16 Things to Know Before Buying Land in Nigeria

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Are you planning to buy land in Nigeria? Before buying land in Nigeria, there are things you need to consider to avoid regrets in the future. In this article, I will show you what you need to know before you buy land in Nigeria. This article will help to be confident enough to ensure that when you’re buying land you’re buying the right land for you.

Below are the most important things to know before buying land in Nigeria everything listed in this article can be summarised into:

  1. Title: This is the document of land, does it have C Of O, has it been Surveyed (registered survey), does it have governor’s content and so on?
  2. Size: Precise dimensions are essential for planning and development purposes.
  3. Price: What is the price of the land, is it pre-launch or on Promo price?
  4. Location: This is the landmarks of the land, what is around the land. Does it have good roads, are there public Utilities (markets, mall, hospital, etc) and so on?

See>>> 14 Mistakes to Avoid When Investing in Real Estate

Things to Consider Before Buying Land in Nigeria

The following are things to check before buying land or questions to ask before you buy land in Nigeria:

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1. Purpose of buying

This is the first thing to consider before buying land in Nigeria. what do you want to use the land for there are a ton of different uses for land so you want to know what you want to use the land for before you buy it?  It can be for farming, residential, commercial or even land banking.

2. Budget/Price

things to check before buying a land

 

You should consider how much you have saved or are willing to invest in buying land. Your budget will determine where to buy. The cost of land in Nigeria is quite different depending on the location. For example, the cost of land in Lagos is not the same as that in Imo. Lagos land is considered to be more expensive than Enugu land. See Places to Buy Cheap Land in Lagos.

Furthermore, it is very necessary to make a breakdown of the cost of purchasing land and the extra fees that are associated with it like statutory fees (if you are buying from a real estate company, the cost of putting up a fence to secure your land after purchase (if you are buying from an individual) and so on.

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3. Method of Payment When Buying A Land

No matter what you do, DO NOT PAY IN CASH when buying land. The method of payment when purchasing land is very crucial and could just be the singular cause you are scammed or not. You must ensure everything is well documented from the cost of the land to the receipt of survey fees, legal fees and so on.

The best way you can save yourself from unnecessary tension in the future is by keeping good documentation of all the payments. No matter how small the payments might be, take a good record of them. Instead of paying in cash, and possibly losing your hard-earned money to fraudsters, you must pay via cheques or bank transfers.

This way you can smoothly track your payments made when buying land from any agent in case things go wrong. Also, it can be used as evidence that can be used in court unlike when you pay cash.

There are no particular ways to determine a fraudster by his/her skin colour or face or even relationship. A Fraudster is a fraudster no matter how they look.  One of the typical mistakes people make when buying land is trusting their relationship with the land seller.

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It is not uncommon to see people in court with cases of relations duping them over a sale of land. Considering this when buying land for investment or any other purpose is crucial to avoid being scammed. Also, you should whether the payment can be done in instalments, this can help you in owning a property if you don’t have the money in bulk.

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5. Location

There is more to just buying land. A lot of things are considered before making a purchase; one of which is choosing the perfect location for your land. Like many other real estate properties, the location plays a vital role in the overall value of the land. The price a particular land might be sold for is dependent on many factors, one of which is the location of the land.

The price of land in Lagos would be different from that of Land in Ogun. Another thing to be considered when choosing the location of the land is the potential growth of the area. You would want to ask yourself what the growth of the particular area would be like in ten to twenty years. Since land does not depreciate, having a strategic location would increase your chances of making more value on future sales.

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6. How is the Land Zoned

Is it residential, commercial or industrial? The reason this is important is, that you don’t want to buy land that is zoned let’s say industrial but you want to build a house on it which should be zoned residential. So this is an important key and it ensures that you’re not wasting your time looking at land that’s not zoned the way you need it to be.

7. How is Access to the property Achieved

Is there public access, is there an easement that we just talked about or is there no legal access at all? This is an extremely important question you need to know and understand. How are you going to get access to the property that you own if there is no public road that sits beside it? Then you need an easement from someone else’s property to gain access to this property.

If there’s no easement and there’s no legal access that means you essentially have to trespass through someone else’s property to gain yours. And that could be a huge issue if the land you’re looking at has no legal access rights then I recommend looking at something else.

8. Has the Land Been Surveyed

questions to ask when buying a land in Nigeria

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You need to know if the land has been surveyed and if so when. Surveyed land means essentially that the boundaries of the land have been mapped and documented so that the owner knows precisely what land is. The reason this is important is, you don’t want to be messing with someone else’s land when you’re buying.

You want to know exactly what land is yours, the last thing you want to do is buy land assuming that the boundaries that you originally thought were yours are not and that they’re someone else’s. See Your Guide to Survey Plans in Nigeria

9. Are there any known Environmental Defects or Issues with the Property

If there were any chemical spills oil spills or other pollutants on the property you want to know about it

10. Are there Any Public Utilities Around

If you plan to build a house or have some type of structure, you’re going to need access to electricity gas or running water. If there are public utilities around it makes it a lot easier to bring those services to your property and it also makes it a lot cheaper. if they’re very far away it could be very expensive to bring those types of services to the property that you own. Also, you need to consider the proximity to market place, shopping mall and so on.

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11. What is the Current Owner Using The Land For

If the current owner is using the property as a coal mine and you want to build a farm it’s probably not the right property for you.

12. What Are Your Neighbours Using Their Property For

If your neighbours are using the property for industrial use and you want a residential house on yours and you didn’t know that. You’re probably going to regret it because you’re going to have an industrial property next to you which could be pretty loud.

13. Are there any trails or Roads on the Property

This is beneficial to know because if it’s a large property you want to be able to commute and travel within it pretty easily. So if there are any trails and roads built in it it makes your job a lot easier if that’s already there.

14. Is it Secure

Things to Know Before Buying Land in Nigeria

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What is the news about the area? Is it safe now? What is the crime rate in the area? Is it somewhere you would still want to stay for 5 to 10 years? These are some of the things you need to know before buying land. It does not matter whether you are buying for commercial or residential purposes.

It would be foolish to be aware that a certain area is experiencing unrest and yet insist on buying land in that area with the expectancies of building your dream home there or not. The security of an area also adds importance to your property. No one wants to live in a neighbourhood where they would be able to rest at night or a place where they are not sure if their businesses would still be there the next morning.

15. Get The Necessary Documents When Buying A Land

Forgetting to obtain the necessary documents when purchasing land is a common mistake, often exploited by fraudsters. It’s critical to ensure the seller has the authority to sell the land and can provide proof of ownership. If they can’t, it’s a red flag, indicating a potential scam. Always secure all required documents to avoid future legal issues and disputes with land grabbers.

16.  Use a Reliable and Knowledgeable Real Estate Agent/ Realtor

I save the best for the last. This is the most important thing to consider before buying land to avoid land scams. A good real estate agent or realtor will advise and direct you on what to do and where to buy land in Nigeria for a good investment of your money.

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When is the Best Time to Buy?

The answer depends on your investment strategy:

  • Pre-Launch Prices: This is the earliest stage of pricing, often offered before a development project has even received full approvals or construction has begun. Developers use pre-launch prices to gauge interest, attract early investors, and generate capital. Think of it like an initial public offering (IPO) in the stock market – enticing investors with potentially lower prices during the early phase. Click Here to see Land on pre-launch

  • Promo Prices: Promotional prices are often time-bound offers designed to create a sense of urgency and drive quick sales. These incentives might include discounts, payment plan flexibility, or other perks. Similar to how stocks sometimes fluctuate due to market sentiment, promotional prices can be influenced by market trends. Click Here to see Land on Promo

  • Actual Price: The actual price, or market value, reflects the true worth of the property once it is fully developed and available for sale. This price is determined by factors like location, amenities, comparable sales in the area, and overall market conditions.

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Related Queries

  • questions to ask when buying a land in Nigeria
  • things to check before buying a land

Reference: Propertypro.ng

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