admin Introduction
The process of land acquisition can be enjoyable or frustrating when you are not having the right information and knowledge to understand the process. However, searching for the right property comes with different considerations having in mind that land is immobile. The choices you make when acquiring a land will directly or indirectly affect the appreciation of your property. 5 factors to consider when acquiring a land are listed below:
- Title
In real estate sales transactions, documentation has been proven to be one of the key aspects for buyers in Nigeria. Land titles have remained a significant contributing factor to this bottle neck for years without end. The Nigerian legal system has seen an enormous number of cases on land disputes and fraud committed through manipulation of Land title documentation. We have identified that one of major contributing factors when acquiring a land is ignorance and not enough awareness on what constitutes proper and valid documentation in Nigeria.
Our goals at LEADWAY PROPERTY is to make your property acquisition journey easier and in this article we have provided some information on land ownership documentations within the Nigerian context.
When you are acquiring property, it is important to know the history of that piece of land and the title associated with the land. Knowing these will help your process of land acquisition smooth and enjoyable with less stress. Some of the titles are listed below:
- Certificate of Occupancy (C of O)
- Governor’s Consent
- Deed of Assignment
- Registered Survey Plan
- Deed of Mortgage
- Contract of Sale, Letter of Allocation, and Receipts of Payment
2. Accessibility
How easy it is to get to the land.
Transport links: What kind of transport links are available and how far away do they have to be from your property? If you’re buying a rural property, this will be particularly important as there may not be any public transport services in the area or even nearby.
Access roads: Is there a good network of local roads that allow access to your land? Are these busy enough so that you can’t use them for long periods at a time (e.g., if you live near an airport)
In fact when you are acquiring a land, one of the most important factors to consider is accessibility. How easy is it to get there? Is it close enough to where you live? Is it far enough away that you’ll want to buy something else? If you want a place where you can easily relax and enjoy the outdoors, then look for a land that’s close by. If you’re looking for somewhere that’s not too far from home, but still offers plenty of fun activities, consider looking at properties farther away from your current location.
3. Location
It is important that you consider the geographical location of the land you want to purchase. This is important for the value of the land.
Considering a perfect location when getting a plot of land also entails that you check out the growth of the area. Make as much research as possible concerning the land. If you aim at getting land in a rural area due to the cost, check out what the growth of such an area will be in10 or 15 years’ time.
Location is a critical factor in determining the value of land, how easy it will be to buy and develop, how much you can build on the land and what rental income you can earn. The best areas for investment are those which have good infrastructure such as roads, electricity supply and water supply. These factors make it easier for investors who want to develop their properties into apartments or villas by building extra floors above ground level.
4. Neighbours and Proximity to Infrastructures
When purchasing land, it’s important to consider its Neighbourhood. You want to make sure that your new residence is located near schools, stores, or other amenities so that your children will have easy access to their friends and teachers. However, if this isn’t possible due to zoning restrictions or other reasons, then location shouldn’t be as high on your list of priorities when choosing where to live!
Many people make this error while purchasing land. The landmarks in that neighborhood determine how quickly an area develops and the value of the land.
Check to see if any important government or private projects are now underway or have already begun to operate, as this will indicate how quickly the area will expand.
If you can discover world-class landmarks in any neighborhood, whether they are operational or under development, you are fine to go.
5. Size and configuration
You should also examine to see if the size of the land conforms to what the owner claims.
The only way to do this is to hire a surveyor to come out and survey the area and take accurate measurements.
Do not simply assume that because the owner says it is one plot that it is one plot; instead, confirm. Even though it will cost you money, it is preferable that you do it and are certain of what you are getting.
The size and configuration of your property is critical to its success. It’s important that you have enough room for your home, other buildings, and landscaping. As well as making sure that the land is rectangular or square shaped (not too narrow nor too wide). It should also be flat with no slope in it.
You need to consider these five key points before you buy land.
Buying land is a big decision and it’s important to do your due diligence before you make an investment. We’ve covered the 5 factors to consider when acquiring a land, but these tips are just the tip of the iceberg. There are many more factors that come into like whether or if there are any restrictions on who can live there.
