Finding the right landed property for you (especially in Nigeria) is a journey that could take some time, especially if you do not know what you are looking for. Apart from land specifications, there are other factors involved in choosing the best property. This article is here to help you figure out where to start, qualities to look out for, and to bring you closer to purchasing the land of your dreams.
Price
It is important to set a price range. Having a solid budget will help you streamline your search. A myriad of factors affect the price of a property. These include topography, location and title. We will cover these factors further in this article.
Title
There are different land titles in Nigeria. These include Certificate of Occupancy, Governors Consent, Excision, Gazette etc. It is important that the real estate company or individual vendor you are choosing to purchase from has a legal and valid title for the property in order to avoid legal disputes further in the future. It is important to note that some titles are stronger than others; for example, C of O and Governor’s Consent are the highest title levels in Nigeria. Furthermore, the higher the title level, the more expensive the property is likely to be.
Topography
The major factor affecting topography in Nigerian properties is the dryness of the land. A property being dry means that there will be less money spent on preparing the land for building. Meanwhile for wetland, special foundation allocations need to be made in order to build a property that will last. This is one of the factors that people make the most trade-offs on. This is because in some cities, there are more wetlands in desirable locations than dry lands.
Location
There are a few factors to look out for when considering the location of a prospective purchase. Firstly, the purpose of the property will determine the prospective location. If you are looking for a long term investment for the purpose of eventual resale or development, you can go for a property in a less developed area/ a developing area. However, if you are looking to build a commercial or residential property, you should look toward buying a property in more developed area.
These are the major factors that will affect a land purchase decision. It is important to note that some tradeoffs may be made because it may not be easy to find a property that fits all your specifications. However, it is better to be armed with knowledge so you can know which factors are the most important to you and make your buying decision.
To better help you along on your buying journey, check out our array of properties linked here.
Happy hunting!
