I am a young man in my mid 20's, I was able to save up some money from my work but am not using it for now for anything. I opened a target savings account with my bank with the promise of higher interest but the difference in not much with normal savings account.


I wanted to buy keke napep on and give someone but I was discouraged by my sister and friend I told, saying most of them are not faithful and considering the nature of my Job, I don't have time to supervise it



I decided to buy land and told my friend who connected me with some agents, the have showed me different areas but my problem is most of the places the are showing are unlively and bushy with scanty buildings, it dulls my heart and makes me feel like keeping my money in the bank were I can be seeing it until I can save up enough money to buy property inside town that is already developed, but the agent's keeping telling me the developed places I admire was once like this and that area would soon develope but I keep asking when?? Because the area the are showing has thick Forest's although there are some ongoing projects around there

Please those that has bought land in developing areas, what was the experience like, what are the factors that made you believe it will develope? Is there any regret, am confused because I won't like to live there due to distance from office and don't think tenants will rent in such area.

Note: I have a budget of 2.5million, land 1.5 to 2 million, 500 thousand for agent fee, surveying and possible fencing.

Congratulations OP. It depends on the city, that your budget is still very low for a developed area in a place like Lagos. Don't lose your money to fraudsters o.
Why not grow that fund by investing your funds in FG savings bond with guaranteed return and zero risk? With Federal Government bonds, you will take your interest every quarter and your principal will drop directly into your account at maturity.

Bro, please buy but make sure the land is genuine after buying survey and if you have a little savings left fence it and watch out for the next one year 6months and see how development will be creeping into the area

FreeStuffsNG:
Congratulations OP. It depends on the city, that your budget is still very low for a developed area in a place like Lagos. Don't lose your money to fraudsters o.
Why not grow that fund by investing your funds in FG savings bond with guaranteed return and zero risk? With Federal Government bonds, you will take your interest every quarter and your principal will drop directly into your account at maturity.

My city is Abia, Aba precisely, The bond stuff sound's interesting but I don't know how it works

uyams:


My city is Abia, Aba precisely, The bond stuff sound's interesting but I don't know how it works

It's not interesting o, it's the fact. If interested, talk to a stockbroker. Most of the stockbroking houses are in Lagos but ask around if any has a branch in Aba. I honestly don't know much about the price of land outside Lagos so unfortunately can't advice in regards to pricing.
If you can't find stockbrokers to help you with bonds then try Treasury Bills. You can buy TB from your bank. For TB ,you may not get double digit interest like FG bonds but both your principal and interest are 100% guaranteed.
If you need a chartered stockbroker, I can recommend mine but I will prefer you do the work first by getting one over there in Aba
Just protect your funds and don't be desperate so you don't fall into wrong hands.
If you build up the funds more, you may save up enough to eventually afford to buy a titled land with the property on it.

FreeStuffsNG:

It's not interesting o, it's the fact. If interested, talk to a stockbroker. Most of the stockbroking houses are in Lagos but ask around if any has a branch in Aba. I honestly don't know much about the price of land outside Lagos so unfortunately can't advice in regards to pricing.
If you can't find stockbrokers to help you with bonds then try Treasury Bills. You can buy TB from your bank. For TB ,you may not get double digit interest like FG bonds but both your principal and interest are 100% guaranteed.
If you need a chartered stockbroker, I can recommend mine but I will prefer you do the work first by getting one over there in Aba
Just protect your funds and don't be desperate so you don't fall into wrong hands.
If you build up the funds more, you may save up enough to eventually afford to buy a titled land with the property on it.

Thanks for ur advice, I will research on it

My mutual funds with ARM is currently at 10.25 and keeping ur money with the bank is the greatest mistake u can ever make.

For the land,if u are sure pls buy. Every town was once a forest.