Buying a Land In Nigeria
If you're thinking of buying a land in Nigeria, well it's a good intention but I will advise you to do so with knowledge.
What do I mean?
Well the wise thing for you to do is to engage a lawyer who can conduct a land search in respect of the property and investigate the title document of the land.
This is very important especially when you're buying a land in a commercial area like Lagos where the rate at which some fraudulent land sellers are stealing people's money is alarming.
It is really important to have a lawyer who is grounded in property law practice before embarking on a land purchase.
This is so because a lawyer would ensure one does not run into legal troubles with land documentation after purchase, and also by virtue of Nigerian laws it is only a legal practitioner that are actually allowed to prepare legal documents for conveyancing or transfer of an interest in a land for a fee.
Here is the steps you must follow;
7 PROCESS/PROCEDURE OF BUYING LAND & HOUSE IN NIGERIA
The following steps are important and must be carefully followed for buying land in Nigeria:
1. First, you must demand and obtain all relevant land title documents from the seller.
2. You must engage a lawyer to investigate the title of the seller and also conduct a due diligence in respect of the transactions.
3. Your lawyer will conduct search at land registry and investigate the land’s title accordingly.
4. You must go and see the land physically or send a close relative to check the land for you, if you're unable to come see it yourself.
5. If you are satisfied, the seller or you can go ahead to prepare a contract of sale, which shall be signed by both parties. Buyer can go ahead and make deposit or pay all the property sum at this point.
6. Upon competition of the entire payment, seller or buyer may prepare and sign the document transferring the interest in the land, which could be deed of assignment or conveyance.
7. Then you can go ahead and perfect the title of the land with government immediately.
IS BUYING A LAND A GOOD INVESTMENT IN NIGERIA?
Research has shown that land investment is without question one of the best investment schemes to go into.
It comes with a guarantee of great profit returns in the scope of five years.
Now I will also advise you to seek knowledge from experts, before venturing into this business.
You should also read books on real estate investment, to help you make better investment decision.
Let's continue. I encourage you to invest on land because it has proven to be one of the most profitable short- or long-term businesses.
One of the many investment opportunities in Nigeria with great ROI is the real estate sector because land never depreciates.
Here are some of the Reasons why buying a land in Nigeria is a good investment
6 Reasons Why You Should Invest in Land
1. Appreciation of the land’s value
Land is a good investment strategy to the extent that the value keeps increasing: this is true globally. The cost of acquiring land, as observed, always goes up and hardly ever comes down.
Land is one of the assets that have the potential to appreciate over a more extended period, so investing in land that has high development potential at the current or lower market value ensures maximum returns to you the investor.
2. Value addition
You can decide to make improvements on the land which will make it more valuable. Value addition to the site is possible by obtaining property development approvals and then, over time, proceeding with property development.
Value addition makes the land more attractive for developers, who may be willing to pay a premium for it. Alternatively, the land banker may opt for financing and continue with property development.
3. Minimal Start-Up capital
Untapped, vacant land is generally the cheapest type of real estate to be found. It’s not until expansion and development occur that property begins to increase in value.
Hence, if you know where to look for great deals on land, it requires minimal start-up capital to get your business up and to run. It’s a type of investment that doesn’t necessarily need you to have millions of naira.
4. Land is cheaper to Own as a Long Term Investment
The land is relatively abundant and thus cheap in some developing parts of the country like Ibeju Lekki (Lagos State), Akute (Ogun State), Mpape (Abuja). As an intelligent investor buying this vacant land offers you a more accessible and more affordable way into the real estate market.
When you buy a piece of land for the right price, Land buying can be the type of investment you use to keep your money stored somewhere for a while.
Your asset sits quietly in the background, costing you almost nothing and silently increasing in value.
5. Undeveloped Land is a Hands-Off Investment
The land is easier to manage than built-up properties that require being kept in reasonable condition: no utility fees, no tenant problems, etc. No dealing with problems like leaking roofs, burst pipes, and other hundred issues with owning buildings.
Vacant land doesn’t involve any of those things. Once you buy it, it sits there, and nothing happens. No stress!
6. Generate Remarkable Income Before You Sell
Land can generate income while waiting for future economic development.
A great example is leasing it out.
Land in a rural farming area can give the land investor an exciting income stream when the investor charges land rent for the farmland, which will be used for agricultural purposes by the renter (If it’s fertile land).
I hope you've learnt some thing from this article, if you would like to invest in a land that will give you massive return on your investment quickly you can check out some of our lands for sale.
If you will like to speak with me directly concerning owning a land in Nigeria, feel free to call me or chat with me on Whatsapp. Click the link to chat with me directly on WhatsApp.
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