Here are the 7 things you need to know before buying a land in Lagos.
What is Your Budget?
If you don’t have enough money, you can’t buy land. Hence, budgeting is important. Most importantly, a budget serves as a guide. Your funds will be better utilized if you do it this way. There is more to buying land than having the desire; the major question is whether you have the budget to afford it? No matter how much money you might have saved for the land purchase, it is always essential to research the cost of buying a land, including any additional expenses.
Know What You Want Before You Start Searching
It may seem basic, but it is an important thing to do! Have a realistic set of expectations. How would you like the land to look, and where would you like it located? Decide what you want from the land before you proceed.
Purchasing a Land naturally involves considering its location. Inevitably, land location is extremely important. Land prices are usually affected by the location. You should also take into consideration your primary reason for purchasing the land. Are you using it for commercial or for domestic purposes? Does the land have a strategic location? How much potential growth does the land have?
Size of The Land
It is important to understand the sizes and measurements of different types of land. Making an informed decision about the purchase of the land will require knowledge of these factors. In Lagos State, the standard size of a plot is 60 x 120ft ( 18m x 36m ie 648sqm), while in some other cities of the country, plots are measured in 50 x100ft. However, some properties in Lagos sell a plot at 500 to 600sqm and a half plot at 300sqm. The reason most estates sell a plot lower than 648sqm is to have set back which aids in the estate planning.
Proximity to basic amenities
It is also important to consider whether the land is close to basic amenities such as markets, shopping centres, cinemas, and many other entertainment options. The serenity of the land should also be considered before buying it. If the land is for commercial use, consider its proximity to your target market, as well as its proximity to your raw material suppliers.
Mode of Payment
Now, this is a critical thing! Please note that you MUST pay attention to the mode of payment before buying a land. It is due to the fact that many people have been duped through this process. NEVER PAY WITH CASH! Instead of paying in cash, and possibly losing your hard-earned money to fraudsters, it’s better to pay with a check or bank transfer. This way you can easily track your payments made when buying a land from any agent in case things don’t go as planned.
Get All the Required Documents
Before buying a land, it is very IMPORTANT to collect, as well as read through the documents. Purchasing land without the required documentation to show that you are the rightful owner is a disaster. DO NOT MAKE SUCH A MISTAKE! Before buying a land or engaging in any transaction, make sure the seller can provide proof of ownership. If a seller cannot provide enough proof, it is a red flag, hence, pull out from such transaction. Perhaps he/she does not have the right to transfer the property.