The land is a basic factor of production, and also important to the livelihood of man, which makes land something everyone wants to own. However, the purpose/use of land differs for landowners.
Some lands are acquired for religious purposes, commercial, residential, markets/malls, industrial, agriculture, recreation and many other purposes.
4 Very Important Things To Look Out For When Buying A Land
If you are the kind that wants to invest in landed properties, this article will help you know 4 very important things to look out for when buying a land anywhere!
The question of ‘how accessible are the road?’ is a question that should be answered. If you want to get some real value on your land in a short time, the availability of access road to your site is a very important factor that affects your property value if you intend to sell in a short time. The same applies to owners who intend to use land for a commercial and industrial purpose; these factors contribute to how soon land owner break-even in a short time. The good thing about buying land with the access roads already mapped out is that you don’t have to worry about building on major roads and streets. A city master’s plans are usually considered when opening new access roads.
The neighbourhood where you like your property to be sited should also be considered, though the price of land varies based on where its located because apparently more developed areas are more expensive and even has a more value increasing prospect if you plan to resell in a couple of years. When getting a land you should consider buying in a relatively peaceful environment. Your neighbourhood should agree with the purpose for which the land was bought, for instance, don’t buy a land meant for poultry farming at a commercial or urbanized area because you won’t get be result in terms of production.
A number of landowners have gotten land they wished they had not gotten. Some landowners due to lack of proper investigation have gone ahead to buy swampy and rocky lands. Lands with the mentioned characteristic cost more to develop. So if you like to get a land, please do well to know whether the land is rocky, swampy or sandy, these will save you a lot of headaches!
C of O and survey report are some of the documents you should request before proceeding in making payment for a land. When buying a land, ensure you have the proper documentation. You need to know if the lands have been used as collateral for a loan or if it’s been proffered to another owner whether by sale or by inheritance.
Involve a property lawyer – Due to the high consultancy fee, interested landowners have side-lined the services of lawyers in property acquisition; an attempt that has backfired on a lot of landowners. A lawyer would guide you on obtaining all valid documents for your land, am sure you don’t want to pay for a disputed land. Regardless of how good a land proposition is, please consult your lawyer before making payment, the alternative to this is to get a land from reputable real estate companies, they would have done all the mentioned points before offering a land or building for sale.
Your action point
Getting a land can be your best investment decision, 4 major things you must look out for before validating your land ownership have been discussed, the key point where: employ the service of lawyer or get a registered property company to help with legal issues, ensure you have valid land documents which can be verified by your lawyer.
The land type, the neighbourhood where the property will be located and accessibility were the other things you should consider. Peradventure you are in need of a consultant or a good property company to help you make the best investment decision, send us a message using the feedback channel below.