Can you afford the land and development costs? Knowing other add-on charges after the payment for the plots of land is needful before taking such an investment decision. It helps to determine if you can stretch your budget. You know very well that there is a point you can’t go beyond.
The Land Ownership Setting:
Is the land owned by individual, community or a private Real Estate company? Buying from the wrong setting can become a horrible experience. The familiar one is buying from a family which often times comes with its package- the Real Estate OOPS ( Omo Onile Palaver Syndrome). It is advisable to deal with a reputable Real Estate company that has done due diligence of eliminating the land-owner hoodlums. Let the company manage those risks for you.
Have you considered the available seasons in that location? Ask questions about how the location looks when it is in rainy (wet) season. Don’t just rely on information you have gathered about the dry season alone. Remember the peculiar flooding in Lekki due to poor drainage system.
The Land Title:
What are the land titles or documents that come with buying the land, and are they genuine?
Do you like the present landmarks such as schools, hospitals, supermarket, neighbourhood views, and the planned developments in some years to come.
The Refund Clause:
Can I get a refund when I default in continuing to pay for the land? It is very rare to get full refund because of certain logistics involved in the sales process before closing the deal. Look for a Real Estate company that can give a refund.
Is the person I am seeking a second opinion from the right one – in terms of investment experience, knowledge of the location, among other factors.