Frequently asked questions about Real Estate in Lagos
Investors have every right to ask questions before and after investing in a business venture. These questions help to shape investment choices, such as whether or not it is prudent to invest in a particular business or industry. Real estate in Lagos is no exception, with investors asking a slew of questions on a daily basis, but rarely receiving adequate replies. We’ve compiled a list of the most frequently asked questions by investors.
What area is best to invest in?
Lagos State has a plethora of appealing locations where an investor would make a profit (Where can you buy land in Lagos with your budget). Ibeju Lekki is currently the most appealing region in Lagos, thanks to the multibillion-dollar businesses sprouting in the Lekki free zone, including Dangote Refinery, Lekki Seaport, and others.
When is the right time to buy and sell land?
The final aim of investing is to make a profit by buying low and selling high. Knowing when to purchase and sell land at the right time, on the other hand, is what separates a decent investor from a GREAT investor. In this blog post (How to turn 1 million to 200 million in a few years) we see how two people bought land in the same location at the same time but one sold four years later to make a 300% profit while the other waited longer and made a 19,900% profit when he sold. The most important factor here is time. If you purchase land in Ibeju Lekki, you should not sell until the Seaport begins full operations in 2023 when the value shoots up.
What are the steps involved in buying land?
If you are buying from Omo-Onile the process is a whole lot more complex as you need to get a real estate lawyer and a surveyor. If you are buying from a Real Estate company all you need to do is to contact a reputable real estate company, pay money and allow them to do all the work. Learn more about this here (Questions to ask before buying land in Lagos)
What documents should I ask for after buying land?
If you purchase land from a real estate firm, you may receive a Letter of Acknowledgement after you have made your payment, whether it is in installments or in full. You may also request an invoice/receipt that includes payment proof. If you’re paying in installments, you’ll get a contract of sale, while if you pay in full, you’ll get a deed of assignment, which transfers ownership of the plot(s) of land you purchased. You will receive a survey along with your deed of assignment, which will mark the precise location of your land as well as its dimensions. You may also request a layout of the estate so you can see where your plot will be.
Why do I pay more when buying from a real estate developer?
Every estate has a development plan that may include paved roads, street lights, constant electricity, and a central water system. These expenses are often referred to as development fees, and they are included in the total cost of the land. You’ll save money if you purchase land that isn’t in a master-planned community but miss out on the many benefits of buying from a developer.
Should I buy only excised land?
This is entirely up to you. The majority of excised areas are in developed areas where construction can begin as quickly as possible. Non-excised land, on the other hand, is usually found in undeveloped areas and is thus less expensive. Purchasing non-excised land is a good thing if you are ready to wait at least 5 years.
The list of questions is endless, which is why Danbel Properties and Investments Limited has provided an opportunity for you to ask us as many as you want by scheduling a FREE consultation with one of our advisors. To schedule a session, go HERE.