What you must know before buying a land in Nigeria.
Buying landed property in Nigeria comes with a lot of hassle if you do not know what to look out for. Owning a land is considered to be one of the most lucrative, low-risk, and long-term investments that should consider.
Landed property is a real estate term used to describe a piece of land that is owned and retained by a person, either for use or to generate interest.
The risks that come with purchasing a land can’t be overlooked, so here are the things you need to know before paying for that land.
Budget:
This is the first thing you should consider when taking steps to acquire landed property in Nigeria. Your budget helps you narrow your search to a vicinity that you can easily afford, as the price of a land solely depends on the level of development that has reached the neighborhood.
Although, if you are buying from a real estate company, you might want to ask if they allow payment in installments because this might help you in your budget decisions.
Also, other expenses come up even after you have fully paid for the land, and you have to be prepared for these expenses. These include payments for documentation such as:
Developmental fees
Land use charge
Security fee.
So, first, know your budget; it will guide you in making the decision that best suits your pocket.
Location:
The location that a property is situated is a very important factor to consider and should not be underestimated.
Location is what determines how fast the land will appreciate in the nearest future. The price and the location of a property cannot be separated.
If a land is located in a neighborhood where highly ranked brands or companies are already situated, development will reach the location faster, and such lands are a perfect investment.
Also, you have to consider the purpose for which you are buying the land when looking at the location. You need to find out if the property is located in a residential or industrial area to determine if it fits into the purpose for which you are buying it. Understand the nature of the property.
To understand the nature of the property, these are some of the things you might want to look out for:
Security:
Is the land in a well-secured environment? If you plan to build and live on the property, then you should carefully assess the security system available in the environment.
Check if there are security agents nearby, if the community has local security guards in place, and also check if other people are living nearby.
Accessibility:
Bad roads will make the land difficult to access. A good road network will guarantee easy access to the property. You should consider how you will connect to the land from major roads.
Neighborhood and landmarks:
The major places in the neighborhood play a huge role in the appreciation of the property, most importantly, for a property situated in the developing areas that you are considering buying and keeping for a long-term investment. Whether the property will appreciate in 10 years or never, depends on the important factors in the neighborhood.
Verify who the seller is:
Always keep some questions in mind to ask the seller of the land you are about to buy, especially if you are buying it from an individual. You should know…
Who owns the property
Who is selling it?...
Is it a family land? If it is, who are the people who need to be involved in the sales decision? And every other question you can
think of that will prove to you that you are buying from a direct and right source.
Verify the size of the land:
This is the next thing that you should do once you are satisfied with the results from the previous steps. Of course, this is probably not something that you can do on your own. You will need the help of a surveyor.
There are various sizes of land, hence you need to be sure that you are given the exact measurement size that you are about to pay for.
Lands come in the sizes of Hectares, Acres, and plots. If you are not familiar with these land types/sizes you need to get your surveyor.
Verify that it’s not a government-acquired property:
Before going ahead to make any payment for the property, confirm that it is not one of the properties that have been claimed by the government and that it is not sited on the state government land plans.
You should do what we call a “search” on the property. The Lagos State Bureau of lands is responsible for all land issues in Lagos State. You can verify where to get this information in your location.
Make payment and collect the documents:
Be sure that you are paying the right person, and you shouldn't pay in cash.
Payments made in cash cannot be proved and are untraceable. Landed property investment is a high-risk venture, so be sure to take all the necessary precautions.
Next, collect all the necessary documents, confirm that you are given all the documents needed to claim the ownership of the property, and verify their originality. To verify and make a change of ownership on the property, visit
This is important, especially for those who do not reside in the vicinity of the newly purchased property. For those who live outside of the state or the country, you need to have someone overseeing the property in your absence. Contact a trusted realtor for this.
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