•What City People Found Out
Buying land in Nigeria especially in Lagos can be a difficult decision. Ibeju-Lekki, Ajah axis are the hub of real estate in Nigeria, presently. Almost everybody, directly, indirectly, has one or two links to that axis. It’s gradually becoming the destination for investors, as big factories like Dangote refinery, and many others set to commence operation in the axis.
The price of land in the axis has gone up over a period of time, and more and more people who are willing to invest in the axis either in land or other related business now consider Ibeju-Lekki as number 1 location. There are different types of land with unique differences in Ibeju axis. This week, City People will be telling you 10 things to consider before buying land in Ibeju-Lekki axis.
The first consideration to any investor now is documents of the land: A lot of investors prefer a land with a genuine document and title. A title like C of O, Excision, Governor Consent and the rest. The other documents to check for include the Survey Plan, Deed of Assignment, Excision and Gazette.
This will help you to know if the land is under government acquisition or Free. You will also know what the land can be used for with the help of these documents.
If you are considering buying property in Ibeju Lekki axis, the titles mentioned above should be asked for.
So most times it is not always about the land documents alone that you need to check before buying land; there are a lot more and that is what I will be revealing to you below.
Location: Location is the number one thing to consider when buying land in Nigeria, not just Ibeju axis. This is the foundation for other things you need to check. Another reason to consider location when buying land is that you need to consider if the location of the land is fast attracting development.
A lot of real estate firms now buy land in bulk and resell it to either investors or customers.Â
So the location will determine what value the land will be in the future because land in a developed area will cost more than land in a developing area. And land with an ocean view as feature will also cost more in the future. A good example of such land is Banana Island Estate, Atlantic City in Victoria Island, Lagos, etc.Â
Neighborhood and Landmarks: Yes, you need to check who are going to be your Neighbors before buying land in Nigeria.
A lot of people make this mistake before buying land. The landmarks in that neighbourhood are the key to how fast an area will develop and the value the land will appreciate it. You should try and look 5 – 10 years into that Neighborhood and see what that area will become before buying land there.
You should also check to see if there is any notable Government or Private project going on or already started to operate, as this will tell you if the area will develop fast.
For example, if the government or an individual decides to build a notable landmark project like factory or university beside your land, the value of that land will automatically go up.
That’s why you need to take this into serious consideration before you buying land.
Seaside Estate Ibeju-Lekki: Another thing why you need to put this into consideration is to also help you check if at all you can cope with the development in the area when it finally comes for those who need to buy and build a residential home but if you are buying to resell then the development is going to be a big plus. Let’s now tell you that, in Ibeju Lekki now, land with ocean view has a lot of potential and attractions to investors or customers. In Ibeju Lekki, it’s a known fact that the sea port will be built there and that will create more activities and that will directly or indirectly boost real estate business.
Environment: Checking the environment will help to know the land you want to use for housing purpose is safe to live, as you don’t want to live in a polluted environment.
You need to consider the environment where the land is located and know how it is currently affecting those living there presently to guaranty your safety while living there.
Make sure there are no toxic substances in the area, like refuge disposals, the poisonous smell from farms etc.
Also, make sure that the area you are considering buying land does not experience seasonal flooding.
Accessibility: You might be saying that this is not important, but you will know how important to check if the land you bought is not accessible and you now have to beg your neighbour before you can access your land.
Always make sure that the area has a good road network and accessible before buying land. Security: You need to know how to secure the area you are planning on buying land into before buying land there. 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.
You can also ask people leaving around there to know if the area is peaceful and does not get harassment from gobblers and hoodlums.
Security is a vital issue and must be considered when buying land.
Zoning Restrictions: It is important to know the zoning permits of the area you are trying to buy land, as this will help you to know what government plan for that area is. You will not be allowed to build a factory where the government has already marked for residential building. You need to know this so you do not have issues with the government in the future.
Even if the area is for residential building, know the kind of building the government permits for the area.
Building a skyscraper in an area where the government says build bungalow is going to make you have issues with the government.
Size of the Land: You need to also check to know if the size of the land corresponds with what the owner says it is.
The only way to do this is to get a surveyor who will come and survey the land and get the actual measurement.
Do not just assume because the owner says it’s one plot that it is one plot, make sure you confirm. Even though it will cost you money but it is better you did and be sure of what you are buying.
Price Of Land: I decided to leave this till you have checked to confirm other things we listed above first as they will determine what the price of the land should be. For example Land without any title can never be priced the same as Land with C of O, because each of these titles cost money to get, therefore the owner will add these expenses to the cost of the land.
– ISAAC ABIMBADE
