Real Estate Tips 001 – Investigate before you buy
Cheap doesn’t always mean better and could even lead you to trouble. It’s the bait some fraudulent developers use to lure unsuspecting subscribers to Buy knowing fully well that they WILL NOT fulfil their obligations. I feel sorry for investors when they complain about their experiences at the hands of these so called developers who have nothing to offer except colourful 3D pictures nicely printed flyers offering properties at ridiculously low prices. As an investor, you need to do your homework before paying any developer for a piece of property. There are a number of things to look out for and keep in mind when buying a new home or land property especially in this part of the world. The following 6 steps are crucial and will serve as guideline while you make that investment. I will discuss more on these in my next post:
- Understand the Nature of the Property and Title documentation
- Research Who is selling
- Verify the True Owner
- Make payment and collate the right documentation
- File the Documentation for your new purchase with the State Government
- Appoint an Estate Agent to help manage the property
#investigatebeforeyoubuy
#investinrealestate
#realestateinvest
#buyfromareputabledeveloper
#buyintobeechwoodestate
Billionaires have multiple streams of income. Real Estate is mostly at the core.
Have a great weekend!!
Dotun – Real Estate Consultant, Mixta Nigeria
- Understand the Nature of the Property
Evaluate the potential growth in investment in a particular area before you throw your hard earned money at it. Growth range is between 5%-30%. Why get less when you can get more? Choose your investment location wisely.
- Research Who is Selling
Always keep the following questions in mind: “Who is the owner of the property?” “Who is selling the property? Is it the owner, the owner’s wife, son, daughter, or someone else?” “Whose name appears in the documents? Is it the current owner or the previous owner?” “What liabilities currently exist on the property?”
- Verify the True Owner
Before you buy a plot of land or a completed building, be sure to conduct what is called a “search” on the property. This is the process of verifying from the state government if the property in question is within government acquired properties or not and whether there are any pending litigation or other issues on the property. The bureau of lands of Lagos state is responsible for all land related matters in Lagos state. It also has office in Government secretariat Alausa Ikeja Lagos Nigeria.
- Make Payment and Collate the Right Documentation
Pay the property amount to the property owner, then collect the (a) purchase receipt (b) the contract of sales (c) the building plan (d) originals of other relevant documents in possession of the previous owner
- File the Documentation for Your New Purchase with the State Government
It’s important to do this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O (certificate of Occupancy), you’ve got Governor’s consent for it which is great. If it does not, then you start processing your C of O as soon as possible.
- Appoint an Estate Agent to Help Manage the Property
You safeguard your investment when you do this especially if you live outside Lagos Nigeria or overseas. Folks who have invested big time in Lagos Nigeria real estate have found that it has been one of the wisest decisions they made in their lifetime.
Have a great weekend ahead.
