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.
Factors to consider when buying a house and how it can affect your child’s development
Steps to buying a house can be very daunting and discouraging. It takes lots of mental strength and patience to buy the right home. Several studies show that the home a child is raised in can affect their cognitive and socio-emotional development. Factors like pollutants, noise, crowding, chaos, housing instability, school and the quality of neighbourhood can play a key role in a child’s mental and emotional development. For instance, numerous studies reveal that chronic noise exposure early in childhood can interfere with reading acquisition. Another study linked overcrowdedly or poorly maintained apartments to aggression, anxiety and depression during the early stages of development. A disruptive or unsuitable housing environment can induce stress at an early stage, triggering a host of developmental problems like slow or poor language development, deficits in reading, impaired cognitive development and a host of other issues.
Of course, how a child turns up doesn’t depend solely on the home you buy. It is a complex mix of factors mainly genes and environmental influences. However, how the family is structured and the factors to consider when buying a home can have a profound effect on your child’s well-being. Beginning from infancy and running through adolescence.
What does this mean to parents or intending parents?
Before choosing where to live or which home to buy, consider the long-term effects your neighbourhood will have on your children. The neighbourhood here includes the environment at your home, interaction with other neighbours and the overall ecosystem of the community you choose to live in. For instance, although there are many exceptions, kids that were raised in the barracks back-in-the-day tend to have certain character traits. The Barracks were usually crowded with loud noises, invasion of privacy and in some cases a lot of adult exposure. This sort of environment affected a child’s understanding of the world and how things work.
Here are some of the ways the environment can affect your child’s health and development:
The quality of the home a child is raised in can either improve or deteriorate the health of a child. In situations where the family’s at the brink of homelessness or eviction, neglect of the child is common. Also, consider the costs of housing in relation to other factors like food or health care. You need to make sure you don’t go broke from buying a house and then be unable to pay for other basic necessities.
Where your house is located should not be underestimated. When it comes to buying a home, don’t simply inspect the house, examine the locality as well. What is the area known for? What kind of neighbours would you have?
You definitely wouldn’t want to live close to neighbours who party into the night or close to a car park that’s always rowdy.
Tips for buying the perfect home for your family
Buying a home to raise a family is a bit complex than just buying a regular house as an individual. An individual may settle for almost anything but kids require a lot more attention and a stable environment. Consider having a decent home as a vaccine that gives your child resilience and immunity against future threats. These tips include the following:
Location is everything. You could find an incredible house at a perfect price but it could still be unsuitable if it’s located in an unstable neighbourhood. You may think you can keep the stuff you don’t like outside your walls but they usually find a way to creep up the walls.
The location of the home you’re buying should be top priority. Consider the following questions: Does the area have safety issues? What’s the distance to school? What are the available health facilities? Is there access to shops? Are there provisions for extracurricular activities like a playground for kids? What’s the demography of your neighbours?
Pay a little less attention to trivia things and focus more on getting the right features that would help you and your family feel safe and properly nurtured. You will feel more confident as a parent and homeowner.
Choose the right Amenities
Evaluate the functionality of the home. Consider the size of your family in answering questions like; is the kitchen and dining room space sufficient? Is the laundry room spacious enough to fit a washing machine? What about the number and placement of sockets and doorknobs especially if you have an infant?
Is the closet large enough? Can you conveniently place a cabin for extra storage? If you value outdoor activities, is there a yard? How easy is it to clean the house?
A house with glass walls may not be very practical or suitable for a family with young kids.
Safety and Size
The size of your family determines how much room you need. Determining the right size for a family typically depends on preference. Certain building designs may actually be dangerous for your infant child who would crawl wondrously around the house. Consider the layout, fixtures and furniture in the house. Find out if built-in closets or cupboards can trap your toddlers inside or are the stairs safe?
Do countertops, tables and shelves have sharp, dangerous corners? Are the wiring and sockets out of reach or at least childproof? Is there an open pool nearby?
Safety concerns also extend beyond your house. Ask around for information about the crime rate of the area. How close is the house from a major highway? Is traffic moderated? Are the streets safe for kids to cross? Do drivers slow down or do they ignore road signs?
Are there any factories or other sources of pollution that may affect your children’s health?
The answers to these questions will determine to a large extent the well-being of your children and your peace of mind.
At Sevic PDC, we believe that homes should be comfortable, safe, convenient and affordable. We’re developing LekkiVale Estate with your family in mind, putting in place amenities suitable for you and the whole family. LekkiVale Estate captures the essence of nature, safety and accommodates the proper live-play environment for your family.
Your dream house could be one call away. Call us today on 09081234564, 09095757575 and we’ll walk you through the entire process of buying a home at the most affordable rates in Lagos.