Buying and selling land in Nigeria has to be one of the oldest and longest commodities
transacted in Nigeria.
Land ownership once being viewed as one of the key yardsticks to measure wealth in the past
-although it isn’t used as much as a major tag of wealth. Its acquisition is still being pursued. As
more people are starting to recognize the opportunities from buying land in Nigeria.
Whether it is to fulfill the dream of building your dream home or going into the business of
property investment in Nigeria -which includes building properties for rent and properties
for sale.
Nevertheless, to take advantage of the opportunity in Nigeria’s property market land is
required.
Here are some tips on buying land in Nigeria and getting the feeling that you have gotten
value for your money.
❖ Location of the land
One of the feelings that immediately follow the desire to buy land in Nigeria is the area
where the land will be -in some situations the location or an area itself might inspire the feeling
to buy land entirely.
People interested in buying land in Lagos might have the desire to buy land in Lekki, or to
buy land in Ikeja on the mainland. Others might desire other locations within Lagos, or
similarly, the best places to get land in Ibadan as their target location.
One of the best approaches in choosing land is an area with a sizable potential for
developmental growth. Although, it’s said that land never depreciates. The value of land does
not appreciate at the same rate in all places, with developed areas appreciating more than less
developed areas.
❖ Understand your budget
It’s simple. We always try to plan and estimate what we might spend on any endeavor or task we
pick up. Budgeting should always be done when trying to buy land in Nigeria and
understanding your budget is just as important as following a guide in a new environment.
Moreso, your budget sometimes plays a role in selecting the location of the land. As some
individuals might just hold the desire to get land without any specific location in mind but a
budget to work with.
“A man looking to buy land in Lagos banana island, might have to change his
desired location to a place that might fit his budget more and be easier on his pocket.”
Furthermore, when planning your budget it should not be limited to just the cost of the land
alone as there are extra expenses that might seem to add a solid chunk to the total cost if not
considered within one’s budget.
❖ Land Size Desired
Land size is another factor that should be seriously considered when choosing land to buy, as
this influences heavily what options and opportunities you can tap from the land bought.
In a situation where the property development plan is to build multiple housing units within the
same location, a large area of land is needed and should be bought for the project. When buying
land the purpose of the purchase plays a role in determining the size being bought.
There are generally 3 terms used when classifying land sizes in Nigeria. They are;
● Plots
● Acres
● Hectares
Plot is a term used that doesn’t have any rigid measurement, in some places land for sale in
Nigeria can be home-listed on sites at 30m x 30m (900 sqm), 18m x 30m (540 sqm), and so on.
Buying a single plot of land in Lagos might sometimes have a measurement of 400 sqm.
An Acre is roughly the combined area of 6 plots of land. This is the standard usually used by
realtors and estate agencies selling land. An acre is roughly the same size as a football field, this
might make it easier to visualize.
Hectares is roughly two and a half acres of land (2 football fields and more) -and the largest
out of the three sizes listed.
Although, these are the generally accepted standards. Several real estate agents and land sellers
do not always sell to these measurements.
Buying land in Lagos, Abuja and locations that have the surroundings already developed will
usually offer less space than areas that are looking to develop.
There are various reasons for this, but one needs to know the accepted standard for sale is in
their preferred location. So they do not fall for general termed description when purchasing land
-expecting a certain measurement while getting one significantly less.
It’s also one of the reasons for the irregularity in room sizes when checking on apartments for
rent in Lagos, and other major cities in Nigeria.
.
❖ Purpose of Buying Land
One feeling that usually comes with the desire to buy land is what to use the land for. The
purpose of getting land in Nigeria heavily influences other decisions when purchasing land.
Home building, apartments for rent, houses for sale, short-lets, shop renting, space
letting, land sale. These are some of the uses of land in the real estate market in Nigeria -it can
be divided into commercial and residential uses for land.
Commercial purpose describes the land being bought mainly as an investment. There are
various opportunities when buying land for investment in Nigeria such as building a
structure for rent, providing you a stable flow in income while the land appreciates.
Residential land use has been practiced probably longer than any other land use. Even more so
now that more people desire to own houses for themselves. Becoming their landlord, having a
property to call yours when you aren’t working.
❖ Payments and Documentation
Payments and documentation can be described as the stamp and seal in the Nigerian property
market. Remember, just like how the land seller will emphasize payments to be made in full, you as the
buyer should lay a similar emphasis on the documents certifying the change in ownership being
complete.
When making a payment to buy the land of your choice, it is best to ensure proper
documentation of the transactions. In clearer words, it’s best to NOT PAY IN CASH. In a
situation involving dispute or fraud entirely, it’s safer to have a paper trail for the money spent.
Collecting all the documents signifying the change in ownership of land is important. This
doesn’t just show you as the legal owner of the property, but unless a seller can provide this
document and other government-approved documents from the town’s planning office it is best
not to continue with the transaction.
Let us remind you that these are just tips to help you when buying land in Nigeria. More
detailed research is required when committing.
Sometimes it might be hard to get land in the locations you desire, and even finding a location
that gives a similar feeling might prove to be a troublesome task if you aren’t used to the region.
Getting the sizes that satisfy your desires too is a delicate task.
Understanding that while budgeting is important and the fact that one might have to go slightly
over the budget sometimes is okay, not many people can gauge how much “slightly over the
budget” should be allowed.
Factors like location, proximity to the market, security, and amenities available in the area can
influence the use and even limit the uses of land.
With sometimes more than a few issues and great demands of attention, individuals and parties
are more comfortable selecting trusted and tested real estate agencies to take charge of the
entire process. This tasks the agency with finding the land that suits your taste is within your
budget and has complete legality
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