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.
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.
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.
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.
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.
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.
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.
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.
Ongoing Developments in Ibeju Lekki
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.
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.
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.
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.
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.
If you forget the hassle of moving boxes; moving into a new home can be quite exciting; new neighbours, new home… a fresh start. Every new neighbourhood has something unique to offer and as a newcomer, you need to explore every single expectation of your new community. Before choosing where to buy a new home, here are some essential questions to ask when evaluating if it’s a good fit for you and your family:
Imagine moving into an estate that seems serene and quiet only to find there’s a club being built two blocks away from your house. It’s worth finding out the master plan of the estate you’re moving in. Ask to see the master design if possible, to help you choose a suitable location for your house or apartment. Also, checking out whether there are any planned developments fills you with a positive expectancy for the future especially if the estate is still being constructed. Find out if there’s provision for:
Central powered generators
Treated running water
Playground for kids or a clubhouse and recreation centres etc.
Are you going to be waking up to the sound of your neighbour’s generator or is to the beeping sound of cars driving along the road a few inches from your window? Noise pollution is something worth considering if you want to have a peaceful new home. Unless noise pollution wouldn’t bother you or your family, find out how sane the estate is during the day and at night time. Find out their policies against loud parties that extend late into the night.
Living in a beautiful new home is wonderful except, no one would like to live in the middle of nowhere. Consider the accessibility to road network systems around the neighbourhood. Suppose there’s an emergency, are there any hospitals or clinics around? What about access to public transport or perhaps ATM machines? You also need to consider the traffic situation coming from and entering into your neighbourhood. Moving around Lagos can be tedious. You want to ensure that you’re not stuck in traffic just by driving out of your estate. These are things to be mindful of.
Emergency – Call 112
One of the biggest factors to consider when moving into a new estate is to take into considerations the schools in the locality especially if you have children or intend on having children. When looking out for good schools around in the area, check out the record. Picking a school for your kids has an impact on how they behave and assimilate knowledge. Your children’s education is a priority.
Ideally, most estates have recreational parks or clubhouses where people can hang out, and kids can have fun. Green areas and clubhouses are ideal for hosting events like mini-parties or a place where kids can have fun and play. Find out if there’s a plan for such a recreational park and if there is, visit and check if it’s functional. You do not want to pay for services and then, be unable to use them because they’re poorly maintained or inaccessible.
It’s 7 am and you discover you’ve run out of bread or water; can you quickly find a shop to buy around? Living close to a grocery store is very important. It’s easy to underestimate its importance, but it makes life easy. Living near a shop is great for emergency supplies, imagine you get an impromptu visit from family or friends and you desperately need some drinks, all you would need is go down a few blocks to buy the items you need.
This is one of the most important factors to consider before moving into an estate. Find out what the security is like; do they allow random people to move in and out of the estate? do they have a patrol team on standby? is there a police station around?
Ask around to find out if they’ve been any major or minor incidence in the past. If they’ve been an incident, investigate further to ascertain if it was a one-off or a regular occurrence. You can never be too careful when it comes to ensuring safety for you and your family especially in Nigeria.
VULNERABILITY TO FLOODING:
If you live in Lagos or other coastal regions in Nigeria, there’s a high probability of experiencing flooding during the wet season. Although your agent might show you a perfect house during the dry season, do your investigations to find out if there’s flooding during the wet season. You don’t want to use a canoe to leave your house after it rains and live in fear of water damaging your belongings. Another alternative would be to explore insurance costs to ensure that you can afford adequate coverage suppose there’s an unexpected disaster.
Above all else, a home should be comfortable. As your life progress, your needs transform. These needs affect everything you do including the type of house you need and where to live. Some of the questions to keep in mind in determining if a neighbourhood fits your lifestyle are; are your neighbours mostly young professionals? Do they have families with children?
Determine what you need; are you looking at a community with older residents or a bubbling young community? This should give you better perceptive in ensuring you don’t feel out of place in your new community.
Since you’re here…
Let’s Get You The Perfect New Home
We understand the importance of choosing the right new home and so, we’ve got just the perfect home that you’ll absolutely love. LekkiVale Estate is located in the heart of the Ibeju Lekki Peninsula; encapsulates all it takes to give you a new home. We’ve aligned all the factors necessary to give you an absolutely comfortable and luxurious lifestyle.
Every aspect of LekkiVale Estate radiates a lifestyle of sheer relaxation and soft elegance, well deserving for you.
From the elegantly designed buildings to our unmatched amenities offering:
• A central connection of treated running water
• 24 hours generated power supply
• Well paved roads and covered drainage systems
• Top notch 24 hours security and access control
• Sewage treatment
• Green areas and Kids Park
• Recreation centre
For more detailed information about getting the best real-estate deals in Lagos call us today at 09081234564, 09095757575.
According to the World Bank, Nigerians in diaspora; living abroad wired $22 billion home in 2017, making it the largest African record remittance and the fifth largest in the world. As the number of Nigerians in diaspora continuously increase, the desire to own property back home also increases. There are many reasons why you need to consider owning property back home. Here are a few:
There is no place like Home
Let’s face this: once you’re a Nigerian, you’re a Nigerian, even though you might not desire to live in Nigeria, it’s necessary to have something to your name back in Nigeria. A fundamental part of being connected to your roots is having a home back home. You could earn from it as well. You can also create an opportunity to reap in the future for you and your children. You can build a legacy.
Opportunity for Land Flipping
Land flipping is buying land at a relatively fair price and reselling after a period of time to make a profit. For example, you can buy a plot of land at Ikorodu for N700,000 and resell to another buyer at N1.3 million in a space of 6 months. Before considering to flip land, you need to take into consideration the location of the property. Certain areas like Lekki all the way down to Ibeju-Lekki are likely to appreciate faster than other regions.
An Additional Source Of Income
Investing in real estate is always a good idea especially as a long-term investment. Nigerians in the diaspora can acquire property for commercial or residential use. Whereby you can earn annual or monthly rents based on the agreement. For instance, you could acquire a property at Lekki phase 1 and redesign for commercial use to different vendors. When getting a property for commercial use, the rule of thumb is to get properties in centralized locations. The better centralized you are, the higher the rent you can charge. In the case of residential properties to rent out, location plays a great role too. It is always better to build in a growing area than a declining or saturated area. For example, it will be better to build at Sangotedo than Egbeda. The reason is, rent rates are subject to the laws of demand and supply. Also, certain areas attract value appreciation faster than others. You can effortlessly invest in real estate in Nigeria without having to relocate, as you can have all the necessary negotiations done online.
The Perfect Retirement Plan
Generally speaking, Lagos commands higher housing costs compared to other states in Nigeria and even West African countries. This stems from its constant growing population, leading to high demand for affordable housing. This need presents an excellent investment opportunity. You can invest in residential apartments or buy land to lease out or resell after a couple of years. This is one of the surest ways of building wealth for your family and as a retirement plan. Imagine if you had acquired property at the Ikeja, V.I or Ikoyi region 10-15 years ago. If you decided to resell the property in such a prime location today, you would earn a fortune. Today, Ibeju Lekki presents a fantastic opportunity to invest for the future.
Compared to other types of investment in Nigeria like investing in agriculture or even stocks, real estate is more stable and safer. Property investments offer you double value; they increase in value over time and there are physical assets in your name.
If you’re still skeptical about investing in real estate in Nigeria, consider this:
The National Bureau of Statistics (NBS) recently released Gross Domestic Product (GDP) figures for the second quarter of 2018 indicating that for the first time since the country’s exit from recession in 2017, economic growth was driven by the non-oil sector. Among the sectors that led the expansion in real term were the construction and slightly real-estate sectors.
Nigerians in Diaspora
You Don’t Need to be an Expert
Unlike any other venture, investing in real estate doesn’t necessarily require years of expertise or deep levels of knowledge. Anyone can invest in real estate. However, you must ensure you’re dealing with a transparent real-estate company or agent. Secondly, verify all property documents in connection to the property. Most of the verification process can easily be done by a family member or close friend living in Nigeria. If you’re concerned about choosing the perfect location to invest in, then you’re in luck as we have an in-house real estate consult who can walk you through the process.
Thinking of buying a home? Your first home perhaps, here are the factors to consider before buying a house for sale.
Buying a house is a big deal but after the initial excitement passes, it might seem a little overwhelming. There are factors you need to take into consideration to ensure you make the best deal available to you. Below is a list of factors you can consider to make your home buying process effortless and exciting.
Find a Real Estate Agent
You’ve probably never considered this but before making a move to buy a house, getting a professional real-estate agent decreases the burden of finding the right house in a favourable location at the right price. Getting an efficient real-estate agent can save you tons of energy and time, which would have been otherwise spent tracking down information.
Even better, you can seek the services of a real-estate company, who owns or market real-estate properties. There are a good number of reputable real-estate firms you can work with here in Lagos.
Here are some tips to help you get started:
Choose a real-estate firm that has built a reputable brand name.
Choose a real-estate agent or company who’s willing to share all the information you need in detail.
Work with a firm or agent you’re comfortable with. Sometimes trusting your guts when it comes to choosing who to work with counts.
One of the main reasons for buying a house is such a huge deal is largely due to the financial commitment required. Once you’ve decided to purchase a house, determine which mode of payment suits your budget. If you’re going for a full down payment (which is typically cheaper comparatively) bargain for the best deal possible.
Find out if there are any other fees required other than the cost stated.
If you’re opting for installment payments, get your account in order and set aside funds for prompt payment.
It’s quite common for people to borrow funds to pay for a house. Before opting for this option ensure you’ve taken into consideration the interest rates and how much the loan actually costs.
Most real estate companies offer flexible payment options for up to 12 months. Seek out options that suit your budget.
Let’s face it when it comes to making home buying decisions; what we want, what we need and what we can afford are three different things. First, identify what you need to make your home comfortable.
Here’s a head start:
Constant treated running water
Constant power supply
Security and access control
Proximity to the workplace, hospitals, schools, etc.
Is the property on a flood plain?
The list varies depending on your specific needs. Answers like, how big your family is, would determine the number of rooms you should be looking for.
Questions like, how long would you like to live in a particular area? What is your necessary level of privacy? Are you buying as a means to invest? All these and more, ensure the house you’re planning to buy has all it needs to become home for you.
Make sure the property you’re looking to buy has the appropriate land documents. Ask for copies of the documents from your seller or realtor and make proper inquiries. Needless to say that, you shouldn’t pay for any property in Lagos without verifying the authenticity of its land documents.
Let’s Get You The Perfect Home
We understand choosing the right home means so much to you. Here’s a house you’ll absolutely love. LekkiVale Estate located in the heart of the Lekki Peninsula encapsulates all it takes to give you a home. We’ve aligned all the factors necessary to give you the type of comfort and luxurious lifestyle you deserve.
Every aspect of LekkiVale Estate radiates a lifestyle of sheer relaxation and soft elegance, well deserving for you. From the designed buildings to our unmatched amenities offering:
• A central connection of treated running water
• 24 hours centrally generated power supply
• Well paved roads and covered drainage
• Top notch 24 hours security and access control
• Sewage treatment
• Ample parking lot
• Green areas and Kids Park
• Swimming pool
For more detailed information about getting the best real-estate deals in Lagos, call us today at 09081234564, 09095757575. Send us an email at firstname.lastname@example.org let us give you the investment of a lifetime.