Questions you must answer before buying land in Lagos
“Experience is the best teacher”. This is a popular saying that has passed on from generation to generation. However, this experience doesn’t necessarily have to be undergone personally but can be learned through others as well.
Most people will not want to use their hard-earned money to learn a bitter lesson but it happens every day when people try to buy land. Most mistakes can be easily avoided if you learn from the mistakes of others. Here are some questions you must answer before you buy land in Lagos to avoid wasting your money or falling to scammers.
What do I want to buy land in Lagos for?
This is a critical question to ask during the preparation phase, and the answer usually leads to one of three types of objectives.
- Short term: You plan on building immediately.
- Medium-term: You plan to build or sell in the nearest future, preferably within 3-5 years.
- Long-term: You are land banking and want to keep the land as an asset for future use.
What is my budget?
Once you have decided what you want to do, the next thing you need to think about is your budget. If you intend to go short-term, you either have a lump amount of money or are certain that the money will come from various sources before the project ends.
What area suits my budget?
Following the creation of your budget, the next step is to locate a place that suits your budget. You can’t have a ₦2 million budget and be looking for a beachfront land in Lekki (This article will inform you how much land costs in the most popular areas of Lagos). If your ideal location is out of your price range, you can raise either your budget or search for a new location. Your objective may change as a result of this, as a plot of land worth ₦600,000 – ₦1,000,000 may not be feasible for short-term objectives.
Who do I want to purchase this land from?
Once you’ve checked the boxes for objective, budget, and location, the next move is to decide who you want to purchase land from. Would you want to buy from a real estate company, a family, or a private seller? You are far less likely to be a victim of fraud if you purchase from a real estate firm rather than from individuals or families. (Real Estate Companies or Omo Onile who should I buy from?).
Next, you need to conduct a proper search for a reputable real estate company or genuine private sellers if you choose to go the family and omo-onile route.
Once that is out of the way, the next thing will be to get a real estate lawyer and a surveyor if you want to deal with families and individuals. The lawyer will
- Draft the necessary documents as only the lawyer can determine what type of documents are necessary to transfer ownership
- Conduct a search of the land title (Don’t know what land titles are, click HERE)
- Know what documents to demand from the sellers and conduct proper research to ensure no dispute currently exists over that land.
The surveyor on the other hand will:
- Ensure you understand the exact measurement of the land and locate the places where the boundaries actually lie.
- Ensure you know the best parts of the land to build to reduce the possibility of breaking building regulations as well as make projections on certain problems that might be encountered in the future while using the land.
- Ensure you understand the physical changes that have been going on in the land and the best possible way to adapt it to your purpose.
When you buy directly from a real estate firm, you don’t have to think about hiring a surveyor or a lawyer because they will have in-house attorneys and surveyors who can manage the whole transaction for you.
So why not choose Danbel Properties and Investments Limited today and sit back and relax while we take care of everything?
Contact us NOW.