"Check C of O": 3 Important Things To Consider Before Buying a Parcel of Land in Nigeria
Landed property is one way people invest their money, hoping to resell it at a profit in the future. Depending on where it is sited, land usually appreciates in value over time. This makes it a tempting investment for many people.
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Apart from investment, people also buy land with the aim of building their own houses, factories, or other business purposes. Some also build houses on their own for rent to tenants.
There are many things to put into consider before paying for a parcel of land, no matter what it is to be used for.
Legit.ng has listed three important things to consider while looking for a parcel of land to buy in Nigeria.
1. Check title document before buying a land in Nigeria
The first thing to know is that one should not buy land without proper documentation, as this could backfire. Ignoring documentation is one mistake people make, according to King For Homes, a real estate website.
This means the owner of the land is known legally, and there are documents to back up the claim of ownership.
Even if it is claimed to be a family land, there should be a document clearly stating the ownership.
Bright Ogbonna, a real estate expert at Lujo Heights Homes, said this is to avoid falling prey to fraudsters.
His words:
You have to ensure that the land has proper legal title documentation such as C Of O, survey plan, deed of conveyance or contract of sales as the case may be."
2. Site inspection before buying land in Nigeria
Another important thing to consider before acquiring a parcel of land in Nigeria is to inspect the location.
This is to ensure that the location is good and aligns with one's purpose of buying the land.
Site inspection also helps the prospective buyer assess the location and determine whether basic amenities are available in the area.
According to Kemsan Acres Global Limited, a real estate website, things to look out for during site inspection include electricity, water, and good roads.
Commenting on this, Bright said:
"A prospective buyer should do a physical inspection to ascertain the topography, soil quality, drainage system, proximity to basic amenities such as schools, hospitals, companies and utilities like water and electricity in case of a house."
3. Know the land use regulations before buying a parcel of land
Before buying a parcel of land in Nigeria, one should also make sure that whatever one wants to use it for is legally permissible.
This means knowing the laws regulating land in the particular state or location where the property is sited.
According to Bright, this is to ensure that one is not denied use of the land after purchase due to government regulations.
His words:
"Acquaint yourself with the land use regulations and zoning laws in the state you want to buy in. Make sure the land is designated for the type of development you have in mind and that there are no encumbrances and restrictions that could restrict or terminate your plans."
In conclusion, investing in land is one way of increasing one's income or owning a home if one wants to build a house.
However, this must be done with a high level of discretion and with expert advice to avoid being defrauded.
Man shows off N5 million house
Earlier, Legit.ng reported that a construction worker had sparked a debate online after showing off a fine two-bedroom bungalow.
While sharing the photo via Twitter, he asked netizens to give him only N5 million to build it for them.
However, some people have argued that N5 million may not be able to build such a house.
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Source: Legit.ng
