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Land for Sale: How to choose where to buy land

Land for Sale: How to choose where to buy land

Buying land is always hot. Millionaire Real estate investors say the best time to buy land was five years ago and the next best time is today. But, before you go bringing out your cheque books, you need to understand the land business. Buying and selling land is good business if done correctly. The following are important pointers to help you determine where to buy land.

Establish what you want to use the land for

People buy land for different purposes like buying a house, for commercial use, land flipping, agricultural use, a recreational park etc. To help you get started, answer the following questions:

  • Set a clear and concise objective for buying land. What do you need the land for?
  • Determine the most suitable location for your chosen venture.
  • Define the size required, boundaries and access to and from urban centres.
  • Verify the title documents of the land. Choose lands with proper land documents.
  • Acquire basic information about the area. Investigate the region and establish contact. Avoid lands with litigation issues and Omonile wahala.
  • Identify the problems involved in acquiring the land and evaluate the risks involved. Identify possible solutions before moving ahead with the transaction. For instance, if you decide to invest in a land yet to be excised by the government, take into consideration the consequences should the government decide not to excise the land. All investments have a degree of risk. Choose your risks wisely.
  • Distinguish between long-term ventures and short-term ventures. For instance, buying land for agricultural use is a longterm venture. Depending on what you intend on planting, it could take as long as five years to see returns on your investments. Land flipping, on the other hand, could reap a good return on an investment after a year or two.
  • Think long-term. It is always more profitable to buy land where people will settle in three to five years from today. The challenge is, no one knows for sure where people may decide to settle in the future. However, they are predictive economic factors that could help determine where the next people will migrate to.

Once you’ve decided what you need the land for, do your research on the size required and the right location. For instance, if you’re looking to buy land to build a commercial building, you’d need to choose a location where businesses would want to pitch their tents. In the same vein, if you want to buy land to plant cocoa, the first thing to consider is choosing the location with suitable weather for growing cocoa.

Although, millionaire investors advocate for buying land, having a purpose for buying land is the first step in the right direction.

 

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Determine the basic features of the type of land you need

To get the best land deal in the market, it’s necessary to take into consideration certain features like the following:

  • The land resources, climatic conditions in the area, soil type and landforms. Coastlines in Lagos are prone to flooding during the rainy season. Before buying land, it’s important to examine the soil type and the nature of the land. Would you need to sand fill before building? How much clearing do you need to do?
  • Examine and verify the survey plan. Ensure the land you want to buy falls within the coordinates of the survey plan. If you’re buying land in Lagos, verify the survey plan at the Surveyor General’s office at Ikeja to make sure the assigned purpose of the land is the same as your objective. For instance, if the land had been assigned for agricultural use only, you cannot buy the land if your objective is to build a residential building.
  • Take into consideration the existing infrastructure. Is there any access to the highway? What is the distance to the closest urban centre?
  • Consider the land tenure system in the locality and how it can affect your rights to use the land. There are certain areas in Lagos that require a buyer to see the Oba of the local town before buying land in the locality. Take all these into account when choosing where to buy land.

 

READ MORE: Benefits of Investing in offtake real estate

 

Put your finances in order

Finances are a significant determining factor in determining whether or not you can acquire a property. It’s no use going through all the trouble in making sure the land you want to buy is a perfect fit if you don’t have the means to finance the project. The cost of land isn’t just limited to the cost of land per square meter. There are hidden factors that cost money and should be taken into consideration like the following:

  • Gathering information and researching on the land in itself costs money. The cost of verifying land documents, the transportation cost of going for a site inspection and cost of inviting a surveyor to survey the land all costs money.
  • Consider the cost of providing support services like clearing the land and paving a road. Some real estate companies bear the cost of clearing, fencing the land and paving an access road. However, in a case where these services aren’t provided, you’d need to determine the cost.
  • Additional fees like developmental levy, survey fees and documentation dues may not be included in the cost price of the land. Before making a commitment, find out if there any extra fees and when and how these fees should be paid.

For more information, call 09081234564, 09095757575 or send an email to info@sevicpdc.com

You can also chat with us on WhatsApp: 09095757575 09081234564

 

 

 

 

Land flipping: Eight top ways to make money from your vacant land

Land flipping: Eight top ways to make money from your vacant land

Everyone knows that land is valuable but do you know vacant land can become an income-producing asset? Land without a structure built on it can be an additional source of income for you. Here are four business ideas to implement on your vacant land and cash out.

  1. Sell the land

Of course, this is the most obvious choice. You can decide to hold on to land for as long as you want and resell in the future at a profit. After taking into the value appreciation rate. The value appreciation of land varies depending on the location of the land. A parcel of land located at Lekki would likely appreciate faster than land at a subregion in Ekiti state. Before selling the land, you can increase the value of the land by clearing and levelling the land to ease construction. This will drastically push up the price of the land.

  1. Solar energy

Investing in solar energy is big right now and if you have vacant land lying dormant, even better. Installing solar panels on vacant land or renting out the land out to a company that wants to install solar panels on your land, can be a lucrative option for you. Inevitably, the location of your land will determine how feasible this option is for you. The ultimate goal is to work with energy providers or companies that would purchase the solar energy you produce. Converting your vacant land to a solar farm is worth considering in Nigeria.

  1. Billboards

Billboards are cash cows especially in Lagos, Abuja and Port Harcourt. If your land is located near a high traffic area or a commercial zone, you should consider putting up a billboard on your property and rent it out. Businesses will always pay good money for exposure. That’s more money in your pocket every month.

 

Dangote-Refinery-Ibeju-Lekki

Ongoing Developments in Ibeju Lekki

 

  1. Parking lot

Again, the location of the vacant land determines how feasible this is. Lands located around prime commercial or recreational zones can earn you money off of parking fees alone. Several landowners in Victoria Island take advantage of their location and cash out on vehicle owners looking to park their vehicles during work and after-work hours. Another advantage is the low maintenance and start-up capital this venture requires. Simply clear and level your land to get started.

 

READ MORE: How land flipping works in Nigeria

 

  1. Junkyard

Although this business idea might not look enticing to everyone, however, it could be a source of good money. Junkyard business is an easy way to make money. Unwanted items or items not immediately needed will be stored on your land. For instance, if you have land around a spare part dealer market, your land can be used to store damaged cars to be used for scrap.

  1. Event rentals

Another popular option, especially for large parcels of land, is to rent out the space for events like wedding receptions, concerts, conferences, etc. Wedding reception venues are always in demand and are hot right now… where my owambe members at? To increase the worth of the space, you can rent tents, tables, and chairs, or offer complimentary interior design for a full package. This venture might require hands-on management but the financial reward is worth it.

  1. Farm leasing

Well if you don’t own land in the city and can’t venture in any of the above ventures, this could be a decent option for you. Lease out your vacant land to farmers to use your land for farming. Depending on the agreement reached, farmers typically take care of all the upkeep and work and all you need to contribute is the land. Lease periods vary depending on the nature of the crop grown. You can sign a multi-year agreement and secure an additional source of income for years to come.

 

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ALSO READ: Houses for sale: What to consider before buying

 

  1. Minerals

This option is the jackpot! If your land has valuable minerals in it, you will be paid a lot of money to rent the land for mining of the mineral resource. Oil companies often pay huge bucks and give royalties to landowners willing to lease their land to be drilled. Who knows, you might have gold stuck beneath your land.

Which of these business ideas sounds good to you?

If you haven’t got any landed properties, here’s your chance to invest. (insert a link to the sales landing page)

Here’s a once in a lifetime opportunity to invest in Ibeju-Lekki. LekkiVale Estate located along the Lekki-Epe expressway opposite the proposed new International Airport with a C of O land title. This is our fastest-selling estate with an ROI of up to 150% in the next three to four years.

For more information, call us today at 0908123456409095757575. Send us an email at info@sevicpdc.com for an investment of a lifetime.

 

You can also chat with us on WhatsApp: 09095757575 09081234564

 

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