It is a known fact that Real Estate is one of the lucrative methods of investment to build long-term wealth for the now and the future. Getting started in Real Estate investment in Nigeria might be a bit risky, but worry not, this article will guide you on how to buy land, where to get the cheapest land, and how to go about land in Nigeria.
Factors to Consider When Buying a Land in Nigeria
Nevertheless, before you buy land in Nigeria, you must do extensive research. There are many factors to consider before buying land in Nigeria. The size of the land is one important factor. It should be large enough for your business or residence. The other factors to consider include its accessibility and proximity to a road, the best properties that are affordable that are within your means, and verifying the ownership of the land as well as the details of the property.
Location
If you want to invest in real estate in Nigeria, you should choose the city that has the highest rental income. This city has a high median and average ages. The average age of people in Lagos is 19. The country is also home to 75 million people who are between the ages of sixteen and 27 years old. These individuals are looking for a good place to live. In addition to owning property, you can lease it as well.
Government Rules
The Nigerian government has the power to regulate real estate. The country’s land is owned by state governments, but international law is not relevant here. There are no international laws that affect real estate in Nigeria. The most relevant laws are the ones pertaining to the country. There are also rules that govern the ownership of property in Nigeria. Once you purchase a property, it is possible to sell it at a high profit.
Land Acquisition
Once you have found suitable land for sale, you should meet the owner in person. It is important to ask the vendor about the ownership of the land. It may be inherited, purchased, or gifted by the owner. It may also be mortgaged or leased. You should conduct a physical inspection of the property. If there are restrictions, you must inquire about them before closing the deal. If all goes well, you may be able to strike a deal based on an informal agreement.
Agreement and Documentation
After you have decided on the price of the property, you must acquire the documents that will allow you to use it. Depending on your preferences, you will need a certificate of occupancy, a survey plan, a deed of assignment, and a power of attorney. Once you have these documents, it will be possible to purchase the land of your dreams. You will also need to check the availability of the land. Once you have all the necessary documents, it will be easier to negotiate a price.
Besides acquiring the legal documents, you should also pay for extra expenses related to the property. These costs may range anywhere from N100 to N300,000. Getting a survey plan and fencing are other major expenses. These can be costly, but they are required for your purchase of the property. They are essential in making a land purchase in Nigeria. In addition, you need to make sure that the land you are considering is available.
Advertisement
You should advertise your presence. Print advertisements, magazines and newspapers, and even radio and television will help you build a strong presence. The most effective way to start your business is with minimal cash. You can do this by purchasing handbills, advertising in newspapers, and even on the radio. You can even buy land on a very cheap budget. The key to success in Nigeria is to understand the dynamics of the market. The real estate industry in Nigeria is very lucrative, so you should make sure you invest in it.
Conclusion
In Nigeria, acquiring landed properties in Nigeria is a great choice you can ever make. Take that bold step of investing in real estate in Nigeria now and start the journey to your financial freedom.
Cynthia resides in Nigeria and he his an expert on all Nigerian topics. His interests includes but not limited to Technology News and Nigerian Musics. He has interviewed and studied several musician in Nigeria.