0

What makes your property increase in value?

Whether your property command a higher or lower price tag than properties around should be ascertain before the acquisition of such property. Valuation of your property should start before you make commitment on such property.

BELOW ARE SOME FACTORS YOU SHOULD CONSIDER BEFORE YOU BUY LANDED PROPERTY OR DEVELOPED PROPERTIES;

1.Location, location, location. By location, I mean the conditions surrounding the landscape, activities and climate of the property. Think about it: No matter why you’re purchasing a piece of property, nothing is more important than location. If you’re making an investment, don’t buy land with no resale value. If you’re aiming on starting up a business, don’t buy land completely isolated from potential customers. And if you’re looking to build a house, don’t buy land you can’t build on or after building, you will find it difficult to leave in the neighbourhood and it will not command the right rental.What makes your property increase in value?

2. Before shopping for a piece of land, you should develop a general idea of where you’d like to make a purchase.  For example, if you’re buying a plot of land to build a house for residence, you’ll likely want to consider things like access to schools, your job, grocery shopping and restaurants. In other words, you should be shopping for the community at the same time you shop for your land. When you’ve scored a win in both categories — community and land — you’ll know you’ve made a good choice. Look for a master planned estate, a mini city with all the city’s features promoted by government or serious minded developers.

3. Zoning laws govern what can and can’t be done with land. Essentially, zoning laws are the reason you do not have a Mile 1 or Balogun market in your back yard or a sewage processing plant right next to a town square. Zoning is a bit more complex than that, of course: It’s the division of land into subdivisions that will have varying restrictions of what can be built on each piece of property. In Greater Port Harcourt Master Plan, many of available land in and around Port Harcourt City are planned for various uses. Make sure you would be allowed to build a house on a vacant Plot before buying and trying to start construction. Figuring out the basics of zoning shouldn’t be too difficult. For instance, certain areas will clearly be zoned for residential building. What we do is to first chart with the relevant authority before you acquire such land to know the plan government has for the parcel of land.

READ ALSO:  Six strategies to put you on top of the property ladder, no matter what!

4. Land destined to be built on or sold is typically carved up into smaller parcels that make up subdivisions. The land in a subdivision likely already has some restrictions placed upon it that you’ll want to know about before buying. If the vacant Plot you are eyeing is in the middle of an already developed community, chances are good that a homeowner’s association governs that area. Homeowner’s associations command membership fees and set the rules for behaviour and decorum in the area. Following their rules could dictate how frequently you cut your grass, where you park your car or even what kind of pets you have. On a more general level, subdivisions will have covenants in place that lay down specific rules for the use of the property in question. These covenants, or deed restrictions, are private agreements between the landowner/ developer and the buyer, which is what separates them from the zoning restrictions. Within city limits, you may also be held to city ordinances that govern certain behaviours or land uses, such as the way you handle garbage removal, the type of gate, fencing and the maximum floor you can build. All these restrictions may sound like a real headache. They can be — but they can also be a blessing. After all, the rules apply to everyone else, too. If you find a piece of land you like with covenants you can live with, you’ll know everyone else in the area is bound to the same standards.

READ ALSO:  PROMO: Secure a plot of land in Port Harcourt with N300, 000 initial deposit

5. Road access might sound like a no-brainer, but it’s a surprisingly complex issue when you’re purchasing a vacant lot. Land for sale could potentially be cut off from a major road and be available only via private access. This can introduce a number of problems. A public road obviously guarantees a route to a vacant lot at all times. But when private roads enter into the equation, things get complicated. If your property is landlocked, the typical solution is to make an arrangement with a neighbour for guaranteed access via a private road through their land, known as an easement.

6. Building less than 50% of the land space available to you. Most people want to maximize the land space by building up everywhere. Building code in most States does not allow it. You may think you are smart when you are deceiving authorities or when you are paying your way to get what you want, at end of the day you property will be devalued, not conducive for modern habitation.

Please let me know if you’ve found this guide useful. If you have any thoughts or feedback, I would love to hear from you. You can email us on: askme@propertymatters.com.ng  09055522231

Leave a comment

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

Leave a Reply

Your email address will not be published. Required fields are marked *