buying land in Nigeria?

Trust us, even though Real Estate generally feels like a good investment, buying a land in Nigeria isn’t a simple process. There is so much you need to know about a property before taking out that cashbook, not all sellers will tell you things you need to right away. Buying land in Nigeria is far more complicated than buying a house.

Here are 7 questions you should ask before buying that land.

Why are you buying land, can you afford it?
The first question you ask your self is to know the main aim of you buying a land. Do you want to create a personal residence, build a vacation home, a company, or an investment? Then you move on to asking if you can afford the land without having to spend your entire life savings or borrow and get into debt before buying a land in Nigeria.No matter how enticing a piece of land or property may be, don’t borrow money to buy land if you do not have a means of paying it back yet.

Check the location. Check again
Do not miss any slight detail about the location you are about to buy land in. Location is the most important thing to consider and it is one of the oldest real estate adage. The land is an investment that you shouldn’t get yourself one with no resale value or one that you can’t build on. Look out for the soil conditions even if the land may seem build-able. Check the community where you are buying yourself a land. What other constructions are planned? What is the topography of the land? Is it close to schools, work, shops, medical care, and the likes? Is the property located in a flood zone? What changes are likely to come over the years?
Check again so you don’t end up missing something.

Any zoning restrictions on the land?
These are laws that govern what and what not to do with your land property. It is best to find out upfront what you can and cannot legitimately do on your land. Ensure it fits in with your needs before purchasing. You would be saddened to discover that your plans violate the neighborhood regulations.and this might come after you have bought the property or even started your plans.

Get to know our highest and best use. The Appraisal Institute defines the highest and best use as follows: “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.”

Can you access the main roads?
When buying a land in Nigeria, especially in the major parts of Lagos state, access to the road is rarely a problem. In rural areas, you need to know what the road maintenance schedule is. You need to find out who maintains your private road. It might be you or the local government.

Has the land been surveyed?
Get a certified surveyor to tell and show you the accurate representation of the land you are considering before you purchase. You have to do this to be sure you are getting exactly what you paid for. In order to also make sure you have established boundaries so you can place your home in the right spot on the land.

What are the utilities that can be assessed?
The rights and benefits you get as a property owner aside from road access are mineral rights, development rights, utilities like electricity, water and network. It is very common for properties to have a large ‘dead’ zone with none of these utilities because the buyer didn’t ask about it beforehand.

What are the costs involved?
Put aside the money and time spent on getting a land, there are other factors that are likely to affect you. The issues of land grabbers, popularly known as Omo Onile, in the highly commercialized areas of Nigeria especially in Lagos. So ask questions. What is the land use charge? Any annual property taxes? What kind of expenses can you expect to incur when buying a vacant lot? What are the permits and fees required?

If you are satisfied with these questions and others, then there is a good chance you have just found the perfect property for your dream.


https://oga4prop.com/2019/11/03/questions-to-ask-before-buying-a-land/

These are very valid questions. I think it's also important to consider the pace of development in the area in the past decade.


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Is a land?

I fear ancestors land die!!!!

Thank you op!

All of us wey never get land, go build our house soon by God's grace. May God continue to bless the legit hustle.

Good points. Also buy a land in a crisis free area to avoid stories that touch

You are in point.

Well done

Good one

Let me add number 8.

Always Go with a lawyer and instruct them to do background checks.

Don’t buy land that is not free from government acquisition.

I don read am. So where is the money?

Forget all these. Let your lawyer do background checks before you buy any land. If not, you might be the fourth person buying that piece of land.

Do you need a logo?.... View my signature for proof

Thorough background check on why the owner is selling the land. Be wise!

Nice tips

Ok

Df

80% of land being sold in ibeju lekki is govt land. The real estate companies will tell u excision in progress. Na lie

OP! I didn't like how you started this your write up.


Which one is: Why are you buying land, CAN YOU AFFORD IT?

Of course, anyone thinking of buying a land in Nigeria should have known the price and the requirements needed. I thought you should have spell out those necessary requirements, at least for those that didn't know.


OSI m land grabbers, levies...what are those levies?


Please anyone buying any land in Nigeria, make sure you and lawyer are 5 & 6, anytime you go, he goes, to avoid stories that touches the heart. My simple contribution.

Good info

I wanted to buy a land in my hometown last year. But I changed my mind and put my money in Bonds.
I just didn’t feel the need of buying a land when there’s no money to build yet.

ednut1:
80% of land being sold in ibeju lekki is govt land. The real estate companies will tell u excision in progress. Na lie

I agreed with you

I have verified some recently but saw different things from what they portrayed

Please o, what does it mean for Land title to be in a "Gazette"

gaa gbara ani

Nice one OP

Sukueponmalu:
I wanted to buy a land in my hometown last year. But I changed my mind and put my money in Bonds.
I just didn’t feel the need of buying a land when there’s no money to build yet.

Unless it's an investment for later resale.
You're smart!

We go soon get our own land soon.. amen

bonnyhope:


I agreed with you

I have verified some recently but saw different things from what they portrayed

I want to buy from one of these real estate companies advertising ibeju lekki .. Do you advise I go ahead?

ndcide:


I want to buy from one of these real estate companies advertising ibeju lekki .. Do you advise I go ahead?

Do your verification very well b4 you make any purchase

Please what are the required documents you need to get when purchasing a land