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

Things to Know Before Buying Land in Nigeria

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 really want to know what you want to use the land for before you actually buy it.  It can be for farming, residential or even land banking. Land banking is simply buying land at a cheap price, then selling it when the price goes up.

 

2. Budget

 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 the cost of land in Imo. Lagos land is considered to be more expensive than Enugu land.

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 legal fees, agency fees, the cost of putting up a fence in order to secure your land after purchase; and also the cost of getting all the required documents such as Certificate of Occupancy (C of O), Governor’s consent and so on.

 

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, it is important you 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 a piece of evidence that can be used in court unlike when you pay cash.

There are no particular ways to really determine a fraudster by his/her skin colour or face or even relationship. A Fraudster is s 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.

It is not uncommon to see people in court with cases of relations duping them over a sale of land. It is crucial to consider this when buying land for investment or any other purpose in order 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 the money in bulk.

 

5. Location

Definitely, 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 definitely be different from that of a 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’ time. Inasmuch as land does not depreciate, having a strategic location would increase your chances of making more value on future sales.

Localman