Buying Land Or Keeping The Money In Bank - Investment (2)

Buying Land Or Keeping The Money In Bank - Investment (2) - Nairaland

Nairaland Forum › Nairaland General › Investment › Buying Land Or Keeping The Money In Bank (9410 Views)

Re: Buying Land Or Keeping The Money In Bank by INTEGRITYA1(m): 10:55am On Jun 03

I have 545k that I saved in a bank giving me return of 7k per month, 2 months ago i saw a land available at place in ogun state after mowe ofada area.

Buying land is okay
Saying money to be earning 7k monthly is still something as well.

Risk in buying the land.
If you buy the land now with that money, there is tendency you will loose the land to Omonile, because with that 500k you talked about, it obvious its low budget land in a very remote area.

Precaution:
You have to be very sure you are buying from right source.
Also, if you buy it, don't leave it for too long before you start working on it. In fact you can start with 100 blocks upward. With that, the land will be relatively safe and it will become a great opportunity in years to come.

Now, saving moning
Though you are earning small small on it monthly

But if you want to waith till that money accumulated, there is tendency that the price of land will go up and both this saving and accrued interest wont be able to buy that land again.

My suggestion
Buy the land if it's genuine and dont leave it unattended to for too long.

In all, the choice is yours.

I am an Estate Consultant.

1 Like

Re: Buying Land Or Keeping The Money In Bank by Emeskhalifa(m): 10:58am On Jun 03

If hin buy land wey e no get money to develop am, wey dem follow back sell am to another person nko?

Abeg Onkoolos, live the money jeje inside account dey collect your 1.3% if you will take my advice do what's called compound interest, add more to the money in the bank and don't even remove anything from the interests it is generating for you. If you don't have spare money for court cases and money to start developing that land immediately, pls don't waste your money, land is the fastest way to lose your money, if you end up with wrong people

1 Like

Re: Buying Land Or Keeping The Money In Bank by lordm(m): 11:01am On Jun 03

buy land o. one stupid government policy can render that your money to be of lower value.
but land will appreciate and does not need maintenance.
In the long run, it is land

Re: Buying Land Or Keeping The Money In Bank by bassdow: 11:01am On Jun 03

which bank is that, what kind of account please ?

Also hope you know OmoOnile wahala in places like Ogun state means you need be prepared beyond just paying for the land.

2 Likes

Re: Buying Land Or Keeping The Money In Bank by wunmi590(m): 11:07am On Jun 03

Go and collect the money and buy land, lease ot out to any farmer close to the land, and be collecting same 7k or 10k monthly.

By so doing, you have atleast secured a small future for your self, and don't forget land doesn't depreciate, it appreciate, by the time it is left for 2years, it can be x3 of the price you bought it..

Don't forget you are also collecting small change monthly, from the farmers using it to plant

2 Likes

Re: Buying Land Or Keeping The Money In Bank by chiefolododo(m): 11:08am On Jun 03

don't buy land...you cannot quickly sell it when you need money.

Don't put your money in the bank, it's not worth it.

Buy stock of a good company(s)

Re: Buying Land Or Keeping The Money In Bank by biggie73(m): 11:11am On Jun 03

Prior to Tinubu’s being president, buying a land and building it is advisable. Now it’s a long thing. Still buy that land.

Re: Buying Land Or Keeping The Money In Bank by alex2much(m): 11:12am On Jun 03

I agree.

Buying land worth about 600k, might be difficult to sell when you are in need of cash and may not appreciate so well, unless something changes in terms of development asap

1 Like

Re: Buying Land Or Keeping The Money In Bank by marlow1962(m): 11:15am On Jun 03

Buy land fence am immediately, even if you don't plan building yet.
That is what I did to almost all the lands that I've bought.
You can be farming there or lease it for a couple of years, anything for the land not to stay idle.

Re: Buying Land Or Keeping The Money In Bank by Segzy19: 11:17am On Jun 03

Land banking is good but it comes with its own risks o. Some of the risks are...

1. Land may not be genuine... Verify that the seller has the real right to sell the land.
2. Verify that there is no sort of family feud or any dispute over the land....
3. Verify that it is not under government acquisition
4. Also ensure that the area where the land is situated is free from Omo online/land grabbers problems...

Another issue with land banking is that you must be ready to do some physical presence e.g fence (no matter how low), foundation, or gate or something sha.... This deters intruders to some extent....

You can buy your land and start some little farming (e.g. cassava) on it, and you will earn more than the interest the bank is giving you whilst you retain your land which will keep appreciating in value

Re: Buying Land Or Keeping The Money In Bank by flexyrule(m): 11:18am On Jun 03

13% P.A

Then they charge you VAT/WHT

Re: Buying Land Or Keeping The Money In Bank by Berankis: 11:22am On Jun 03

It is stupid idea to buy land with all the money you got without anything left to at least develop it a little.
You will just buy it for the omooniles to resell and you lose it all.
Talking from experience. And mind you, be ready to buy it 2times over at least or more if you are unfortunate.
I once bought a land for keeps but lost it. On my 2nd trial, I immediately started developing it and that's why I still have it till date except they want to demolish my house to take the land. Moreso, I am on my 3rd round of buy-over (ratification) of the same land. The families keep getting judgements against each other and kept demanding money endlessly.
People's land were taken, some with already built foundation. My younger brother also lost his land in the same place because he couldn't develop it quickly, his land now has fully built house with fence and gate.

1 Like

Re: Buying Land Or Keeping The Money In Bank by IDERAWOLE(m): 11:25am On Jun 03

Buying a land would've been your better option if you can guarantee the following:

✓ You're sure of the source of the land and no omoonile wahala after buying.
✓ How much is the price of the land in that neighborhood? When can you resell it? Because that's the reason for buying it in the first instance; land banking
✓ You can get 100% of your investment in a year, whereas your savings may not give you more than 100k in a year if you keep rolling the 7k over without withdrawing your interest.

So be sure you're not buying inside a forest, it's genuine.

Re: Buying Land Or Keeping The Money In Bank by charlisco(m): 11:26am On Jun 03

if you buy a land, and u donot put some foundation inside, they will resell it and give you penut. it happen to me. i left the land for 6years without any structure inside. they sold it and call me to come and collect back my money

2 Likes

Re: Buying Land Or Keeping The Money In Bank by goody234: 11:28am On Jun 03

Then buy

Re: Buying Land Or Keeping The Money In Bank by favor914: 11:32am On Jun 03

It is no brainer, 100x over invest in land, just make sure that the title is clear.

Re: Buying Land Or Keeping The Money In Bank by hamzeiy: 11:33am On Jun 03

Go and buy gold and keep for the next one year ..you won't regret it, buying land is good but gold is far more better and you can easily recover your money anytime you want, I once bought gold 800k..I sold it for around 2.7m after 1 years 6 months....

There is a land a freind of mine bought at 3m about about 2 years 5 months ago...I was fully involved in the transaction recently the land agent that connected us to the owner is asking for the same at 4.3M....secondly selling lands when you need the money might be tricky and the market isn't as stable as that of gold .....more importantly never keep cash in bank in a country like nigeria with a devaluing currency like naira.
I did that and my money lost value significantly.

Re: Buying Land Or Keeping The Money In Bank by BarrElChapo(m): 11:41am On Jun 03

That 7 is simple interest and it’s not a lot. If you do your due diligence and confirm the land is legit and free from any issues, go for the land. Play the wait game it will definitely be worth in 10yrs

1 Like

Re: Buying Land Or Keeping The Money In Bank by shenaxy: 11:41am On Jun 03

U don dey on kolos again, no be u talk say u buy 150m car?

Re: Buying Land Or Keeping The Money In Bank by Akujuriobi: 11:41am On Jun 03

Continue enjoying the interest.
buying land would have been the best option but the trouble that comes with it.

uote author=Onkoolos post=139563736]Good morning guys, I have 545k that I saved in a bank giving me return of 7k per month, 2 months ago i saw a land available at place in ogun state after mowe ofada area. I want to ask should I withdraw the money to buy the land or keep enjoying the 7k..

Investment wise what is the best decison to take here huh

Pls banter and roasting is welcome. Because I’m here to learn. I know I’m not too smart.

Pix Google Image[/quote]

Re: Buying Land Or Keeping The Money In Bank by Kaczynski: 11:46am On Jun 03

If that land is appreciating at 10% a year (which it damn well should in that area) you’re looking at 54.5k a year in gains vs your measly 84k a year from the bank. That’s a no brainer. Withdraw the cash, buy the land and let compound interest do its thing while you sip on some beer hopefully you live to see the returns.

But and this is a big but make sure you’re not buying a swamp disguised as land. Do your due diligence. Check the title , the zoning and whether the seller is a nigerian prince or just a regular guy trying to offload a dodgy plot.

You better pull the trigger. The bank’s giving you pocket change. The land? That’s your ticket to early retirement. Unless you’d rather keep getting fleeced by the financial system. Your call.

Re: Buying Land Or Keeping The Money In Bank by Morenikeji090(m): 11:47am On Jun 03

This is the best advice so far from a deep experience of mine also go with this advice…

Re: Buying Land Or Keeping The Money In Bank by Olusayo80: 11:50am On Jun 03

Buy land

Re: Buying Land Or Keeping The Money In Bank by SolQeff: 11:51am On Jun 03

If the land has proper documentation, no dispute, and is in a location with genuine development potential, I would personally lean towards the land. Your ₦545k is currently generating ₦7k monthly, which is about ₦84k yearly. In today’s economy, inflation is eating into the value of cash every day. However, before buying the land, do your due diligence:
• Verify ownership.
• Confirm there is no family dispute.
• Check survey and title documents.
• Ensure the land is not under government acquisition.
• Visit the location physically.

A bad land purchase is worse than keeping money in the bank, but a good land purchase can appreciate significantly over time. So for me, it is not “land vs bank”. It is “good land vs bank”. If the land is genuine and in a promising location, I would buy the land.

3 Likes

Re: Buying Land Or Keeping The Money In Bank by ijayebonyi(f): 12:36pm On Jun 03

Assets is better than having the money in your bank account

Re: Buying Land Or Keeping The Money In Bank by yinkeys(m): 12:37pm On Jun 03*

Fulani militia possibly looking 👀 at you like this & waiting to take over certain lands
Hyper inflation in the bank looking at you like this 👀 if you stack 500 naira in 1990 in the bank, how much is 500 naira today ?
Best bet is offshore related investment if you ask me

Country that seems like something bad (war) is imminent
Why are some transnational oil companies selling their land assets ?

Re: Buying Land Or Keeping The Money In Bank by Anguldi(m): 12:57pm On Jun 03

No b you dey make 40M onkolos 🤣😂😅

Re: Buying Land Or Keeping The Money In Bank by Zinpat: 1:36pm On Jun 03

Buy land

Re: Buying Land Or Keeping The Money In Bank by Smartguyboy(m): 1:38pm On Jun 03

Buy land
But instead of leaving your money in your bank account for low interest rate why not use assets management and make 16-18% ?

Re: Buying Land Or Keeping The Money In Bank by TheStoriesOfMan: 2:02pm On Jun 03

If you are from SE, don't buy the land.

A humble warning to you.

Re: Buying Land Or Keeping The Money In Bank by Hangulsaram: 2:14pm On Jun 03

Oga carry ur money go buy land ASAP, which bank are you saving ur money in, the one u are not sure of. The land you bought yesterday at that amount you can sell it tomorrow at double that amount.

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