One of the strongest reasons for buying land and handling the construction process is that it is cheaper at least initially. For those who have gone through this route, it starts with searching for an ideal location that suits your pocket.

You will negotiate the purchase and conclude the transaction. You then proceed to perfect your title papers in addition to taking effective possession of the land. Since you will not be required to put down the money for all these stages at once you can afford to approach each stage at your own pace.

This stage by stage financial commitment applies all through the project and fits into a lot of people’s budget especially when you consider the fact that real estate development financing is almost non-existent in Nigeria. The interest rate of available loans are double digits and are more like commercial loans rather than real estate loans when compared with what happens in other countries. This method allows you to build at your own pace and also complete the building whenever you choose.

An added benefit is that you have the opportunity to make a lot of decisions on the designs, builder and workmen that will work on the project. You can place your personal stamp on the project and reflect your individual preferences.

One area where this is most evident is in the finishing where you have the sole right to determine the type and quality of the finishing and fittings that you want. You equally have the liberty to choose your colour preference for various sections of the building. This level of involvement is something several first time homeowners enjoy.

On the other hand, many people view buying a house as a more expensive option but this perspective is not necessarily true. Buying a land is actually a riskier option than buying a house. Most first-time landowners and even experienced landowners have lost several real estate holdings due to lawlessness in some communities. There are several people who have lost their lands to traditional landowners who resold their land to other people for a higher price. The risk of buying a land and then saving money to start construction is enormous. When you buy an already built property, a significant level of risk has been removed by the initial buyer of the land.

There are also several developed areas where bare land is seriously in short supply or they are very costly. Many first-time homeowners may discover that in those areas, the best thing they could do is to buy a house or flat. Since the cost of land is often the major factor in the price of a property, the difference between buying a bare land and an already built one may not be significant.

In addition, when it comes to buying a house, the cost may actually be cheaper if you consider the experience of several individuals when building. Due to the scarcity of reliable builders and workmen, most personal home builders end up spending more money to build and yet get a lesser quality finishing than professional developers. Professional developers are not only cost-conscious, they are guided by the fact that if they do not do a quality job, they will find it difficult to sell the property. They also have teams of workmen and other professionals working for them that are already familiar with what needs to be done and how.

Professional developers also buy in bulk since they could be involved in more than one project at a time. These combinations of factors make it easier for them to deliver a house faster and with better quality.

Of course, there are those that try to cut corners but the market will punish them mercilessly for this once people become familiar with their antics. If you want to move into your house faster and with an assurance that you get what you see, buying an already built property may be your best bet.

Finally, it is easier to secure funding to purchase a built property than for property development. Whether the property is being sold by a private developer or an individual, you can examine it and once satisfied with what you are seeing, you can pay for it. Infact, if you buy off plan in a good location or when the market is depressed you may discover that you have bought for good value from inception.

PUNCH.

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1. Understand the Nature of the Property

Investors want to get the best value for their money. And this often translates to the best return on their investment. With this in mind, you want to evaluate the potential growth in investment in a particular area before you throw your hard earned money at it. Growth range is between 5%-30%. Why get less when you can get more? Choose your investment location wisely.

2. Research Who is Selling

Always keep the following questions in mind: “Who is the owner of the property?” “Who is selling the property? Is it the owner, the owner’s wife, son, daughter, or someone else?” “Who’s name appears in the documents? Is it the current owner or the previous owner?” “What liabilities currently exist on the property?”

3. Verify the True Owner

Before you buy a plot of land or a completed building, be sure to conduct what is called a “search” on the property. This is the process of verifying from the state government if the property in question is within government acquired properties or not and whether there are any pending litigation or other issues on the property. The bureau of lands of Lagos state is responsible for all land related matters in Lagos state. It also has office in Government secretariat Alausa Ikeja Lagos Nigeria.

4. Make Payment and Collate the Right Documentation

Pay the property amount to the property owner, then collect the (a) purchase receipt (b) the contract of sales (c) the building plan (d) originals of other relevant documents in possession of the previous owner

5. File the Documentation for Your New Purchase With the State Government

It’s important to do this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O (certificate of Occupancy), you’ve got Governor’s consent for it which is great. If it does not, then you start processing your C of O as soon as possible.

6. Appoint An Estate Agent to Help Manage the Property

You safeguard your investment when you do this especially if you live outside Lagos Nigeria or overseas. Folks who have invested big time in Lagos Nigeria real estate have found that it has been one of the wisest decisions they made in their lifetime.

The post 6 Key Steps to Take When Buying a House or Land Property in Nigeria appeared first on 9japroperty.

So, when you decide to invest in buying a home or buying a house in Lagos, you’re deciding to join the league of successful real estate investors in Nigeria.

So I say, “Congratulations! Welcome to the elite club of Lagos Nigeria home owners!”

The purpose of this Lagos Nigeria real estate investing guide is to provide you some free tips for buying a home . . . real estate investing advice that will enable you make the right home buying decisions and therefore buy your dream home at a good price and get great value on your investment.

The free home buying tips and guidance provided on this site will help you make the right investment decision whether you’re a first time home buyer or you’re one of the many real estate investors currently under the heavy burden of bad credit home loans.

I have actually prepared a home inspection checklist to help you analyze the property you’re about to buy to ensure you make the right buying decision and so avoid pitfalls common to people who are first time home buyers or people looking for cheap housing.

You will also find great guidance for buying a house that involves . . .

buying investment property
buying rental properties and
buying foreclosure property

Financing is a big issue when it comes to home buying. Consequently, a section of this Lagos Nigeria real estate investing guide is dedicated to information on . . .

home equity loan rates
financing for buying a house
commercial real estate loans
investment property loans
real estate loans for estate development

. . . and how to manage even the toughest real estate lender.

When you’re ready to buy your dream house you will discover that you need a real estate lawyer to draw up the purchase and ownership transfer contract . . . the real estate contract . . . between you and the seller.

The good news is that I have a section of this Nigeria real estate web site dedicated to real estate attorneys. This section covers . . .

how to choose a real estate attorney
what charges real estate commission to expect
how to get the real estate attorney to work for you
how to ensure the real estate attorney does NOT work against you

Some people have been told that “lawyers are liars” and tacitly believe this fallacy. Therefore they silently dread having to deal with lawyers or attorneys.

make money fast nigeria africa

Unfortunately, when it comes to buying a home, you cannot run away from attorneys. You have to work hand in glove with your chosen real estate attorney to ensure that your purchase is legal and problem-free. The section on real estate attorneys will help you do just that.

Then there is also a section on real estate values that shows you what property prices are, current real estate values, and how you can take advantage of prevailing real estate market situations when buying a house.

I am a practical person. So I give you all the home buying information you need just the way it is . . . nothing is held back.

Ready to buy your dream home?

The post Buying A House In Lagos Nigeria – Free Tips For Buying A Home appeared first on 9japroperty.

So, when you decide to invest in buying a home or buying a house in Lagos, you’re deciding to join the league of successful real estate investors in Nigeria.
So I say, “Congratulations! Welcome to the elite club of Lagos Nigeria home owners!”
The purpose of this Lagos Nigeria real estate investing guide is to provide you some free tips for buying a home . . . real estate investing advice that will enable you make the right home buying decisions and therefore buy your dream home at a good price and get great value on your investment.

The free home buying tips and guidance provided on this site will help you make the right investment decision whether you’re a first time home buyer or you’re one of the many real estate investors currently under the heavy burden of bad credit home loans.

I have actually prepared a home inspection checklist to help you analyze the property you’re about to buy to ensure you make the right buying decision and so avoid pitfalls common to people who are first time home buyers or people looking for cheap housing.
You will also find great guidance for buying a house that involves . . .

buying investment property
buying rental properties and
buying foreclosure property

Financing is a big issue when it comes to home buying. Consequently, a section of this Lagos Nigeria real estate investing guide is dedicated to information on . . .

home equity loan rates
financing for buying a house
commercial real estate loans
investment property loans
real estate loans for estate development
. . . and how to manage even the toughest real estate lender.

When you’re ready to buy your dream house you will discover that you need a real estate lawyer to draw up the purchase and ownership transfer contract . . . the real estate contract . . . between you and the seller.

The good news is that I have a section of this Nigeria real estate web site dedicated to real estate attorneys. This section covers . . .

how to choose a real estate attorney
what charges real estate commission to expect
how to get the real estate attorney to work for you
how to ensure the real estate attorney does NOT work against you
Some people have been told that “lawyers are liars” and tacitly believe this fallacy. Therefore they silently dread having to deal with lawyers or attorneys.

make money fast nigeria africa

Unfortunately, when it comes to buying a home, you cannot run away from attorneys. You have to work hand in glove with your chosen real estate attorney to ensure that your purchase is legal and problem-free. The section on real estate attorneys will help you do just that.

Then there is also a section on real estate values that shows you what property prices are, current real estate values, and how you can take advantage of prevailing real estate market situations when buying a house.

I am a practical person. So I give you all the home buying information you need just the way it is . . . nothing is held back.

The post Buying A House In Lagos Nigeria – Free Tips For Buying A Home appeared first on 9japroperty.