Things to look out for before buying land in Nigeria

Purchasing land is a wise financial move, but doing it in Nigeria may be somewhat challenging. To ensure that the investment is profitable, there are a few things to watch out for. Here are some pointers for buying land.

1. Location

The most important factor to take into account while purchasing land in Nigeria is location. This serves as the basis for additional items you should verify. Because land in developed areas is more expensive than land in developing areas, a property’s location will determine its future worth.

When purchasing land, location is also important to take into account because it determines whether or not the area is quickly becoming developed. Nobody wants to purchase land in an area that is developing slowly.

Do not buy land with no potential for profit if you’re investing. If your goal is to start a business, avoid buying land that is totally cut off from potential customers. Don’t purchase land you can’t build on if you want to build a house.

2. Neighbourhood 

You should consider your neighbours before purchasing land in Nigeria.

This is a common mistake people make while buying land. The neighborhood will determine how quickly the place develops and how much the land will increase in value.

Before buying land in a neighbourhood, you should try to look five to ten years ahead and see what that neighbourhood will become.

To determine whether an area will grow quickly, find out if any major government or private projects are underway or have already begun to operate.

When a government or individual decides to build a notable landmark, such as a factory or university, next to your land, the value of that land will automatically increase.

For this reason, you should carefully consider this before purchasing land. Additionally, this will help you determine whether you can handle the development in the area when the time comes for those who need to purchase and build residential homes, but if you are purchasing to resell, then the development will be a big plus.

3. Availability

You may argue that this is unimportant, but if the land you bought is inaccessible and you must ask your neighbour to allow you access, you will understand how crucial looking out for the available of access road to the land you want to buy is.

Before purchasing land, always confirm that the location has a good road system.

4. Security

Before purchasing land, you should ascertain the level of security in the neighbourhood.Check to verify if the government given the region enough security.

Additionally, investigate if the community can address security issues on its own.

You can also inquire with others who are already in the region about whether it is a tranquil place free from harassment from hoodlums. It is imperative that security be taken into account while buying land.

5. Zoning

Understanding the zoning permits in the area you are attempting to purchase land from is crucial since it will let you know what the government’s plans are for that particular area.

Construction of a factory is prohibited in areas designated by the government for residential buildings. To avoid future problems with the authorities, you should be aware of this.

Be aware of the type of building that the local government has permitted, even if the location is intended for residential construction. Building a skyscraper in a location where the government has instructed building of bungalows alone will cause you problems with the authorities.

6. Soil composition and quality

The soil quality and composition will tell you what kind of extra cash you will need to buy the land.

It will inform you whether any land filling is required. The price of building a foundation and the quantity of earthworks necessary are determined by the quality of the soil

7. Size

Additionally, you should confirm that the land’s measurements match those stated by the owner.

Make sure you confirm, don’t assume it’s only one plot because the owner says so. It is preferable that you did and are certain of what you are purchasing, even though it will cost you money.

Hiring a surveyor to measure the land us the best way to accomplish this.

8. Legal Documents

Once you have reviewed the aforementioned list, the next item you ought to look at is the land’s legal documentation, which includes the land’s title.

Make sure the land you intend to purchase is actually registered before making any purchases.

Many people believe that the Certificate of Occupancy, or C of O, is the best document to look for. However, this is not ideal since in Nigeria, land that has a certificate of origin (C of O) has a 100-year usage limit before returning to the government.

Hence, if the land you intend to purchase has already been occupied for thirty years, you will only have seventy years to occupy it.

The Gazette, Excision, Deed of Assignment, and Survey Plan are the primary documents to look for.

With the use of these documents, you will be able to determine whether the land is free or subject to government acquisition as well as what uses are permitted for it.

However, you are still able to purchase land and register it yourself as long as you are purchasing it from a legitimate owner.

9. Price Of Land

The price of the land is the last thing to ask after you must have gone through the other stages.

For instance, the price of land with a C of O cannot ever be the same as that of land without a title. The owner will undoubtedly add these costs to the land’s price because obtaining each of these titles comes with a price.

The land’s location and characteristics also have a significant impact on the land’s pricing. Therefore, you can use this information to determine whether or not the landowner is overpricing it.

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