5 Best Ways To Buy Land In Nigeria.

 Table of contents

🔑 Location.                        🔑 Budget for buying land in Nigeria.

🔑 Documentations and agreements of land.      🔑 Real estate Market analysis.                  

🔑 Government land policy.

Land Location

Real estate investments is the top investment platform with the best return on investments in Nigeria, one of the greatest assets in economic history. real estate investments on buying of Land has become a gold mine for Average Nigerians. on this post we will be disclosing the 5 best ways to buy land in Nigeria.

The best way to secure a good land in Nigeria is first to secure a well located area in a strategic position. that's the crucial factor to sought after in buying a land in Nigeria.

Okay, i want to tell you a secret in location of land. most people don't know what's strategic position and why the area is considered to be in a strategic position. when you purchase a land because the area is at the center, well developed, and of course booming. guess what? the land in that industrialized area might have reached it's price peak. for instance, you bought a land that cost 150 million naira at Lekki phase1, Lagos. considering the economic condition of Nigeria and the margin of Rich to poor people, you notice the gap is too high. the buyer will definitely have a problem of liquidating that land asset to have a high margin of return on investments because only 1% Nigerians are willing to buy a piece of land above 150 million naira.

To invest is to allocate your money in expectation of positive return/benefits in the future. it is not wise to buy land in a less developed area. the essence of this post is to unveil the new secret of success in locating a strategic land to buy in Nigeria.

Learn to buy lands with a good road networks, upcoming development and close to concentrated country side. from this description you don't need an agent to tell you that moderate developed area is the best place to buy land investment, if you an entrepreneur who is seeking for huge margin  in return on investments go for moderate land locations, an average Nigerian can purchase and as the market grows so will the land grow in value.

Budget For Buying Land In Nigeria.

This is Africa, Nigeria in particular and in general, you need to budget yourself before investing or you will succeed buying properties for others. budget is one of our 5 best ways to buy land in Nigeria, to enlighten our readers the essence of proper budget before buying land in Nigeria. to avoid bankruptcy and other financial crisis. 

Someone that has 1,000,000 naira as only savings isn't suppose to buy land that cost 800k naira. whenever you buy a land in Nigeria you're likely to pay extra charges like:

• Agency/Broker's fee

• Youth/developmental levy.

• Survey plan.

• Legal fees/Cost of signing documents.

Agency/Broker's Fee.

The Agent can be called a Broker depending, but you can check out for the difference between Agent and Broker in our older posts. here in Nigeria you will need to pay the middle man between the land seller and you the buyer. their fee is always 5% of the land cost. if you can locate the land on your own then you can skip that in your budget. we always advise new investors to go through an agent to purchase their first land property.
 
For example, you bought a land that cost $10,000. the agency fee allocated to that land is $500. that's what 5% means to the agent. if in any case you need help on how to find a good Agent in Nigeria you can read our older posts ro simply click the on the text.

Youth/Developmental Levy

Youth/development levy is a payment you can't skip in buying of lands in Nigeria except you don't want to have full ownership of the land. the developmental levy is just an additional cost incurred by the youth around the area your land is located to enable them note that the land has been sold to somebody.

N/B; the youth/development levy is not asked for or paid by buyers that purchased a piece of land in the urban area. it's always in the rural area that such payments occur. although in the urban area there are other policy fee related to developmental fee. have it in mind that's an additional payment of such exist. in case your agent finds a rural area for you to buy land and the land is strategically located. so you might not bother much if such payment arises because you have budgeted for it earlier on.

Survey Plan

Survey plan is something that must be in your list of considerations before intending to buy land in Nigeria. if you truly want to own a land in Nigeria or you just want to buy land for others. then you consider the cost of land survey.

The survey plan is a process to generate a geographical co-ordinate points for your land and a means to inform the government about that particular geographical coordinates is owned by you being the buyer. you can get a surveyor with the help of your Agent to survey your land for you after payment of the land. 

When your land is surveyed properly, you will never hear things like government has taken that your land area, to build industry or anything at all because government is aware that your land exist and is lawfully owned.

Survey plan, power of attorney, C of O (certificate of ownership) are the basic documents that prove one a rightful owner of a piece of land in Nigeria. and must be properly documented for future reference. so it's always good to have a survey plan that will consider this in your quest to own a land in Nigeria.

Legal Fees/Cost Of Signing Documents.

Never you think the government is happy about that you're now a proud land owner. so in one way or the other, they will come for you. in form of taxes or one ridiculous  reason to bill you over the land. that normally go for 1.5% of the land cost.
Moreover, if you escape legal fees, then you might not escape the Solicitor that signed all the documents concerning your new purchased land. the cost. the legal charges and solicitors fees depends on the Solicitor and your manner of approach to them.
 

So we always advise people to consider making a plan that will inculcate such expenses in your total cash allotted for buying of lands. to avoid solicitors seizing your land documents after payment of land to the seller. making you look like a loser because you don't have any evidence at hand to lay claim over the land if need arise. proper planning of legal fees/cost of signing documents is required to successfully secure a land investment in Nigeria.

Documentations And Agreements Of Land

The documentations and agreements of land is on list of top 5 best ways to buy a land in Nigeria through verification process, signing and change of ownership process between the seller and buyer. is what that makes up the documentations and agreements of land well executed. among the best ways to buy land in Nigeria, this is the most critical and one of the most important aspect because any mistake may warrant losing ownership of the very piece of land.

Take the pain to document every single part of the transactions involved in buying land in Nigeria. Every single part of the deal needs to be documented; from the cost of land to the survey fees.

Documentation is vital for referencing and you should ensure the documents are detailed.

Anyone who tries to sell land to you and is reluctant to show you proof of ownership is as good as trying to sell you a stolen car. Would you buy a stolen car? Documents like the receipt, land survey, Letter of Allocation, Power of Attorney, Gazette and Deed of Assignment must be available. It doesn’t matter if this person is your aunt, uncle or boss at work, a document is a document and there is no substitute for it. A land verification expert/ Solicitor can do this on your behalf. all this long processes is to ensure you avoid a trouble land as much as possible. you can come and use money to buy war instead of assets.

Request For Land Owner’s Documents:

Before you make payment for any land in any location in Nigeria, you should ask for the following documents:

• The Certificate of Occupancy (C of O).

• The Survey Plan.
• The Tax Clearance Certificate.
• The Deed of Assignment.

Never make payment for land without the provision of these vital documents. Don’t take anything for granted because this is one way fraudulent individuals exploit unsuspecting land buyers. Many have fallen victim to this scam and several others have found themselves in court contesting ownership of land that they paid for without following due process.

It doesn’t matter if you are buying the land from a friend or a close relative whom you trust. buying land in Nigeria is a financial transaction and should be treated as such. Always insist on seeing the original copies of the aforementioned documents before buying land in Nigeria. Don’t make yourself an easy target for a scammers.

Real Estate Market Analysis

The market analysis of real estate is one important factor you should consider before securing a piece of land in any desirable location. come to think of it, will anyone buy land that the fifth generation may not find any use of the land? that is to show you that a proper real estate market analysis is necessary as a best way to buy an adequate desirable land in Nigeria.

We advise you to seek an advise of a professional broker or real estate marketers to ask questions about the prospective land property you intend buying. sophisticated real estate investor will never commit that general mistake in the real estate market now, where you give your mom, dad, family relatives to buy land for you. real estate is like other financial investment platform that require you to read the moving arrows if it's red or green indicating go ahead and don't invest. access the market and get your target odd against the market value before buying a land in any place in Nigeria.

 

It all depends on the purpose of buying to decide your choice making in the real estate market. family assets purpose of buying land, don't require much analysis of the current market because the land value will be growing in time. it will always suit the purpose. buying land for business purpose require serious and time confidence in getting your yes right before buying any piece of land.

There's an area if you mistakenly see a land for sale by owners around the area, you shouldn't buy half plot because you will regret when the market appreciates far beyond your expectations. lands according to market value in Nigeria is measured by 100x100 full square feet land but some do measure 100x50 which will affect you when selling resulting to low ROI. 

To buy land in Nigeria now is becoming next gold mine. for those that understand the real estate market. don't buy lands where government have recommended for developmental purpose, don't buy if you see any red flag of the above topics discussed, buy lands that the neighboring land owners around the area are willing to sell to foreign investor that will bring investors to that area. 

Government Land Policy

Government land policy is second to none on our top list 5 best ways to buy land in Nigeria considerations.
Land policy determines the structure and complexion of land ownership, development and use in any society.

Land policy in Nigeria needs to be detailed because it entail so many information and obligations that some times neglected by the buyers themselves when buying land property. but for the sake of common in Nigeria we will be analyzing land policy in Nigeria and what it looks like.

Land policy has been viewed by many authors whom we agreed with as an integral
part of socio-cultural framework of every country. It entails the formation of laws guideline
strategies and tactics of administering land in the body polity of the country. It has legal implication law rules, rules and regulation to fashion out, monitor, land allocation and
ownership. 

Umeh in his report (1983) has described land policy as a set of rules, principles, objectives, or course of action respecting land ownership, land development, and land resource utilization
and further identified seven (7) objectives of land policy namely: 

1. Social justice.
2. Economic efficiency.
3. Social welfare.
4. Political stability.
5. Economic livelihood.
6. Cultural identity.
7. Territorial integrity.

The final thought about government policy on land; try your best to visit ministry of lands and survey with your land property documents to investigate the geopolitical plan of government towards the area your land is located, some legal issues your land might face in the future and try to resolve everything as soon as possible. consider those 5 best ways to buy land in Nigeria listed for you above, understand and apply it in your land investment strategy and you will see yourself getting a good land with adequate security, socio-political insurance, increasing your high chances of ROE (return on equity) and ROI (return on investments).
Gracias por leer.