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 email@example.com.
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.
Real Estate in Nigeria is a very lucrative business and here are the top ten reasons that make LekkiVale Estate stand out from other Estates:
Residential real-estate developments are increasingly popular in Lagos as the demand for affluent living soars. But, not all estates in Lagos meet the expectations of its residents. LekkiVale Estate is a low-density residential development, offering you total opulence at the heart of Ibeju-Lekki. LekkiVale Estate is primarily developed to provide housing units to the growing demand for comfortable and affordable homes at the Lekki Peninsula. This estate has taken into consideration all that’s needed to transform a home into a rus in urbe.
1. Dry Land
LekkiVale Estate is spread across 6 hectares of 100% dry land. It has good soil properties that drain rapidly after a heavy downpour. Lagos’ climate is primarily wet season than dry season which, triggers flooding in certain parts of the city.
Estates located along coastlines run the risks of being flooded during the wet season. Living in an area prone to flooding can damage your properties, wreck your cars and cause inaccessibility. All these can lead to downtime and increase expenses in repairing damaged properties, causing residents to lose valuable time and money.
A Landlord’s House
2. Leveled Land
LekkiVale Estate has eliminated the need for a sand filling. Sand filling drastically increases the cost of constructing a building. For instance, 20 tons of filling sand costs N 30, 000 (prices vary) add this cost to the cost of land and building cost. A sand filling is required in most areas in Lagos to build a solid foundation. In a bid to cut down cost and give you more value for money, LekkiVale is strategically located on the level ground requiring no sand filling.
3. Ample Parking Space
The average middle-class Lagosian family has two cars. Unfortunately, most estates are tightly built making room for one car or joint parking space with other residents. The implication is, where to park becomes a problem or if there’s sufficient parking space for two cars, then there’s apparently no space left for anything else.
LekkiVale Estate is designed with your family in mind. We’ve taken into consideration the need for a yard and ample parking space for up to three cars (depending on the plot size). Our goal is to ensure, you finally get to host a barbecue night and invite all your friends and family over for some quality bonding time.
4. Valid Land Titles
If you’ve ever bought property in Lagos, you’d know that unless you have all the necessary land documents verified and in your hands, you’re ownership status is not confirmed. We’ve encountered countless clients who were lured to purchase property with inconclusive land documents like the ‘excision in process’ land title.
LekkiVale Estate has a Global C of O. We encourage all our clients to verify the land documents before making the decision to buy. We’ll give you a copy of the C of O document and guide you on how to verify its authenticity at the Land Bureau Office at Alausa, Ikeja. We’re putting your security first to ensure you make the best deal possible.
5. Well Planned Estate roads and drainage system
LekkiVale Estate is tactfully planned and laid out to ensure ample space between buildings, well-paved roads and street lightings at every corner. LekkiVale’s drainage system is designed to carry heavy downpour and securely enclosed to prevent blockages.
6. Exquisitely Finished homes
LekkiVale Estate showcases modern architecture at its peak on this side of the west. We’re offering you five bespoke architectural designs to choose a preferred option. These architectural designs worth N200,000 will be given to you for free. Consider our architectural designs a welcome gift; welcoming you into a community that believes in family.
7. 24 hours Security
LekkiVale Estate implements a 24/7 top-notch security policy for the total protection of your entire family. We’ve put in place provision for 24 hours security check on entry and within the estate at strategic corners. We’re also working with local security agents to ensure prompt response in case of an emergency.
8. Stay Healthy Longer
LekkiVale Estate is designed to promote community lifestyle and encourage healthy living. Our recreational centre offers several programs to benefit every resident. Typically, people who exercise regularly have lower blood pressure, delayed onset of diabetes, lower heart disease rates, overall increased longevity and are generally happier people. Our goal is a build an active, happy community. Equally, our numerous green areas serve to freshen up the air while creating a beautiful view.
Our recreation centre contains the following:
Park and play area for kids
A fully equipped gym
There is something for everyone. What we know for sure is; families that play together, stay together. On the income side, properties with a recreational centre attract higher ROI over time. Fun charms everyone!
9. Central power generator and water supply
LekkiVale Estate plans to power the entire estate from a central power source. This way, you’re assured of 24 hours power and water supply. You no longer have to worry about the ‘Nigerian’ epileptic power supply.
10. The Ibeju-Lekki factor
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. What better way to be part of this evolving economic hub than to live at the heart of it all?
LekkiVale Estate gives you the best of both worlds; commercial excellence and nature’s glory. It’s like taking a break from a sky-high office, to dining by the beach on a workday and then, resting your head in a château.
2019 General Election season is just around the corner and the recent turn of events in the political sphere of Lagos has been thrilling leaving room to heavy speculations. Although no one can say for sure how next year’s going to turn out. Here’s a brief synopsis of the economic development trend of Ibeju-Lekki since 1990. (more…)