Everyone dreams of owning property. Whether you’re two days away from owning one or five years from owning property, here are ten things you should look out for before buying land in Nigeria.
1. Pick a trustworthy team, including a real estate agent, an architect, and/or a contractor
The first step is all about getting the right people to aid you in navigating this process. Buying land in Nigeria, particularly Lagos can be overwhelming. You need to cross-check and double check everything. To do this effectively, you need to work with a committed team that puts your interests first. Choose a company you can effectively communicate with. Here at Sevic PDC, we ensure complete transparency; we’re a team of trustworthy people you can rely on.
2. Ensure the land you’re looking at is safe for building
Read more: There’s land and there’s land!
If you are looking to own land in Lagos, you can’t buy just any vacant land. You should look out for the following: is it a suitable site to erect a building? Is it a swampy area? How much sand fillIng would you need? Would you need to spend money on grading the land or taking out trees?
Now, these questions are the reason for site visitation. NEVER buy land without a site visitation. If you can’t make it, ask a trusted family member or friend to undertake this venture. At Sevic PDC, we insist on scheduling a site visitation for you and we will commute you to and from the site. Our goal is to ensure you make the best deal possible.
3. Conduct a soil test
I can’t stress the importance of this. If you’re going to own property in Lagos, ensure the land drains well. This is to avoid future damages and water retention in buildings. Even if you can’t hire a professional to conduct a proper soil examination, an inexpensive alternative would be to go for an inspection a few hours after it rains. Also, avoid coastlines; most coastlines are susceptible to flooding.
The quality of the soil determines if it’s fit for a septic system. They’ve been cases especially in Lagos, where the fluid from the septic tank infiltrates into other areas of the building. LekkiVale Estate is spread across six hectares of 100% dry land and we’d love to show you just how well it drains especially after it has rained a storm.
Also read: How to recognise a good land sales deal
4. Ensure the zoning classification permits you to build
Unless you’re a farmer, you’re most probably buying land to build. Although it might not look like it, Lagos has a master city plan.
Do your research to ensure you don’t buy land that’s been committed for Government use. No one can forget in a hurry how Governor Fashola demolished over 2000 homes that were constructed along with major road plans or on committed lands. It doesn’t matter how long it takes, eventually, the Government always goes back to the master plan. You don’t want to fall a victim, ask questions.
Demand a survey plan, to ensure the land you’re buying has been allocated for residential/mixed development use.
5. Plan ahead and assess your financing options
This is a good place to say, avoid cheap lands. Lands in Lagos are generally affordable but not cheap. The location and title of the land determine to a large extent the cost of the land. Lands located at Ikorodu and lands located at Ikoyi don’t have the same price. Depending on where you’d like to buy land, do your research to have an estimated cost of land in that region.
Get your finances in order and budget appropriately to avoid getting stuck halfway. Most real-estate firms like ours give you the option to either pay outrightly or spread your payment across a given period of time. This gives you the liberty to choose the most suitable payment option for you.
At Sevic PDC, we offer an extremely flexible payment plan extending up to twelve months on all our estates. Our goal is to let your own property at your financial pace, without the pressure of having to pay immediately.
6. Make sure all necessary amenities are available at the property
When buying land, everything matters, from determining if the land is located along a major road to if it has access to power, water, and mobile communication.
The real-estate company you decide to work with should give you a full master plan for the estate. Avoid lands located far away from the closest major road. LekkiVale Estate is located along the Lekki-Epe Expressway, with a plan to provide 24/7 water and power supply.
7. Obtain recent co-ordinates of the survey of the area
A survey plan basically determines the exact coordinates of a property. This is to ensure the plot of land you’re buying falls within the stipulated co-ordinates. Your seller should show you a recent survey plan to help you determine exactly where you’re buying.
8. Verify land documents
Have a lawyer conduct a title examination. Land titles are a big deal.
The title on the land you intend on buying determines if you’re going to have full rights on the property or not. Basically, avoid lands that do not have a C of O or Governor’s consent. You can settle for a Gazette but even that requires full verification. A C of O is the officially recognized land document in Nigeria and it is extremely easy to verify its authenticity. You can get a lawyer to verify the authenticity of the land document or you can do it yourself at the Land Bureau Department at Alausa, Ikeja.
All you need is a copy of the land document, your seller should be able to give you this document. Well, if they aren’t willing to release this document, it is a clear sign you might need to jump ship!
At Sevic PDC, we are ever-delighted to walk you through the process of verification, giving you a copy of all the documents required for a successful verification process. All our estates have a C of O land title.
9. Evaluate potential ROI on the property
In plain English, invest in an area that has high economic growth potential. A good real-estate company should recommend hot zones to buy land that guarantees high ROI returns. It’s only wise to buy land in a growing area, rather than a declining area.
Currently, Ibeju-Lekki is a prime real-estate hub. This area is the fastest growing area in Lagos with explosive growth potential. Let’s just say, if you missed out on the chance to acquire property in V.I, Ikoyi or Lekki, then this is the ideal opportunity for you. LekkiVale Estate located at Ibeju-Lekki is strategically located opposite The New International Airport with an estimated ROI of up to 400% in the next 4-5 years.
10. Make a decision
If you’ve gotten to this point and you have a plot of land in mind, make the decision to buy now. Lands in specific areas get sold out by the minute. You need to understand that you aren’t the only one looking to invest in a particular area and the more you procrastinate, the higher the cost and likelihood of missing out on a fantastic opportunity.
Let’s get you started, call us today at 09081234564/09095757575 or send us an email at email@example.com and be a part of LekkiVale Estate.