Buying land is a smart investment, however, there are things to look out for in order to make sure the investment is worthwhile. Below are five land buying tips:
Location is the first thing to consider when buying land in Nigeria. After this has been determined, other things can follow.
Location determines the value of land in the future. Land situated in a developed area will cost more than a land situated in a developing area. You also need to consider if the location of the land is fast attracting development.
2. Neighborhood and Landmarks:
Who is going to be your Neighbors?
The landmarks in that neighborhood are the key to how fast an area will develop and appreciate in value. A notable landmark like a factory or university attracts development faster
What are the prospects in 5 – 10 years' time?
Look out for any notable Government or Private owned project going on, these are pointers to how fast it will develop.
Very important to check if the land to be purchased is accessible. Always make sure that the area has a good road network and is accessible before buying land.
You need to know how secure the area you intend to obtain land is. Look to see if the government has provided adequate security for that area. Also, check to see if the community itself has a way of tackling security challenges.
Ask people living around to know if the area is peaceful and free from robbers or hoodlums. Security is key and must be considered when buying land!
5. Legal Documents:
Check the Legal documents that the land has, that it, the Title of the Land.
When buying land you must check to be very sure that the land you are planning to buy is genuinely registered.
Some documents to check for include the Survey Plan, Deed of Assignment, and Gazette.