Real estate development revolves around prime locations. While almost every practical aspect of land can be changed, its location is fixed. Location determines the price of a property. For instance, you can have identical buildings, one located at Egbeda and the other located at Banana Island. Both houses though built using the same materials and design will command different prices. The house located at Banana Island could cost as much as four times more than the house located at Egbeda.
What factors do you use in determining the right location to buy property?
As an investor, you should always consider the present and the future when making investment decisions. Here again, an area that appears to be of enormous financial value now, might not be so in the next five years or ten years. Just like a disregarded area now might explode in five years. However, in both cases, there are forecasting determinants. Ask the following questions:
Does it have access to essential resources?
The concept of sustainable development leans toward the availability of affordable electricity, sufficient water, security and well-paved roads. Look out for areas that have access to water, electricity supply and security. All these are the basis for economic growth without which sustainable growth may be limited. Long-term real-estate developments are directly associated with and dependent on the availability of these variables without which the investment might not be the right fit.
What is the predominant social class in the area?
Location is closely associated with the social class. The value of a property is correlated with the social class of people living within a particular area. Going back to our comparison of Egbeda and Banana Island: Egbeda is predominantly made up of middle-class income earners while Banana Island is inhabited by predominantly high upper-class income earners. This social and economic disparity influences the price of property in both areas. In urban areas, town planning decisions largely depend on ‘who’s’ moving into or living in the area. As minimal as it sounds, it is extremely important to consider who your ‘neighbour’ is when buying land or property.
Is it close to major roads?
Access to the property via paved road is crucial. When it comes to buying property, convenience is everything. Areas located close to a federal or state major road invariably tend to attract sustainable development and thus high ROI on real-estate investments.
What is the official title on the land?
This is perhaps the most critical factor on this list. Even if a plot of land possesses all the above factors, if it doesn’t have the right title, it is almost impossible to reap all the value-adding benefits. There are different land titles and each land title influences the price and ownership status of a property.
For instance, two plots of land located in the same region will typically command two different prices with different land titles. Suppose the first plot of land title is an excision in process and the second plot has a C of O. The second plot would likely cost twice and in some cases three times the price of the second property. The reason is the title on a property guarantees ownership and secures real-estate investments.
What is the ultimate deal for you?
There are only a handful of times when all these contributing factors mentioned above collide to present a mouth-watering opportunity. One of such rare opportunities is investing in the Ibeju-Lekki area. Ibeju-Lekki has irresistibly attracted massive industrial investments like the Dangote Refinery, The Deep Seaport, The New International Airport, The Fourth Mainland Bridge, etc.
However, amidst all the buzz and rush in this region, there are severe cases of fraudulent land sales. In other words, if you’re not careful, you might lose your money buying land you shouldn’t be buying.
First, most of the land available in this region do not have proper land titles. The Ibeju-Lekki area has been marked by the government as a growing urban zone and thus, most of the region legally belongs to the government. Most land titles here is the excision in progress title, which gives you a 50/50 chance of actually OWNING the land.
A Certificate of Occupancy (C of O) protects you from all these uncertainties, and you’re assured of 100% ownership.
Great! Now that you’ve all you need to choose the right property to buy, whether you intend on settling in or invest at Ibeju-Lekki, LekkiVale Estate offers you the BEST deal available in Lagos today!
- LekkiVale Estate has a valid C of O
- Flexible Payment Plans extends up to 12 months.
- Strategically located in close proximity to the New Airport and by the Lekki-Epe expressway.
- LekkiVale Estate offers you FREE bespoke architectural plans worth up to N250, 000 to choose from.
Call us today at 09081234564 / 09095757575 or Send us an email at email@example.com