₦airaland Forum

4 COSTLY MISTAKES TO AVOID WHEN BUYING A PIECE OF LAND

In trying to buy a piece of land, they are certain things you must avoid or it will cost you your investment.

Some weeks ago, someone shared a story at a real estate event. Her late uncle had bought a piece of land 25 years ago. He bought the property. But, he didn't check the property, nor did he check for the land title. He just got the property and left it.

22 years after buying the property, he died. And it was a law that he must be buried on his land. It took his family more than 3 months to finally locate the land, it also took additional 3 months to fight legal battles on ownership. The only thing that could help them win the case was the presence of witnesses from the time the land was bought.

Another problem occurred, the land is a flood zone. They had to sand fill it before using it. Not to talk of the difficulties it takes in accessing the land because of its poor road network.

And a question was asked, what took him to buy land in a place like that?

This is a sad story, but there are several lessons to learn from it.

1: Buying land without a title.
No matter how close you are to the person selling the land, make sure you check for and collect titles on the land.
This will be your proof of ownership of the property as you may not have witnesses to bail you out.

2: Not carrying out proper research:
Before buying land, you should do your research. So many people make the mistake of buying just any land because of the prospect of development in the future.

Not every land will develop like others. They are things to check before committing funds to a property with no resale value.

3: Not doing a site inspection
You must check the property you are buying before committing funds. If you can't see the land, send someone to stand in for you and help you make live videos.

Inspect the site, and inspect the neighborhood.

4: Not buying it because of lack of complete funds

Some people have lost out on good investment opportunities because they don't have the complete money.
Installment payment can solve this. You make a down payment, and choose a period wherewith you can easily spread your payment.

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I hope I have not entered one chance.

ignis:
I hope I have not entered one chance.

how do you mean, Good afternoon

Skibani99:
how do you mean, Good afternoon

I bought some plots of lands in Kano, and the only paper I was given is the details of the land and plan on a letter headed paper.

ignis:
I bought some plots of lands in Kano, and the only paper I was given is the details of the land and plan on a letter headed paper.

documents you should look out for when purchasing a piece of land are a registered survey plan, deed of assignment or conveyance, governor's consent and certificate of occupancy,etc..

3 TIPS TO HELP YOU MAKE PROFITABLE REAL ESTATE INVESTMENT..

1.MAKE A PLAN
you must know your main goal/reason for investing as this would guide everything you do..Are you investing for the future? Or do you want an investment that will give you quick returns..

2.IDENTIFY THE PROPERTY YOU WANT
Make a list of properties you want and the areas you want them in.. Is it land you want to get? Or you'd prefer to get a bungalow or an uncompleted building.

3.BUY FROM A LICENSED REAL ESTATE COMPANY
To be sure about the safety of your investment, make sure the company is licensed..some people have lost money and property because they invested with companies that weren't true..

I hope this helps you and you know better now.. Cheers