Basic Information You Should Have Before Buying A Land
Shelter
is a basic neccessity of life and most individuals. want to own their
private homes, which has made omo-oniles and land speculators to trick
them at the expense of their hard earned money.
Land is measured in Hectares,Acres,Metres and Feet in Nigeria. These measurements differs.
A standard plot can be described as a marked out piece of land used for building and framing. The size of a plot differs, we have 100 x50feet, 100 x 100ft and 120 x 60feet.
An Hectare is a metric unit which prospective buyers and even estate developers tends to get and its measurements is 100m x 100m(328ft x 328 ft)
An acre is a unit of measurement for land sellers which gives 4,046sqm or 43,560sqft.
There are many hidden secrets when purchasing a land, i will talk about them.
They are as listed below:
1.The Land Location
The land location has a long way to play in helping you to plan. It will also help the buyer to have a cost in mind and this will also determine the minimum size or lot needed for the building. The choice of location will determine what is important to the buyer depending on his status. A land buyer will want to get the best value for his money and also the best return on investment. You also have to consider the potential growth in investment in that area.
Developed lands are properties that have basic amenities like roads and buildings close to them while underdeveloped lands are properties that do not have these amenities. Note that the cost of developing an underdeveloped property is higher than the cost of the former. Your priorities and budget determines your land type.
Choose your land location wisely.
2.Make Proper Research
Land purchase in a hurry must be avoided. Land visits and investigation must be done before investing your hard earned money.
The following quesions will help you.
a. Who is the owner of the land?
b. Who is selling the land?
c. Whose name appears in the documents? Is the current or previous owner?
d. What are the current liabilities on the land?
To avoid losing your hard earned money get a professional and buy only when you are fully satisfied with the documentation and other things. Make sure you conduct a "search" on the land. "Search" is a process where you verify from the state government if the land in question is within government acquired land or not or whether there are any pending litigation or other issues on the property.
3. Make Payment and Get the Right Documents
Pay the amount of the land to the landowner and collect the
a. Puchase Receipt
b. The Contract of Sales
c. The building plan if available
d. Originals of other relevant documents in possesion of the previous owner.
4. Get your Certificate of Occupancy(c of o)
Land is cheaper in rural areas compared to urban areas and appreciates overtime. Whenever you buy land from the original landowners you can later apply for a c of o from the state government to make it official and later get a Governor's consent for it which is the best.
5. Get a Land within Your Budget
After carrying out all the necessary investigations propespective land buyers should have adequate money to pay cash for the land, because loans are not easy to get and may multiply the things in the process of land purchase.
Even if the land owner will take installmental payment the land will be more expensive and may consume time and energy, why not save reasonable amount and get your own land.
6. Costs of Building
When the type of land to be purchased has been known, and all necessary investigations done, next you have to consider the cost of developing it because the ability to determine the amount needed to develop the land will determine if you will invest in it or not.
It is advisable to buy a piece of land that you can develop rather than investing in one which you may find difficult to
build on.
Always consult a BUILDER in this case.
Happy land purchase.
Land is measured in Hectares,Acres,Metres and Feet in Nigeria. These measurements differs.
A standard plot can be described as a marked out piece of land used for building and framing. The size of a plot differs, we have 100 x50feet, 100 x 100ft and 120 x 60feet.
An Hectare is a metric unit which prospective buyers and even estate developers tends to get and its measurements is 100m x 100m(328ft x 328 ft)
An acre is a unit of measurement for land sellers which gives 4,046sqm or 43,560sqft.
There are many hidden secrets when purchasing a land, i will talk about them.
They are as listed below:
1.The Land Location
The land location has a long way to play in helping you to plan. It will also help the buyer to have a cost in mind and this will also determine the minimum size or lot needed for the building. The choice of location will determine what is important to the buyer depending on his status. A land buyer will want to get the best value for his money and also the best return on investment. You also have to consider the potential growth in investment in that area.
Developed lands are properties that have basic amenities like roads and buildings close to them while underdeveloped lands are properties that do not have these amenities. Note that the cost of developing an underdeveloped property is higher than the cost of the former. Your priorities and budget determines your land type.
Choose your land location wisely.
2.Make Proper Research
Land purchase in a hurry must be avoided. Land visits and investigation must be done before investing your hard earned money.
The following quesions will help you.
a. Who is the owner of the land?
b. Who is selling the land?
c. Whose name appears in the documents? Is the current or previous owner?
d. What are the current liabilities on the land?
To avoid losing your hard earned money get a professional and buy only when you are fully satisfied with the documentation and other things. Make sure you conduct a "search" on the land. "Search" is a process where you verify from the state government if the land in question is within government acquired land or not or whether there are any pending litigation or other issues on the property.
3. Make Payment and Get the Right Documents
Pay the amount of the land to the landowner and collect the
a. Puchase Receipt
b. The Contract of Sales
c. The building plan if available
d. Originals of other relevant documents in possesion of the previous owner.
4. Get your Certificate of Occupancy(c of o)
Land is cheaper in rural areas compared to urban areas and appreciates overtime. Whenever you buy land from the original landowners you can later apply for a c of o from the state government to make it official and later get a Governor's consent for it which is the best.
5. Get a Land within Your Budget
After carrying out all the necessary investigations propespective land buyers should have adequate money to pay cash for the land, because loans are not easy to get and may multiply the things in the process of land purchase.
Even if the land owner will take installmental payment the land will be more expensive and may consume time and energy, why not save reasonable amount and get your own land.
6. Costs of Building
When the type of land to be purchased has been known, and all necessary investigations done, next you have to consider the cost of developing it because the ability to determine the amount needed to develop the land will determine if you will invest in it or not.
It is advisable to buy a piece of land that you can develop rather than investing in one which you may find difficult to
build on.
Always consult a BUILDER in this case.
Happy land purchase.
No comments: