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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!