Investing In Real Estate In Nigeria: 5 Challenges To Consider

Investing in real estate in Lagos Nigeria is one of the quickest and safest way to make profit in the short and long term. This can be attributed to the population boom in Nigeria most especially Lagos. 

However, there are lots of challenges that comes with Investing in real estate in Nigeria

How to Acquire Land in Ibeju Lekki at Your Pace.

Last week I was driving from unilag to lekki with a doctor and during our discussion, real estate came up (of course he read the print on my t-shirt), and when he brought it up, I went into superman mode; I was looking for this moment and he created it by himself.

At some point in our discussion, I asked some questions that made him tell me that had about 6 plots of land at different locations between ajah and ibeju lekki,

Honestly, when he said this, I was surprised; I couldn’t see how a young medical doctor who works with a public establishment  could achieve that easily, so I went ahead to ask:

“How did you pay for these lands? Did you buy them at once or at different times?”

And he said;

“Different opportunities came up that period and they all allowed me to pay within a year, so it was easy for me” Aha! I said it.

He found an easier way to pay for these lands and he seized the opportunity.

The gist didn’t stop there, I probed further; I wanted to know what his investments were worth currently. So I said, "Those lands must have appreciated in value o!” and he said

“Of course!  

There’s this one around that awoyaya area that I bought for 400k, now if I want to sell it, I don't think I will sell for less than 8 million naira, but I’m not selling now. I even bought one for my sister and her husband, they live abroad ”

Then I brought up talks about SIP and how individuals can take advantage of it and  the discussion went in another direction (it was time to talk business)

Now 3 things I took away from that discussion are;

1. He didn’t allow his monthly income stop him from thinking about investing in real estate

2. He saw an opportunity that made it easy for him to invest and he grabbed it

3. He knows his land has appreciated by about 1900% (something he bought in 2007), but he understands that the longer he holds, the more profit he’d make, so he isn’t ready to sell.

 He's probably waiting for rainy days.

So what's your business with this story? It's simple.

The Systematic Investment Plan we just introduced, offers you a similar opportunity to invest in the fastest developing area in lagos with as little as N30,000 or N50,000 per month.

Now,  there is literally no excuse why you shouldn’t have at least one plot of land to your name.

For More information and enquiries text or what's app to +2347032949994.

Where Should You Invest In ? WALTON GATE ESTATE LAGOS

Walton Gate is an Estate with a new level of luxury living imbibed with the simplicity, technologies and class.

Walton Gate will feature the best residential infrastructures that real estate industry has ever imagined with its closed proximity to Victoria Garden City (VGC) and Lekki Phase 1

INFRASTRUCTURES
Street Lights
Electricity
Perimeter fencing
Potable water
Drainage
Road Layout
Recreational Facilities

NEIGHBOURHOOD
Novare Lekki Mall
Emperor Estate
Golden Park Estate
Happy Land Estate
Debiruss School
Lagos Business School
University View Estate
Paradise estate
Readington School;

TITLE: Gazette.
SIZE: 600sqm
PRICE: N18M (10% on outright payment)

PAYMENT PLAN
OUTRIGHT: N16.2M

0-3 MONTHS: N16.2M

0-12 MONTHS: N18M

INITIAL DEPOSIT: N2M

For further enquiries, send a sms or on What's App to 2347032949994

WHY YOU SHOULD CONSIDER BUYING LAND WITH EXCISION

As a real estate consultant, i have come across clients who only wants to buy land with C of O or a governor consent and often times rejects land with Excision or Gazette. In my part of the world there is a saying that says "who no like better thing". 

clients prefer to buy land with C of O because the documentation process has already being done by the developer, they see it as a geniune transaction

How to search for a Fantastic 2 Bedroom Apartment

This lovely apartment is located on the Island in Lagos. It is around Salem after Chisco traffic point.

Price: N2200000

For more information and Inspection tour send a message or whats app to +23470329993.

Why You Should Buy Your Plot of Land In An Estate.

Buying of land is a very risky business, risky in the sense that if you don't carry out research about the land you want to buy and all the relevant information you might enter 'One Chance'.

Below are very important facts why you should buy your next plot of land in an estate.

Large extended Family

In Nigeria land are own by families, so the vast the land in contention the larger the numbers of families invloved. So in order for a transaction to be successful the buyer needs to meet all the members of the family as the case maybe. To avoid dispute in the future among any member of the family. Lots of people have lost their land due to this reason. This discourages lots of buyer because of the time involve in getting all the members of a family together and also difficulties identifying all the legitimate members of the family.

The Developers

Developers has now made buying of land easier and has reduced the risk of buying land from fraudsters. The play a major role in ensuring that the land you are buying are genuine and also free from government acquisition. They also help the family with processing their land documents. It takes a lot of time and finances to process land documents from the Government offices. Most of the families in most cases are illiterate and are not so concern about the land documentation processes. When you are buying from a developer you can be assured that about 85% of the processes has been done for you.

Quick to Verify Land Claims.

The developers starts selling all the areas of land they bought from various families as Estates. Land in estates are very easy to verify in the relevant government office. With the GPS coordinates of an area of the estate it can be verify if the land is genuine, the type of document it has, if it is free from government acquisition, if the land documentation is still in process or has been concluded.

There are many of such estates in Ibeju Lekki today that sell verifiable and genuine lands for commercial and residential purposes, for more information call +2347032949994

What Are The Questions You Ask When Buying A Land

Question: What is the meaning of coordinate in real estate ? For the sake of new consultants?

Answer: Coordinates are unique points on the earth surface where a land is located when charted on the Atlas or globe. They are designated in mN (metres North) and mE (metres East)

No two points on the earth surface can have the same coordinates. Every point on earth is unique as such it's used by Surveyors to chart a land to know if it's free, acquired or committed. 

It can also be charted on the Atlas or Globe to know the exact place where the land is located. 

I think I've been able to make you understand what coordinates are.

Question: Does it now means all land /property  for sale  must have coordinates to determine if they are free or govt acquired? Thanks

Answer Yes...  

Every property is located on a spot on the earth surface. 

That spot is clearly delineated in a survey plan. 

Every Survey plan must have the coordinates on them.

Question once a client makes full payment for the land, will dey get a receipt immediately and other documents immediately without paying for survey and allocation yet.

Answer Immediately your client pays for the land, (s)he gets a purchase receipt and a contract of sale.

Remember your clients have 90 days after paying for the land to pay for  Deed and Survey... It's boldly written in the FAQ your client signed.

Question What if a client decide to do the buy 5 and get 1 free and wants to get the whole plots on a single survey and on a single deed.. How much will he pay?

Answer Personally, I often advise individual Deed & surveys for each plot of land and the  plots to be scattered in various parts of the Estate. 

This is because, in the long run, no one knows the part of the Estate that will be more exclusive and will attract more value. 

Also, it's easier to sell individually. If you do a joint Deed & survey, you'll have to first do a Deed of Partition to sever the plots before Assignment. 

In the long run, you send more money on new surveys because you'll do it at the prevailing rate at the time of sale. 

That's my humble opinion.

Question A client asked if she can put her name and her husbands own on the form...if yes, how would she go about it.. Thanks

• 
  

Answer Simple, Their names on the receipt would be written as Mr Adekunle  Agbabiaka and Mrs Elizabeth Agbabiaka.

Or better include their first, other and surnames on the form as 

Mr Adekunle Moses Agbabiaka and Mrs Elizabeth Mopelola Agbabiaka.

Most preferred way is to have three names. There can be another Adekunle Agbabiaka somewhere. 

Three names narrows the possibility of mix up and particularizes your client.

Question  I have two siblings interested in purchasing flourish and they want to benefit from the buy 5 get 1 promo,but they are bothered about the documentation, i need insight on this because they want to split and have there names on their separate documents.

Answer Two siblings with the same surnames??
The 5 plots get 1 free is for an individual or husband n wife or a family buying for their children . It's not for different people coming together to buy.

As for the documentation, it's either they do the 6 plots in one survey and they pay 450k instead of 900k which is half the price and they do one deed of 50k to cover the six plots. Meaning documentation will just be 500k instead of 1.2m for the 6 plots.

2 plots in one survey too can be 250k instead of 300k. Then one deed of 50k to cover both plots.

The only disadvantage is that in future when they want to split it to sell or will to their children, they will have to do another survey to split the plots.

Question What if a client decide to do the buy 5 and get 1 free and wants to get the whole plots on a single survey and on a single deed.. How much will he pay?  Is it possible for one to do just one Deed for the 6 plots? N50k for the whole acre of land?

Answer Yes pls but 3 plots 400k instead of 450k and  deed will serve only if one survey was done for the six plots.

How To Avoid Being Duped in Your Next Land purchase Transaction.

Many people, especially those who are about to make their first land transaction get confused when it comes to asking the right questions.

In some cases, intending investors ask questions like “where is the place?”, “Is it far?” and lots of other questions.

All these questions are not out of place and arise as a result of people trying to be careful so that they don’t make a financial commitment they would later regret, wouldn’t it be better if they knew the right questions to ask?

That brings us to the first question anyone intending to buy land should ask which is “what is the status of the land?”

See, before you buy land in Nigeria, it is very important that you know the status of the land!

Knowing the status of the land you are about to buy can save you a lot of money and unnecessary hassles.

Imagine buying a piece of land and erecting a building on it, just for the government to come some years after, and tell you to move out, with claims that your building is illegal because it is sitting on government property.

All these can be prevented if you know the status of the land you are investing in before sealing the transaction.

Land Classification

Land can be classified as either free or acquired. A parcel of land is considered free if the government has not indicated any interest whatsoever in that land.

Such land is safe to buy because the title on the land can be perfected without issues.

In most cases, such lands will either have a gazette, a C of O or a governor’s consent.

Now that you understand what it means for land to be free, you should also know that all lands that fall within areas that are designated as urban areas are under government acquisition until deemed committed or free.

There are two types of acquisition; committed acquisition and general acquisition.

Committed acquisition

A parcel of land is said to be under committed acquisition when the government has indicated an intention to use that land for a specific purpose such as provision of amenities.

Such lands belong to the government and can never be available for use by individuals.
If you purchase land that is under committed acquisition, it will be impossible for you to perfect your land title and you’ll only be occupying the land until the government comes to kick you out.

General acquisition

Lands that are under “general acquisition” or “global acquisition” can later be confirmed ‘free’ or ‘committed’.

A land under general acquisition can become free by a process called excision.

“Excision is a process whereby the government releases a portion of an expanse of land that is not committed”

If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and becomes gazetted.

The gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land.

A second case where lands under general acquisition can be released is if an individual purchased a land that was under acquisition without going through an excision process.

Such lands can go through another process called “ratification” or “regularization” in which the land owner pays for the land to be ratified or regularized.

The only conditions in this case are that the land in question must not fall within a committed area and that the purpose for which the land was bought does not disrupt the original plan of the state.

Conditions for ratification may differ from state to state.

I  believe I have presented to you the most important question to ask when buying land in Nigeria and the kind of lands you should avoid.

If you got value from this article, please share it with others, you might just be saving someone from possible demolition in future.

What other questions do you think first time investors should ask?

Want to get the latest updates on land matters/investment from us?

Call +2347032949994 for more details or visit the link below

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COST OF SAND FILLING YOUR PLOT

If you are building on a water logged plot, your foundation is likely to be a ‘raft’ foundation which shoots out of the ground instead of the strip foundation where the contractor digs into the earth. 

In addition, to ensure that the site is well drained, the raft should be well above the road level and this means that the compound has to be filled with sand.

There are two types of materials used to fill the site: laterite earth filling (a reddish ‘sand’) which is usually transported from the Shagamu axis and sharp sand filling (a finer white sand) which is pumped from the lagoon bed.
The laterite earth filling costs an average of N15,000 per 10 ton tipper while the sharp sand filling costs an average of N45,000 per 20 ton tipper. The amount of sand required for sand-filling varies from site to site and is dependent on factors like size of the plot, height of the raft etc.

Typically for a private detached house on plot of about 600sqm, an average of 5 nos 20 tons tipper loads is about the quantity required.

As usual, our Layman Builder readers are advised to consult a quantity surveyor for the right measurements.

For more Information call +2347032949994.

#realestateinnigeria #Ibejulekki #lagosislandnigeria #hotinvestment #landlord #ownandbuild #buildyourdesire #dangoterefinery #Lftz #sandfilling #Justedposted #realestateagent #realestateinvestment

THERE IS NO SHORTAGE OF CASH

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What Are the Type of Land Title Document given in Land Transactions.

There are a lot of title documents involved in the buying and selling of landed properties around the world most especially Lagos State. It is very important to know the various types of titles available in a state, the value each of the titles carry, to know what the status of the land is.

They following are the various land title document in Lagos state.

SURVEY PLAN

A Survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. The people that handle survey issues are Surveyors and they are regulated by the office of the Surveyor general in Lagos as it relates to survey issues in Lagos. A survey plan must contain the following information:

1. The name of the owner of the land surveyed

2. The Address or description of the land surveyed

3. The size of the land surveyed

4. The drawn out portion of the land survey and mapped out on the survey plan document

5. The beacon numbers

6. The surveyor who drew up the survey plan and the date it was drawn up

7. A stamp showing the land is either free from Government acquisition or not

EXCISION

Land Use Decree on the 28th of March, 1978 that vested all lands in every state of the Federation under the control of the State Governors. The Land Use Act coupled with other laws made it possible for the Governor who was now the owner of all lands in the state to actually have the power to Acquire more lands compulsorily for its own public purpose to provide amenities for the greater good of the citizens.

Fortunately, the government recognizes that indigenes of different sections of the country have a right to existence . . . a right to the land of their birth. Hence, it is customary for state government to cede a portion of land to the original owners (natives) of each area.

An Excision means basically taking a part from a whole and that part that has been excised, will be recorded and documented in the official government gazette of that state.

GAZETTE

A Gazette is an Official record book where all special government details are spelt out, detailed and recorded

A gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them. It is within those excised acres or hectares that the traditional family is entitled to sell its lands to the public and not anything outside those hectares of land given or excised to them.

A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy to grant title to the Villagers. A community owning a gazette can only sell lands to an individual within those lands that have been excised to them and the community or family head of that land has the right to sign your documents for you if you purchase lands within those excised acres or hectares of land.

DEED OF ASSIGNMENT

A Deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.

The Deed of Assignment has been exchanged between both parties, it has to be recorded in the land registry to show legal proof that the land has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Governor’s Consent or Registered Conveyance

CERTIFICATE OF OCCUPANCY

A Certificate of Occupancy (C of O) issued by the Lagos State Government officially leases Lagos land to you, the applicant, for 99 yrs. As already indicated above, all lands belong to the Government.

A C of O however is the officially recognized Document for demonstrating Right to a Land.

What happens after 99 years? That question is still subject of debate among experts. Most have adopted a wait-and-see attitude. Others postulate that as the new owner of the land, you the buyer, can renew the certificate of occupancy when it expires. That makes sense, but for now is largely a case of “We shall see when we get there”.

For more information about how to get the best title for a landed property call 07032949994 or visit the link below.

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Invest in the Lagos Free Trade Zone

A Free Trade Zone or also known as Export Processing Zone, is an area where goods may be landed, handled, manufacture or reconfigured and re -exported without government interference.

The idea location to set up a Free Trade Zone is in an area that is accessible to the sea and access to an international airport. It can also be called a Foreign Zone, Foreign Zone in the sense that countries can bring in raw material in the zone, it will be processed and made to finished goods and finally sent back to where it is ordered.

There are Free Trade Zone all over the world and among them is the the Lagos Free Trade popularly called the Lekki
Trade Zone. https://m.youtube.com/watch?v=7mKD5fSnTQI

The Lagos Free Trade Zone is located close to the Atlantic Ocean and will be connected to the new proposed international airport and the fourth main land bridge.
The Lagos Free Trade Zone is on 800 hectare of land. The project that will be built in the Free Trade Zone includes the Deep Sea Port in alliance with the Marine industries, the Petrol - Chemical Hub which has Dangote as a lead investor who is currently constructing a Refinery and a Fertilizer plant which is reputed to be the biggest in Africa. The Food Processing Industries, Warehouse park, Tank Farm, Gas pipeline and Storage, Cooperate and Residential Zone.

With these massive projects going on you will agree with me that the environs will also play a major part in the economic activities of the Free Trade Zone. Investors can also act like Dangote and acquire properties that are available for investment.

For more information on investment opportunities in the Lagos Free Zone and environ click the link below
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Three Important points to Consider when Buying a House in Lagos Nigeria

Buying a house is a very a major decision making for lots of individuals who wants to avoiding making mistakes at a cost. while others, it takes time and patience to search for a home because the process is usually time consuming and hectic.

Here are three useful tips to consider when buying a house in Lagos State Nigeria.

PLUMBING:
This is a very important area you should really focus on. Carefully examine all the taps and showers if water flows freely. Check for leakages especially in the kitcgen, examine the water closet if it flushes freely and if there effectively water supply from the reservoir back into the house.
Most times sellers of houses will tell you that there is no issue with the plumbling, just buy it and move in but if there is an issue we will fix it. Please dont fall for this cheap talk because if you do you will soon discover that the promise of fixing any issue was merely a sell pitch and you will end up spending your money to to fix this issue.

Another important factor to consider is FLOODING.you should check to see if the place you are planning to purchase that house is not in a higher risk flooding area. It is important to do your house search during the raining season because it will give you the true picture of the area.

Here are some areas in Lagos Island you should think very carefully before you buy a house. This areas includes Ilasan after the fourth round about on the Lekki - Epe express way, Jakande on the same location, Osapa London after the fifth round about, the inner part if Agungi and some part of Badoree.

Lastly, one should consider the anti - social behaviour, noisy and disruptive neighbours. It will be very painful if these point is not critically considered. Don't take what the agent tells you about the area as final. Conduct your own investigation, ask around about the behavior of the people who would soon become your neighbour. Ask questions about the type of generator that is used in the area. It is only in some selected area  that must have  a specific type of generator.

To get get more information about how and  where to Invest in properties in Lagos state and environ visit http://bit.ly/2eWjf9H

Or Call 07032949994

TGR Properties.