Month: September 2021

on

Thanks a lot guys for your comments, if there is any topic that you want to be posted just let us know.

For those asking, https://eazybuilders.com/is your one-stop “composite” online/offline shop for all your building needs from start to finish. Check out our website for your construction needs!

I explained in the previous series that owning a landed property requires deliberate planning and significant investment, I recommend reading for those of you who are yet to read it. In today’s article, I will be delving into rules you must not violate if you want to purchase landed property.

If you think this article is for you, then go ahead and enjoy your read!

Let’s delve into the rules!..

Purchase of landed property is an investment and should always be treated as that without any sentiment, am I beginning to sound like a broken record?

Well, most people who claimed to be either robbed or duped of their landed property or money always make this mistake and then blame others for their inadequacies.

When buying a piece of land in Nigeria make sure you don’t violate any of the following rules:

Putting family ties over investment: It is common knowledge that Africans are family-oriented and we always want to live in harmony with one another irrespective of our disgruntlement. The bitter truth is that humans are quite selfish (everyone is watching out for himself/herself first), and family will only give patronage and respect to a particular member depending on the economic importance and contributions of that member to the entire family fold. Hence, killing your investment puts you in a disadvantageous position. To this end, I stronger advise that you MUST watch out for yourself (investments), by dint of practice a lot of people have fallen into this quagmire, and complain about been ripped off in Nigeria, whereas in my opinion, it is their fault; I am not saying you should not help your stranded family members but you should know where to draw the line between family and business-investments.

This is the point: You don’t buy landed property via a family member or put a family member in charge of your landed property unless if they can be accountable and you know you can prosecute that family member, or you can hand over the property to someone else to manage for you when that family member defaults and there would not be any friction in the existing family relationship.

Emotional purchase: Your interest should always come first, do not buy a landed property just because the person selling it is a friend, a niece, nephew, neighbor, in-law, etc. you must always put your thinking cap on. Being nice has its limitations!

Failure to do proper due diligence: This is about knowing all the specific details about the property of interest a lot of Nigerians have a nonchalant attitude towards due diligence, some usually cite the extra cost of the due diligence, lack of time, etc. forgetting that it is more expensive to lose your property than to do the due diligence and if the property becomes disputed and taken to court, you must make out time to attend court proceedings and pay solicitors fee.

In my opinion, it is better to do the right thing at the right time than to sing the songs of lamentations!

on

Hello guys, you are most welcome as you enjoy your read!

As we all know, to own a house is to most people a life time investment most especially if it is the first, as this will involve a lot of planning and financial commitment.

I am not saying that the second or third house does not involve a lot of planning and financial commitment but definitely not as tasking as the very first house, more so, most people do not usually have more than one in their lifetime.

The common mistake amongst building or house owners is not planning from the outset, ok, let me be unambiguous, you cannot purchase a land in swampy area of Ajah/Ibeju-lekki and think the amount it will cost you to build on it will be the same amount it will cost to build in a place Like Agege or Ikorodu. it doesn’t really work like that! that was why I had earlier mentioned it involves lots of planning and financial commitments.

It usually beneficial to have prior idea of:

(1) How much it will cost to purchase a land in your choice area together with other details like proximity to access road, the purpose the land will be used for, the size of the land etc. and also the cost to obtain the required documents.

(2) How much it will cost to build your choice house in your choice location.

But as we all know, situations in life does not usually pan out the way most people want it, thus if you belong to the category of people that are either been educated by this article or have already bought a land without this education, no worries, you are still on track, as this series will educate and guide according to your needs.

There are a number of factors you need to consider before buying a land in Nigeria these ranges from

  1. The size of the land,
  2. The soil type,
  3. The location of the land which is very important,
  4. The purpose which the land will be used for,
  5. Accessibility of such land i.e. proximity to access road,
  6. The price of the land,
  7. The legal papers available in respect of the land,
  8. The environment, as well as the security conditions of the area, should be well evaluated before engaging in such a transaction.

In taking cognizance of the aforementioned factors, it is advisable to involve an expert or an organization which has the background, requisite knowledge and skills in this area of a property acquisition. It is very important to have a lawyer who is grounded in property law practice before embarking on a land purchase.

This article has carefully considered the needs of future building and house owners (both in Nigeria and diaspora) who are seriously considering this wonderful venture in Nigeria, as eazybuilders.com is willing to help you achieve this with every resource at our disposal.

For more Information, Building Construction Quote and Estimates, please contact us @ info@eazybuilders.com or call +2347012220947, +2348067472007.