Despite the fact that our country is getting more and more populated every single day, buying landed property in Nigeria is still a major way people spend their money. This could be for any number of reasons.
The first is that people need a place to stay, and where will you live if not on the very land you stand? Additionally, real estate is constantly appreciating due to increases in population. People are looking to benefit from that and get a good share of the profits that could come as a result.
The chances are that you’re one of those people. That’s why we’ve written down a few bits of useful information for you. Here’s what you need to know before buying landed property in Nigeria.
Going blindly to real estate agents when you want to buy landed property in Nigeria is a recipe for disaster. This is not to say that they’re all predators who want to steal your money. No, there are several good people in the profession. However, if you don’t have a budget, then you don’t have a direction, and if you don’t have a direction, you can wind up anywhere. So, know what your budget is before you even begin considering any deals. That way, you’ll spend within your means and won’t end up going into debt.
Unfortunately, you can’t really budget if you don’t know how to manage your finances. Luckily, we can lend a hand in that regard. Read here.
This is incredibly important if you’re buying landed property to live there. Find out where the land is and consider all its pros and cons. To do this, you need to ask yourself multiple important questions. How good is the power/water supply in that location? Is security a constant issue? Do they suffer from flash floods during the rainy season? These questions are crucial to your land purchasing process.
Level of Appreciation
Generally, land is one of the few assets that hardly depreciates with time. Unless the conditions are just unfavorable, your land may continue getting more precious every year. So, find out the appreciation level of your house before you go ahead and get it.
These three things don’t detail every single bit of information that you have to know before buying landed property. However, they form three of the most useful things that you should have in your mind before you buy new land.