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Common mistakes to avoid when buying land.

Posted by DanbelPro@InvLtd on January 20, 2021
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Every investment has some form of risk attached to it. No matter how promising and lucrative the investment is, the investor still has to decide if the risk involved is minimal enough.

What makes an investor successful however is their ability to identify all of the potential risks, determine the likelihood of the risk occurring, preparing mitigation strategies, monitoring it and preparing for disaster.

Unfortunately, some Real Estate investors make easily avoidable mistakes that lead to disaster. The major reason why they make these mistakes is not that they are gullible but because they don’t know how harmful these mistakes could be.

Here are a few mistakes made by Real Estate investors

– Paying money for a property to a personal account instead of a business account: It costs less than N100,000 to register a business name in Nigeria and a Company bank account. A business that knows that expects you to trust them with millions of naira should be able to go through the necessary process to register with regulatory authorities. Chances are you are about to fall into the hands of a scammer if they insist on you paying for land in an estate to a personal account.

– Not asking for the land title. If you plan on buying landed properties one day, you can’t afford to know anything about land titles. Read this comprehensive article to know everything about land titles in Nigeria (Click Here)

– Leaving a property because of a lack of funds: Though this can be excused, some investors bulk at the price of land because they don’t have the entire money. Installment payments can easily solve this. At Windspring Estate, all you need is N500,000 and you already have a plot on the best estate to buy land in Lagos.

– Not carrying out proper research: Before buying land, especially in undeveloped urban areas, it is important you carry out research on the area and what potential developments will be coming to that area.

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