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Advice for land Buyers in Nigeria

Land Purchase in Nigeria is not something you should ever enter into lightly this is my candid advice. For some reason, with dreams of making millions in real estate or leaving in your own house, you might have done it.

Probably you want to be free of landlord stress, don’t be in a haste to buy land. Don’t think, ‘you can go out; buy land, start building and after some years or months have your house, move in or put it out for rent.”

Occasionally, clients literately cry to my office with stories on how they have been defrauded of their hard earn money.

How hard can it be?’

Are you’re considering getting started in property, you need to get all the required information before signing on the dotted line.

You can jump in feet first, but mind you an old adage says – fools rush in where angels fear to tread! – and let’s not forget the gem that reminds us ‘patience is a virtue’ Even the scripture in  Prov 22:3 “the shrewd one sees the danger and conceals himself, but the inexperienced keep right on going and suffer the consequences”land buyer

Here are some words of wisdom from an industry insider that would be of help if you want to play the property investment game.

  1. Formulate a plan – understand what you want to achieve and make investment decisions accordingly. Do not buy into a property because communities are selling cheap or because your friends are buying into it.
  2. Be cautiouschoose who you listen to when it comes to property advise. Rather than listening to well-meaning friends, it’s important to listen to people who are experience, people that have reputation not to lose, people that have done successfully what you are about doing. Understand the difference between a hungry sales person and an adviser/ consultant; the later have name and image to protect. Many sales people masked as advisers. They also suggest they are representing you the buyer when in fact they are representing the seller. Most Lawyers are looking for what to eat. If you are to use a lawyer, use the one that has reputation and are vase in land matter. Do not use quark or those that are desperately looking for means of survival.
  1. Prepare to pay for advice – it’s much cheaper than learning from your mistakes. That’s why buying from developers might be more expensive than directly from landowners. When you buy from reliable developers, you buy comfort and rest of mind. More so, most developers give you money back guarantee and you buy into a community not plots of land.
  2. Not everything that glistens is gold – often when you start out it can be tempting to see opportunities everywhere. The problem is you don’t yet have the perspective to decide what a good investment is and what is not. You see a land in strategic location and you are been offer a very good price, please be aware.
  3. Do your Due Diligent. Request to see the relevant document, if it’s by inheritance, call for the minute of meeting where it was decided that the land should be shared and the allocation paper to all male children. Elders could be desperate when it comes to land matter. We’ve heard 80 years old person involved in land scam. Even chief can turn thief when landed property deal is concern.
  4. Pay through traceable means of transactions. Many land sellers will ask for payment by cash. Make payment through bank transactions that can be traced. Make them sign necessary documents and have such procedure document. In one of our transactions, we did group photograph with the landlords, if they are genuine, they will not resist such procedures.
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Why not find time to talk to us via askme@propertymatters.com.ng, 090555222231 on your next property deal?

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ORY MARTINS

Ory-Martins has been consulting in management and real estate for more than 10 years now. He is Chief Executive Officer of Boeing Luxury Estate Ltd, a foremost real estate developer in Nigeria, Principal Partner, MP Hills Consulting and CEO of Inicreat PMA Ltd, a real estate consulting firm. He is an On Air Personality with major radio stations in Nigeria

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