by MD Ragnarok Property Development Ltd – Barr. Adebiyi Alex-Adedipe
If you’re considering buying the perfect house or land in Nigeria without regrets, here a few things you should consider;
1) Title – There are 3 major valid titles. These are; C of O, Governor’s consent and Excision, (Gazetted). While either of these three are fine, sellers often brandish other forms of title that “may” lose you your money.
For example; Receipt, unregistered Deed of Assignment, Excision in process, etc. Not to say that these are bad, but they definitely require more scrutiny and further legal steps.
A receipt for example just means that someone has taken money from another for the purpose stated on the receipt. It doesn’t give validity to the title of the property. If the title of the issuer of the receipt is defective, automatically the receiver’s title will be defective as well.
Same goes for an unregistered Deed of Assignment. Government Allocation ordinarily is a valid title all things being equal. But are all things often equal? No.
Government Allocation simply means government has allocated a portion of land to an individual or Company, but is often accompanied by obligations in terms of Fees or whatever other conditions come with the Allocation Letter.
In which case if the purchase process is not properly scrutinized and is rushed into, you would have inherited whatever obligations might be pending to the government on the part of the initial allottee.
To say it plainly; “hire the services of a lawyer” when buying a property, the token you will pay is nothing compared to losing your money.
However, for people who are interested in investing or acquiring landed properties in Lagos state, estates like “The Alerton” (2 & 3 bedroom terraces) and “Westbury homes” (serviced plots of land) have good titles, (governor’s consent & C of O respectively).
2) Location – The location of the property is crucial in safe guarding your investment. With Location one will need to consider things like; Proximity to main road and necessary developments like supermarkets, shopping malls, schools, hospitals, etc. Condition of the access road to the desired property is also a thing to consider. Estates like “The Alverton” and “Westbury Holmes” are strategically located on the Lekki-Epe express way, with close proximity to other developments and facilities.
Another issue to consider with location is the environment in terms of town planning, population or overpopulation.
3) Allocation – When purchasing landed property, ensure that the seller is able to instantly allocate your own portion to you once you’ve made your full payment. “Westbury Homes” Bogije at Ibeju-lekki is a perfect example of an estate where allocation is done instantly upon full payment.
Don’t get caught up in the loop of people that have bought land months or years ago and their plot is yet to be allocated to them. This might put you in a helpless and uncomfortable situation.
4) Likelihood of development/appreciation – I’ll simply say ‘’buy within an estate scheme! The factors responsible for rapid growth are mostly present when a Company (developer) is actively developing an area with pre-existing developmental guidelines.
This will curb over-population, increase security, shared amenities, provide serenity, uniformity of housing structures etc. ultimately people will find such areas more preferable even if they have to pay a premium.
So, if you have to bury your money in a real estate investment, make sure to stack up your upside by buying in an Estate Scheme, such as ‘The Alverton Estate” located on the lekki – Epe express way, beside Fara Park sangotedo, or “Westbury Homes” located at bogije ibeju-lekki Lagos. That way you can control your “surrounding environment” and this will always positively or adversely affect the value of your own property.