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.
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
In Ibeju Lekki, the Dangote Refinery is expected to be the world’s biggest single-train facility and estimated to cost $9bn. It covers a total area of 2,635ha on the Lekki Free Zone near the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets.
Nigeria currently has about 37 billion barrels of oil reserves, however, most of our refined products are imported due to the lack of adequate domestic refining capacity. It was due to this pressing need that birthed the Dangote Refinery. The refinery is expected to double Nigeria’s refining capacity, largely to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex, to fully utilize the raw materials released from the refinery.
This project is projected to generate more than 9,500 direct and 25,000 indirect jobs.
The Lagos Free Trade Zone
A Free Trade Zone is an area free from the intervention of customs authorities, where goods may be landed, handled, manufactured or reconfigured, and re-exported. The Lagos Free Trade Zone initiated in 2002 is the first private owned free trade zone in Nigeria and the biggest in West Africa.
It is located at the Ibeju-Lekki Local Government Area, covering about 155 square kilometres. This zone was strategically chosen based on its integrated hub of active roadways, rail and sea links, eliminating all accessibility barriers. The core objective for this Lekki Free Trade Zone is to provide an ideal platform to expand the investment potential, business activities and tourism sector of Nigeria by eliminating trade barriers, while developing the export-oriented industries, increase foreign exchange earnings and generate employment opportunities.
Ongoing Developments in Ibeju Lekki
Already, the LFTZ has facilitated massive investments like the Dangote Refinery and Petrochemical plant. The Lekki Free Zone’s completion date is set in 2022, and it’s projected to create 300,000 direct jobs and 600,000 indirect jobs.
The Lekki International Airport
The Lekki International Airport project was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) in Ikeja. The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with the capacity for up to 500 seats. For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with future prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs.
The airport’s site is on a 3,000-hectare piece of land off the Lekki-Epe corridor; about 10km from the Lekki Free Trade Zone (LFTZ). It’s strategically located to serve the fast-growing residential and industrial Lekki hub.
The Deep Seaport
The new multi-purpose Deep Sea Port, dubbed as the deepest port in Africa is located at the heart of the Lagos Free Trade Zone. It is spread over 90 hectares of land, approximately 65 km East of Lagos City. The Lekki Deep Sea Port is designed to provide enormous value and support to the burgeoning commercial operation across Nigeria and the entire West African region; with a contract term of 45 years. This project is expected to create about 170, 000 direct jobs and grow to about 2.7 million and 4.5 million TEUs when the project operations fully commence. Also, note that the deep sea port location was strategically located based on the inter-connected road network like:
Lagos is the commercial heart of Nigeria and West Africa; with this comes massive economic opportunities, rapid population growth rate and infrastructural pressure like the need for bigger, better roads. The 4th mainland bridge was proposed to curb the increasing pressure that threatens to paralyse the city’s circulation. The new bridge is expected to improve the natural flow of people and vehicles.
The bridge is designed as a 2 level bridge that simultaneously allows the smooth movement of large numbers of people. The bridge when completed will be 38 kilometres long and would run pass Lekki, Baiyeku towns and Langbasa, serving as an alternative route from Lekki to Ikorodu, Ikeja to Ajah and an additional alternative to the Eko, Carter and 3rd Mainland Bridge.
The 4th mainland bridge is a four-lane dual carriageway designed to have eight interchanges to facilitate effective inter-connectivity between different parts of the state. This project is projected to cost N844billion and is expected to be delivered in three years.
The Dubai Smart City Deal
To crown it all, the Chief Executive Officer of Smart City Dubai LLC, Mr. Jabber Bin Hafez signed the MOU, which would make Lagos the home of the very first Smart City in Africa. The event was presided and witnessed by the Lagos State Governor, Mr. Akinwunmi Ambode. The Chairman of Dubai Holdings, His Excellency, Ahmad Bin Byat who is also the Deputy Prime Minister.
The Smart City deal is expected to draw from the success of Dubai’s innovative knowledge-based industry clusters, to empower business growth for companies and knowledge workers all over the world including our very own Ibeju-Lekki axis. The deal establishes this axis as a strong convergence for technology, economic development, and governance.
Real Estate Forecasts for Ibeju-lekki
Besides all these massive industrial developments currently on-going at the Ibeju-Lekki axis, one factor that makes investing in real estate at Ibeju Lekki an absolutely ultimate deal is the growing Lagos Population Growth.
Lagos state’s population growth rate is rapidly growing now reaching 21 million from just 1.4 million as of 1970. One report stated that about 6000 people move into Lagos daily. Unfortunately, this migration isn’t followed by adequate housing infrastructure. In fact, Lagos needs about 3 million housing units to cater to its existing population.
Other minor facts are:
Lagos is the most expensive city to rent a house in West Africa.
It is also home to the highest number of millionaires in Lagos and West Africa.
If you’re a savvy investor, you must have gotten it already.
With the high demand for labour at Ibeju-lekki, expect a huge urban migration to this region. Coupled with a stable source of income, you’d have ready and willing people to pay good money for accommodation by 2022.
Knowing where to invest is one thing, choosing the team to work with to realize your investment goals is another. Here at Sevic PDC, we ensure your investments are 100% secured by offering you the following:
The best, strategically located estate at Ibeju-Lekki. LekkiVale Estate is located along the Lekki-Epe Expressway approximately 45 mins from Lekki Phase 1 and 10 mins from the new airport.
LekkiVale Estate has a valid, verifiable C of O land document. We encourage all our clients to thoroughly verify land documents before buying land, and we assist them through the whole process.
LekkiVale Estate is spread across 6 hectares of dry land. You don’t have to spend an extra naira on landfilling.
All our land prices are extremely affordable, with the added advantage of a flexible payment plan to suit your budget.
We’ve all had or have a landlord, at least most of us. Although you might not like your landlord, you must admit you need the housing services. Being a landlord isn’t as complex and time-consuming as it appears to be. Here are the top seven benefits of becoming a landlord: (more…)
Before making the decision to buy land or making that first deposit, you need to understand all the valid land titles acceptable in Nigeria. While most people leave all the paperwork to their lawyers, its important to know the different types of land titles and how they affect your return on investment. Here are the various land titles recognised in Nigeria:
A Certificate Of Occupancy(C of O)
A certificate of occupancy is a document issued by the state governor or a local government chairperson certifying ownership of landed property. This document proves ownership of a property for a period of time, usually 99 years. A C of O guarantees the highest level of land security in Nigeria.
Benefits of a Certificate of Occupancy
It serves as indisputable evidence to prove ownership of land and serves as a strong defence in land disputes.
Increases property value.
Prevents unwarranted land disputes and eliminates the problem of multiple ownership.
In the event where the government demands the acquisition of your land for public purposes, you will be well compensated because you have a C of O.
It is recognized by financial institutions and can be used as collateral for obtaining loans.
It can be used when securing a mortgage plan.
It makes it easy to resell your property.
Clearly, the importance of a valid C of O can’t be overstated. Unfortunately, it is common practice to see land for sale without a C of O.
Excision is a process that is an appeal to the government to release a portion of a vast portion of land that is committed. The released portion of land is called excised land and considered free. The land then earns a gazette title. A gazette title is considered relatively safe because a C of O can be easily processed once a land has been gazetted.
Buying lands with an ‘excision in process’ title is 50/50 ownership deal. In the event where the land is excised, you can proceed to apply to obtain a C of O otherwise, the land still belongs to the government and can be taken at any moment. If you insist on buying land with an Excision in Process title then, basically accepting the full risk of the possibility of losing your real estate investment. Note that although lands with excision in process land titles are relatively cheap, most real estate companies ask for certain developmental fees once the land is excised to recoup.
Gazette land title
A Gazette is an official record book where all special government details are written in detail and recorded. A Gazette details the number of acres of land retained by the government for public use and the number given to the local communities or real estate company. A gazette bears substantial weight and used by communities as legit land documents. If you’re going to buy a plot of land that claims to have been covered by a Gazette, get a surveyor to chart the site and take it to the Surveyor General Office at Alausa, Ikeja to verify and ensure the land actually falls within the stipulated coordinates in the Gazette.
There are cases the government based on certain reasons decides to revoke or re-acquire gazetted land. However, in a case like this, the landowner is entitled to some compensation. The risk here is the rigorous verification process required to ensure the land for sale falls within the stipulated gazetted land.
A Governor’s consent is a document that allows a person with a C of O to transfer ownership to a third party. In other words, if you acquire land with a C of O document, you must get a Governor’s consent before you sell or transfer ownership to another party. The third owner must also obtain a new Consent from the Governor before the transaction is deemed legal in the eyes of the Government and the process applies every time the property changes hands to a new owner.
The Governor asserts the right to either grant or revokes consent to any transaction. Obtaining a Governor’s Consent isn’t the easiest process but it can be processed in 30 days. Unfortunately, 30 days could easily extend to 6 months or even a year due to unforeseen inconsistencies.
Having a Governor’s Consent is the best assurance against Omonile wahala.
Buy land with a C of O title. It saves you the stress of having to deal with any form of litigation or intrusion by Omoniles. LekkiVale Estate located at Ibeju Lekki offers you a stress-free acquisition process. Lekkivale has a valid C of O. Call in today on09081234564, 09095757575or send us an email at firstname.lastname@example.org for more information.