There are many things that stand out as a red flag when purchasing vacant land anywhere but most especially in Lagos, Nigeria. Whatever your reasons may be different be – residential or future investment, it is important that one understands certain terms and processes alike.
Here is what you should look out for;
Is the land buildable?
Buildable is expressed or understood differently by many. But what it is, is to describe the characteristics of the land. Not all landowners like slopy land and low acreage. Is it okay to build a certain type of residential structure on such a slope?
To put simply, a land or property with visible permits like secure land titles is a good sign and you want to make sure that it won’t spend more to prepare, i.e. sand-fill before the proper building development itself.
Landmarks around Location
Of course, locations are just as important as any other things to watch out for. If your residence is within a 10-mile radius of popular landmarks and resources like open parks, malls, local schools, medical facilities, jobs then you have found yourself a good location.
And if your building is a commercial one then you can expect a very attractive return on investment.
No one wants to be recipient of industrial pollution or un-foreseen environmental hazards. It is necessary to find out if an environmental study or check has been carried out about chemical storage leaks and contaminated water or soil.
Who are your Neighbors?
Knowing who your neighbours are or will be is crucial when it comes to buying vacant land in Nigeria, especially in Lagos. No matter how vast your land is, your surrounding neighbourhood determines how much value can be placed on your property. If their properties are low valued so will yours and vice versa.
Utilities to be provided
Are you providing these utilities yourself ? – borehole, telecommunications, sewage tanks, interlocks, light, security, etc. In most cases, these things are provided in an estate owned by a real estate developing company but the same can’t be said when you buy from a community. It is better to be well informed when buying from either parties so that you do not regret any decision.
With the pandemic in place, things just might be too costly for a person to embark on without good finances.
So before making a purchase it is advised to go to a recognized, trustworthy, reliable company to help guide you through the process of making the
best right decision.
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