Before purchasing land through any realtor, it’s important that you ask brilliant questions. The more intelligent questions you are able to ask, the harder it becomes for anyone to sell fake properties to you. This is because like a pack of cards, they will stagger and fall once they know that you are knowledgeable about the real estate market. To ensure you make no real estate investment mistakes you will live to regret, here are the top 7 questions you should ask before purchasing any land anywhere in Nigeria:
1 — How reliable is the realtor and real estate company? Last week, I told you that an unreliable realtor is the worst person to patronize because all they care about is their sales commission. If the realtor is not reliable, chances are, they will sell a land in dispute to you just to get their commission. Investigate the realtor and the real estate company. If you are lucky to work with a good realtor, he or she will save you the stress of investigating the company because they must have done that.
2 — What’s the land title? The title of the land is what determines how authentic the property is. Properties with C of O or Governor’s Consent are generally more expensive and trusted. Just because a property has only deed of assignment and registered survey plan as its title (not really a title) doesn’t mean that the land is not genuine. With these two documents, you are a few steps to getting your C of O.
3 — What’s the actual size of a plot? Different states and regions use different land sizes and measurements as their standard land size. I’ve bought land with measurements like 464sqm, 500sqm and even 600sqm. The land size will help you to know how much of a good deal the land is. It can also help you know if it will fit into what you desire to do with the piece of land.
4 — What is the exact location of the land? Knowing where the land is located is important. Ask for the name of the community, the nearby landmarks and everything in between. You can run a background check on the community to know if it’s a place you would like to build your wealth in. Otherwise, you can sell off the land and not develop it.
5 — Are there hidden fees I need to know? Ask questions o. A few months back, I bought a native land somewhere (name withheld). Nobody told me that there are other fees to pay until I was done making payment. When it was time to take possession, that was when I started hearing about other charges almost more than half of what I paid. Funnily enough, most real estate companies are never upfront about other charges. The only extra charge you should prepare for is called the development fee. The development fee is charged based on the current value of building materials. Most developers don’t charge for it immediately.
6 — How close is the land to the main road? The closer the land is to the road, the faster it will appreciate. If you are lucky to find one, jump on it immediately. A typical example is the land of 3.9M in Karshi (opposite Ruby Estate) Abuja I spoke to you about another one is Ile Ileri Scheme in Igbodu Epe Lagos close to the Lagos University of Education . That’s one of the best deals you can find online. If for any reason the land is not close to the main road, the real estate company must be willing to pave a pathway to make it easily accessible.
7 — What is the land use plan (land zoning) of this estate? Governors and the FCT Minister will continue to demolish houses, schools and recreational centers built in locations outside their zoning plans .Before you purchase any land, ask what the land use plan of the estate or region is.It’s a risk to build a residential house in an estate designated for agricultural use. If the land is designated for industrial use, resist the temptation to build your residential house there. Failure to listen, then be ready to lose your investment. Whether you want to get a property in Lagos,Ondo,Oyo, Imo State, Rivers State or Delta State Follow this trend updates