₦airaland Forum

Hello, everyone! Please someone needs the advice of landowners, investors, or people with experience in real estate on what to do on or with land that he bought.

I purchased pieces of land from three different companies mainly for speculative purpose or as a store of value. All three are in other states (not in Lagos). Only development levies are left to be paid for the land and those would only be needed when ready to start building.

The plan was to sell one or two of these later. Well, I was made to believe that was a possibility because I do not yet have enough money to embark on a building project.

Now, the problem is this: I have not received allocations partly because these companies require construction work to start within 3-6 six months after allocation. Otherwise, re-allocation would be done and extra money may need to be paid for a fresh survey.

I wish to have my allocations already but the lack of money to start construction is making me tentative. I especially need this for the land bought from the least popular of these companies.

Please I need guidance on this situation.

What would you advise this person, good people? Thanks.

Cc lawyer, ijeOc, vikt, viktoreze, next2u

Anyone?

Could someone please advise on the best thing to do in this situation? Thanks.

ThaThinka:
Hello, everyone! Please someone needs the advice of landowners, investors, or people with experience in real estate on what to do on or with land that he bought.



What would you advise this person, good people? Thanks.

Cc lawyer, ijeOc, vikt, viktoreze, next2u

first of all the person need to state what was his/her strong reason or desire why they bought the land?
then from there i can be able to guide the person

vikt:
first of all the person need to state what was his/her strong reason or desire why they bought the land?
then from there i can be able to guide the person

Thanks for your response, sir! It's great to see someone respond.

As stated in the second and third paragraphs of the quoted message in the original post, the person got the pieces of land with a view to selling about two of them later. He bought the land because he was made to understand that this was a good way of protecting against the loss of savings' value from inflation.

But he would later be told that he must be ready to start building within 3-6 months of receiving allocation. He had no plan of building yet from the start because the funds for that were not available. The plan was to resell.

What would you advise that he does in this situation, sir? Should he go ahead and get his land allocations at the risk of being re-allocated if he doesn't start building within the stipulated time?

Please note that new payment would need to be made for another survey plan if re-allocated. Thanks.

ThaThinka:
Thanks for your response, sir! It's great to see someone respond.

As stated in the second and third paragraphs of the quoted message in the original post, the person got the pieces of land with a view to selling about two of them later. He bought the land because he was made to understand that this was a good way of protecting against the loss of savings' value from inflation.

But he would later be told that he must be ready to start building within 3-6 months of receiving allocation. He had no plan of building yet from the start because the funds for that were not available. The plan was to resell.

What would you advise that he does in this situation, sir? Should he go ahead and get his land allocations at the risk of being re-allocated if he doesn't start building within the stipulated time?

Please note that new payment would need to be made for another survey plan if re-allocated. Thanks.

as stated, the person first desire was to resell and the second thought was to build.
as i have always mention your desire is key for you to profit in real estate
the best i can suggest to such person is to follow the original plan/desire of what made he/she to buy first into real estate

vikt:
as stated, the person first desire was to resell and the second thought was to build.
as i have always mention your desire is key for you to profit in real estate
the best i can suggest to such person is to follow the original plan/desire of what made he/she to buy first into real estate

Thanks. But the issue is: how does he resell what he hasn't fully taken possession of? Or should he not bother about getting land allocation yet?

Please note that building must begin on the land within months of taking possession or receiving an allocation.

ThaThinka:
Anyone?

you know u done have enough to build, why buy a land in an estate? Get your allocation paper and resell aspa to avoid stories

Joniww:
you know u done have enough to build, why buy a land in an estate? Get your allocation paper and resell aspa to avoid stories

Oh! But people used to say that it's safer going through real estate companies than families. Were they wrong?

There are stories of families giving people six months to do something on land that they are buying. Otherwise, they risk having the land sold to someone else while another place is allocated to such buyers.

Vikt and joniww, please can I private message you for your opinion on something? Thanks.