You are considering purchasing a piece of land in Nigeria, but don’t know if you should go ahead with the purchase. While the Nigerian market is growing rapidly, there are some important things to know before buying land in lagos. We have 5 questions here to ask yourself before buying land in Nigeria. Find out what they are!
We highlighted 5 things to know before buying a land in Lagos or other parts of Nigeria.
Location
one of the things to know before buying a land in Lagos is the location. The location is perfect when considering the kind of property one wants to build on the land as not all locations are fit for the particular purpose one wants to build a property for.
Also the price as well varies according to location, the price of a land in ibeju-lekki is quite different from the price in Ikeja. The potential growth of a particular location also varies too. One would want to acquire a land in a place that tends to appreciate faster over time, hence why people are looking at investing heavily in Ibeju-Lekki and Epe because it is said to be the future of Lagos state.
Purpose of Buying:
Before buying a land in Lagos, one needs to have an idea the purpose one wants to acquire the land for before buying the land if it’s for residential or commercial purpose.
I) Commercial: This means buying land for investment purposes such as setting businesses, building factories etc. The major aim of this purpose is majorly to make money and expand ones source of income.
ii) Residential: Buying land to build houses for one to live or for tenants to live in is one of the things to know when buying a land in lagos as regards the purpose of buying land. One can decide to a dream home and become a landlord to avoid paying rent for a time period.
Accessibility
Another thing to know before buying land is accessibility to basic amenities. Proximity matters a lot before buying in land in lagos or other parts of Nigeria for whatever purpose one wants to buy land for. Proximity to the market is very important either one is building the property for tenants or for shop owners for them to get essentials. Also accessibility to social amenities such as regular power supply, water, hospitals, road etc are very essential for people living or doing business in the said location. These are one of the things to consider when buying land in lagos.
Budget
Budget is one of the most important things one need to know before buying a land in lagos or other parts of Nigeria. Prices of land varies in different locations, it also varies with land type(either dry or wet land). Also when having a budget in mind, one need to consider other charges such as survey plan fee, developmental fee, legal fee etc. Also the title attached to a land determines how much a land will be worth.
Land Size
Undertanding the sizes of land and what they are called should be the first and foremost thing one should consider when buying a land in lagos.
*Plot is the term used to.measure a marked piece of land for any purpose. it is usually calculated in 50X100ft.
* Acre is bigger than a plot, it is approximately about 6 plots of land put together. the standard size of an acre is 43,560 sqm which is the size of 6 plots of land measured by 60X120ft.
* Hectare is the largest size of land. it has a measurement of 10000sqm. it consists of about 2 and half acres or 15plots of land. It also varies in different cities too.
Conclusion
Lagos is the economic hub of Nigeria and there are several prospects Lagos has to grow the economy further which means spreading to other under developed parts of the state. If you are trying to buy land in Lagos, I would recommend taking some time to visit the location first if possible so that you can see what it’s like before making a purchase and take into consideration the things to know before buying a land in Lagos or other parts of Nigeria as highlighted above.
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