Femi and Ada have been married for eight years. When they first got married, they both agreed to buy their first home in two years. Like most young couples, they spent a good part of their savings on their first baby who arrived sooner than they had planned.
Femi figured it wouldn’t be a bad idea to hold a little longer on the housing project, coupled with the fact that he was now saddled with more bills. Ada had to take a break from work for a year to take care of their baby. Their savings dwindled and by the time Ada was ready to work again, the focus was now on paying school fees for their young son.
Five years passed and Ada got pregnant again with their second baby. Femi took up a side hustle to stay afloat with all their growing expenses. Ada once again had to take a break from work. The cycle continued. They managed to keep up with everything else except their dream of buying their own home.
The idea, however, crossed Ada’s mind from time to time. She wanted a bigger kitchen, an extra room for guests and a play area for her kids. Spending time alone at home with her second baby gave her ample time to think and plan. She looked at the possibility of them buying a home upfront but, before the thought settled, she quickly ruled that out as there was no visible way to make that happen in the nearest future.
Ada wanted a house in Sangotedo; it wasn’t too far from V.I, Ikoyi and the rest of Lekki. Cost of houses in the area where relatively fair and the location was serene for raising kids.
Ada shared her concerns with Femi, sharing her findings of Sangotedo. Femi wasn’t thrilled at first but was ready to actively work towards the goal of homeownership. It meant doubling up at work and saving a lot more. Ada too opted to take on baking and making small chops in her spare time. They both agreed to drastically cut back on expenses, completely taking off the following:
Takeouts and eating at restaurants.
Friday night hangouts and drinks with the boys.
Sold off belongings they weren’t using like their old couch that sat in a storage room.
Minimized her movements to the precise places to maximize fuel consumption.
Cut down on power and gas usage; switching off lights that weren’t used and monitoring gas consumption.
With Ada’s new food business and Femi putting in more work, it wasn’t long before Femi earned a good commission for closing a client he’d been working on. Meanwhile, Ada used most of her daily income to run their home. After six months, they made a 30% down payment on their newly finished four-bedroom house at Sangotedo.
Saving for a home
They opted for a mortgage loan to cover the rest of the payment for a period of five years. Of course, they could have continued saving and directing most of their income towards their housing project but they had other expenditure to worry about like school fees, health care and savings to re-invest in their respective businesses.
Their mortgage program was approved for a period of five years. They set their monthly payment at 20% of their total monthly income. Femi plans to complete the payment even before then. He’s truly grateful for the experience of putting more effort at work and saving more.
He said that the process of buying their first house has instilled a good dose of discipline in him and he wouldn’t stop putting much effort in achieving his goals.When we asked Ada what was the one thing that had driven them to achieve their goal, she said, it was taking the decision to make it happen.
In her words, “when you decide it’s time to own your home, and stay committed to that decision, everything else begins to fall into place. You come up with new ideas, you find better ways to spend money and in short, you become a better person for it.”
Since you’re here …
We’ve got the best deal for you. Buying a house is a huge decision to make. There’s a lot to choose from and a lot of uncertainties and paperwork, not to mention they cost m. Let’s narrow it down for you. LekkiVale Estate, located in the heart of Ibeju Lekki 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:
A home located within the urban area of Lekki
24/7 electricity and water supply
Ample parking space
A valid C of O land title document
What’s more, we’ve got all these for you at the most affordable price possible. Call in today on 09081234564, 09095757575. Send us an email at email@example.com let us give you the investment of a lifetime.
House Rentals or Buying a House are two sides of the housing coin.
At some point in your life, you’re going to decide between renting or owning a house. Depending on your circumstances, renting a house or owning might be the best option for you. Both options offer various advantages and disadvantages. Here are the pros and cons of owning against renting a house:
Pros of renting a house
Flexibility: Renting a house is ideal for people who require a short term living arrangement in a region or country. Renting allows flexibility to move once your payment is up. It’s a good option for students living close to school or people who do not intend staying in a place for too long or would likely move around a lot because of work.
Also, it’s easier to move out at any time when you’re a tenant. You’re not saddled with the responsibility of looking for a new tenant or buyer. That becomes the job of the house owner.
Affordability: Compared to buying a house, renting is pretty affordable. Especially when you’re renting in an area you can’t afford to buy property in. For instance, you could afford to rent in Banana Island although you might not be able to own a house there. Well, depending on why you need to live in a certain location, renting, in this case, is an ideal choice.
Greater financial freedom: As a tenant, once you pay your house rent for a period of a year or a few months, you can invest any additional income into other ventures like investing in the stock market or even saving towards buying your own home.
Bound by agreement: As a tenant, you’re set bound by an agreement to a landlord. The terms of this agreement are should be thoroughly looked into in order to avoid situations where a landlord, for instance, increases rents at the middle of the year without prior notice. Also, depending on your terms of the agreement, you might be restricted when it comes to making changes in the house like repainting or renovating without the consent of the landlord.
No wealth creation opportunity: Renting offers no return on investment, there’s no wealth creation on your part. Other than the service of having a roof over your head, the property remains that of the owners and so, once your rent is up, the house ceases to be yours.
In the same line, while renting a property, you have no control over annual rental fluctuations. The house owner can decide to increase rents due to one reason or the other and you would have no choice but to succumb or look for another alternative.
No guarantees: As a tenant, there’s no guarantee that your lease will be renewed once your rent expires. Unless perhaps you have an agreement with the house owner. The house owner can decide to sell off the property or bring in new tenants. As such, you might be left stranded when your rent is up.
Pros of owning a home
Security: Owning a home gives you a feeling of satisfaction and security. You have one hundred per cent creative rights over your property and can decide to do with it whatever you want without any restrictions placed on you.
Owning a home is an ideal choice for a stable family who aren’t intending to move around any time soon. For instance, a young growing family has the added advantage of settling into a region of their choice, where they can raise their kids and send them to schools around without the fear of losing their home at any time.
Financial freedom: As a homeowner, you can decide to sell your property at any time or use it as collateral for a loan. Owning a home also gives you the added advantage of value appreciation. Owning a house in Lagos, for instance, can give you an ROI of up to 40% in two years depending on the location, allowing you to make a profit should you choose to sell.
The sense of responsibility: Owning a house is one of the common hallmarks of success. There’s a certain level of confidence and fulfillment that comes with owning a home, its overwhelming sense of responsibility flows into every other aspect of your life.
Generational Wealth: Owning a house gives you the opportunity to build generational wealth. A house will likely stay up long after you’ve passed on and could serve as a harbour for wonderful memories for you and your family. The value appreciation on the property can be transferred from one generation to another.
Huge financial commitment: Buying a home requires a huge financial commitment. It might require you to suspend other commitments until the acquisition process is completed. In addition to the acquisition costs, you would require additional funds to maintain a house like renovating, paying for damages, insurance etc.
Mobility restrictions: As a homeowner, you would be more compelled to live in a location longer than you may want to. You might not be able to relocate at will suppose a job opportunity comes up.
The risk of selling at a loss: As a homeowner, you can run the risk of not making any or very little profit through a resale. Instances of this scenario are not common but depending on certain economic factors like a recession or the location your property becoming less desirable could lower the value of your property. Regardless of where you’re in life right now, at some point, you might consider buying a house for yourself or your family.
At Sevic PDC, we are dedicated to developing comfortable and affordable homes, perfect for you and your family. All our properties are offer premier amenities like:
24/7 electricity supply and treated water supply
Completely finished, contemporary apartments.
Recreational Park for kids and adults (clubhouse, gym, basketball court)
Top notch security and access roads
All our properties have valid documents and are free from litigation issues. Call us today at 09081234564, 09095757575. Send us an email at firstname.lastname@example.org to speak to our real estate investment expert on the best plan that can fit seamlessly into your budget and guidelines into giving you the type of home or real estate investment that you want.
This is a story based on a businessman who failed to verify the land title on the property he bought.
SegunAbejuis a businessman who decided to invest in real estate. His decision was based on the need to securelong-term investment and a retirement plan. After talking to an oldfriend about his plans to buy a few plots of land, his friend claimed to know a family who was selling offparts of their large estate at a give-away price at Sangotedo.
Segunsaw this as an excellent opportunity to cash in and immediately bought into the idea. He was confident that his friend was handling the transaction. He went ahead to make the first deposit of N4,000,000 to his friend’s account.Later that week, his friendscheduled a site visitation to inspect the land.Segunnoticed the shabby signboard at the entrance, but his friend argued that since itwas a family property, they hadn’t bothered with maintenance. Segun didn’t mind, after all, the land reportedly had a C of O. He didn’t know much about verifying land titles. He didn’t want to bother himself with the stress.
Two weeksafter the site visitation, Segun didn’t hear anything from his friend. He tried calling him several times yet no response. It was one excuse after the other with this said friend. After a month of no headway, Segun decided to takematters into his hands. He went out to checkthe land for the second time, in an attempt to get in touch with the family that ownedthe land.
To his surprise, everything had been an act. There was no signboard and even the man who had posed to be the first son of the family was a paid actor.Itturned out the landbelonged to the government. For months Segunstruggled to get a hold of his friend but to no avail. He later found out had travelled out of the country.
Segun couldn’t believe he had been scammed. In his words, “God will punish all those people, it will never be well with them. I cannot believe my own so-called friend did this to me.”
As sad as it sounds, Segun is just one out of the many Nigerians that fall into the trap of fraudsters. When itcomes to acquiringproperty, verificationis a crucial process.It doesn’t just end at inspecting the property.Youneedto ensure the land you inspected is owned by the seller.
Recently, we hadanotherclient who had been previously cajoled into buying a propertyhethoughthad a C of O. It turned out the land document he had seenbelonged to anotherproperty, completely different from the propertyhe had inspected.
Benefits Of Verifying Land Documents:
It shows proof beyond doubt of the validity and ownership of the property.
Itacts as a form of insurance.
Italsogivesyou the freedom to do anything you want with the property; either construction or re-selling.
Don’t just go for a site inspection.Always ask for a copy of the land documents. Take these land documents to the The General Surveyor’s office at Alausa, Ikeja.
How to Confirm the Authenticity of a Property Title
Ask for a copy of a survey plan and get a Surveyor to ensure the site you’ve visited fall within the stipulated survey plan.
Ask for a copy of the land document. Check the authenticity of land documents at the Land Bureau at Alausa.
Use the coordinates to cross-check what the plot of the land has been set aside for at the Master Plan in the Ministry of Physical Planning. Avoid lands that have been set aside for agricultural purposes or allocated for government use. Stick to lands allocated for residential purposes.
Demand to see the layout plan and pick a suitable plot.
Find out if there’s an ongoing dispute or litigation over the land.Find out if the land was inherited or bought.
Make sure dates check out. Cross-check documents to ensure they aren’t fake.
Document every single part of the transactions involved in buying land in Nigeria. From the cost of land to the survey fees.Treat every land transaction as it should be, a business transaction.
It doesn’t matter is the personyou’re buying from or interfacing with is your uncle, aunty, boss, friend, pastor…make sure they provide all the documentationyouneed before proceeding to makepayments. Also, take the time to read the documentsyou’re given carefully.
Great! We’d loveto help Call us today to find out more about investing in real estate in Nigeria. You can call us right now to book a land inspection at 09081234564, 09095757575 or send us an email at email@example.com
Someone once told me to forget about building wealth if I wasn’t willing to take the risk of investing in long-term ventures. They are typically two types of investments; long-term investments and short-term investments. Each option comes pros and cons. Typically, the economy you find yourself in determines the sort of business you should invest in.
Nigeria is an emerging, middle-income, mixed economy with rapidly expanding manufacturing, financial, service, communications, technology, entertainment and real-estate sectors. Although fairly stable, the Nigerian economy is immensely influenced by its political stability and transference of power. Each political tenor typically comes with new policies and in most cases, hinder the furtherance of the past tenor’s developments. In a country that works like this, investing in real estate is one of the safest investment options that hardly succumbs to the frequent political alterations.
Real estate is the quickest way to build wealth (not overnight) in a lifetime. It is largely a numbers game. Investing in real-estate is not reserved for the financially buoyant, it’s an open playing field that guarantees good financial returns and you can be a part of it.
Read what Pastor Paul Adeferasin, Head Pastor of the House On The Rock Church has to say about investing in real estate in Nigeria:
10 years ago, we bought House On The Rock, an area just under 10 acres for ₦25 million. This same area without the brick and mortar is currently valued at ₦3 billion. In other words, we’ve created an asset base with 10 years differential of ₦3 billion with just ₦25 million. With the fully finished and furnished building, the value spirals to at least ₦10 billion naira today. What about 50 years from now?
(Text has been revised and paraphrased)
How Can You Benefit From This?
The value of the property appreciates over time. There are various ways to invest in real estate, however, this article focuses on land acquisition. The simple rule of thumb is, buy low, sell/lease high, save profits and re-invest in acquiring more properties. This is how to exponentially grow your real-estate portfolio particularly if you’re just starting out.
Go For Land
Acquiring land gives you the opportunity to start on a small scale, with minimal maintenance. Land can lay fallow for years and still appreciate in value compared to a property that needs constant maintenance and a truckload of cash. However, with acquiring lands, you need to tap into the gift of foresight; see where the future is going and get there before the crowd does.
Today’s most lucrative estates where once seen as far-off and unreachable. For instance 10 years ago, the Lekki region was extensively swampy and seemed to have low prospects of growth. At this time, the lands were inexpensive and seemed unprofitable. 10 years down the line and a plot of land (if available) in this area is worth millions.
What Makes Nigeria Such A Fabulous Location?
Rapid Growth Rate
As reported by Worldometers, Nigeria’s current population is 197,363,050 based on the latest United Nations estimates. With a population density of 215 per Km2 (557 people per mi2.) 51.0 % of the population lives in urban areas (99,967,871 people in 2018)
The median age in Nigeria is 17.9 years. (An actively growing population) The total land area is 910,770 Km2 (351,650 sq. miles); an amount that’s relatively fixed.
With the above statistics, this is a good place to quote Mark Twain.
How to spot a great location for land acquisition?
The smartest decision with buying land is the location. Choosing the right location to buy land is EVERYTHING. In choosing where to buy land, consider the following the following factors:
The economic growth potential of the region
The level of immigration
Nature of land; is it prone to flooding?
The biggest mistakes investors make is buying overpriced land in an economically declining area and yet expecting a high ROI in a few years. While the value of land appreciates, there are areas that appreciate faster than others. Some might take 10 years, while others take 5 years.
Find out where the industries going. Consider the history of the area. Is the area prone to social, political or religious riots? Where are multinationals pining their tents?
Keep in mind: where companies go, young people go; where young people go, smaller businesses follow and then, the demand for housing needs shoot up.
Just because you have gotten the perfect location doesn’t mean you should pay the first amount they ask for. Always compare the price of the land with the neighbourhood. Strive to get the best deal possible, baba ask questions. Most importantly, ask for the land title.
LekkiVale Estate is located at the heart of Ibeju-Lekki. Ibeju-Lekki is generating all the buzz in the economic development sphere in Lagos state. This region is expected to be the prime commercial hub of West Africa by 2025.
LekkiVale Estate presents the perfect opportunity to invest in this booming region. Lekkivale Estate is 100% dry land with a Certificate of Occupancy. Call us today at 09081234564, 09095757575 for more information or Send us an email at firstname.lastname@example.org.
Real estate development revolves around prime locations. Almost every aspect of land for sale can be changed except where’s it’s located. 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 built using the same materials and design will command different prices. The house located at Banana Island would cost as much as four times more than the house located at Egbeda.
Factors to consider in determining the right location to buy property
As an investor, you should always consider the present and the future when making investment decisions. For instance, an area that appears to be of enormous financial value now, might not be the case 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 several forecasting determinants like the following:
Would there be access to basic amenities on the land for sale?
The concept of sustainable development leans toward the availability of constant electricity, water supply, 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.
The value of land for sale is correlated with the social class of people living within the area. Going back to our comparison of Egbeda and Banana Island: Egbeda is predominantly made up of low to middle-class income earners while Banana Island is inhabited by predominantly high-income earners. This social and economic disparity influences the price of both properties. 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.
Is it close to major roads?
Access to the land via paved road is crucial. When it comes to buying land, convenience is everything. Areas located close to a major highway invariably 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 the land for sale doesn’t have a valid C of O or Governor’s consent, it’s best to avoid the land for sale. 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 command two different prices if they have different land titles. Suppose the first plot of land title is 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 first land. The reason is, a C of O land title guarantees ownership and secures real-estate investments.
Every once in a while, a fantastic opportunity for real estate investing like the Ibeju-Lekki area presents itself. Ibeju-Lekki has 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 to this region, there are severe cases of fraudulent land sales. If you’re not careful, you might lose your money by buying land you should avoid.
Firstly, 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. The common land title is the excision in progress title, which gives you a 50/50 chance of actually OWNING the land. While, A Certificate of Occupancy (C of O) protects you from all these uncertainties, and you’re assured of 100% ownership.
LekkiVale Estate offers you the BEST deal available in Ibeju-Lekki today, offering you the following:
LekkiVale Estate has a valid C of O
Flexible Payment Plans for up to 12 months.
Strategically located by the Lekki-Epe expressway, opposite the proposed New Airport.
LekkiVale Estate offers you FREE bespoke architectural plans worth up to N250,000 to choose from.