Land banking is an act of real estate investment system which involves buying / acquiring some portion of developing lands leaving it to appreciate for future resale or for developmental purposes.
Needless to say, you do not want to lose your money in the name of getting yourself a piece of land in Lagos, right? This is why you have to be absolutely keen in getting the piece of land that you have always wanted. If you are a first-time land buyer, then you definitely are worried not to land yourself in trouble, right? Or just maybe you faced a lot of problems when you bought the past piece of land. Well, the bottom line is that there are some mistakes that you must avoid. So, which are the mistakes? Here is a list of 10:
1. Lack of Proper Verification
The property sale sector is among the fast growing in Nigeria and Lagos in particular. This therefore means that you are bound to come across a lot of sellers with assorted deals. One thing that you must know is that not all sellers are legitimate. This therefore means that you can even land in the hands of scammers. Therefore, you must avoid the big mistake of not confirming if the seller in question is legitimate or not. Embark on the necessary verification until you are certain enough about the seller you are dealing with.
2. No Prior Inspection
One thing you should expect from land sellers is that they can be really convincing. In fact, you might fall into the conviction of buying land without the evidence that it indeed exists. This is one of the worst mistakes you can make. In fact, it does not matter how convinced you are about the legitimacy of the seller. The bottom line is that you must only buy what you see and not what you are promised.
3. Failure To Confirm Land Ownership
In line with the rising number of scammers in land sale in Lagos, you might realize that the individuals purporting to sell land do not own any in the first place. Therefore, the promised deal is based on land that does not exist or one that is owned by another person. This is why you must avoid the mistake of not confirming land ownership. Make sure you embark on the right searching procedure to confirm the original or transferred ownership. In other words, the ownership of the land in question must be legitimate and legally acknowledged.
4. Failure to Confirm Land Documentation
One of the ways to confirm if the property in question is legitimate or not is by checking the respective documentation. In this case, it is important to ensure that all the land papers are available and that they are original. That way, you will have evaded the mistake of landing yourself into a dubious deal. Avoid the mistake of simply trusting the seller and working without the necessary documents.
5. Failure to Check Track Record of Selling Company
One of the major defining factors of a good service provider is the track record they have. In this case, you must focus on the reputation of the company chosen. Make sure that the company has an unblemished image in terms of offering land selling services. You can check around for reviews and ratings from various online platforms. Alternatively, you can ask for referrals from individuals who have had some experience with the company in the past. The main risk of not checking the reputation of a company is that you could land in the hands of a fraudster. Bad reputation should come to you as a red flag. Only companies with the best image should be considered for land sale and buying deals.
6. No Witness Involved
Now this is one of the greatest mistakes that you can ever find yourself in. land is not something that you can simply purchase without a witness. Note that it is a lot of money involved in this case, hence you must have the right parties to confirm that indeed there was a deal that was entered. In most cases, it is recommended that the seller and the buyer must have their witnesses. In addition, a legal representative should be involved in the deal. An attorney is highly recommended in ensuring that all parties involved sign into the deal and seal the agreement. Without a witness you are likely to find yourself in a lot of issues and possibly scamming.
7. Not Confirming Location
One thing you must know is that Lagos is such a large city. In fact, the environs Lagos an even larger place. The fact that you want to buy land in Lagos does not mean that you should blindly do so. The most important thing at this juncture is to ensure that you identify the different locations where there is land for sale. Doing so will be an ideal approach towards getting land in the best location. You must consider the amenities available, safety, and accessibility among others. Therefore, make sure that the land you want to buy is strategically positioned in a place that will benefit you and grant maximum convenience.
9. Using Intermediaries
Now this is something that has always landed a lot of people in trouble when buying their land. It is important to note that land brokers are only out to make some extra money by helping you get the land that you want. In some cases, land brokers purport to be the owners of the property in question hence making you even more vulnerable to dubious deals. What should you do in this case? It is rather simple and straightforward. The first thing you must do is to seek knowing the real owner of the land. If not, you should look for a certified company that possess the land in question and deal with them. Remember to do due diligence in all this since a simple mistake will land you in a lot of trouble. The idea here is to avoid working with an individual land broker. This is because there are high chances of getting yourself into some bad deals or even expensive offers.
From the above points, you can tell that there is a lot to consider in purchasing land in Lagos. The most important thing you must do is ensuring that due diligence is done and adequately so. It is notable that you have the chance to make a lot of value in a very short time after buying your land. That is why you must be absolutely strategic. Whether you want land for commercial or personal use, make sure that you get yourself the right deal. Avoid the above mistakes and you will be on the right track to becoming the latest land owner in Lagos.