Real estate investment remains the only investment that does not require much of your time and can yield great returns on investment.
Buying land in Nigeria requires some level of expertise and careful decision making to avoid losing your hard earned money to fake real estate agents. Before you make the final decision to buy land in Nigeria, there are questions you should ask and they are listed below;
1. Total Cost Of The Land
The total cost of the land will include costs outside the payment plans such as the agent’s fee, taxes, and several other factors. The size of the land, location, and profitability level are some of the factors that affect the cost of the land and it is advised to make proper inquiries about the total cost of the land before you go ahead with the plan to buy land.
Real estate investment anywhere in the world is considered expensive and proper research should be made to avoid overspending or extra spending.
2. Location
The land location which is most times considered the most important factor in real estate investment is also a major determinant in the price of the land. Location determines the value of the land and the possible return of investment that may emerge from the investment.
If you are buying land for either commercial or personal purposes, the location should be critical in your decision making.
3. Purpose Of Buying The Land
We buy land for different reasons, most times for personal purposes or even commercial use. However, you may decide to combine both reasons when buying land. You can buy land for personal purpose and go ahead to sell it if there is a hike in the price of land in that area.
Before buying land, ensure you find your reasons for buying land, ask the real estate agents about your future plans to confirm it’s viability and how easy it is to resell the land in the future.
4. Legal and Zoning Restrictions
Zoning restrictions determine what structures can go on land and the documentation requires to commence the building projects. Avoid building structures that may be demolished by the government later by making proper findings of the zoning restrictions from the government authorities and regulatory bodies.
5. Investment Value
Investment value when it comes to land in real estate often sounds like a business term because not everybody buys land to resell or commercial purposes. Whether or not you buy land to resell, you should pay close attention to the investment value of land in the particular area you wish to invest in, you can read through real estate magazines for growth forecasts or ask real estate agents about the growth potentials.