Tips for First Time Property Investors Confidence Iwuoha December 9, 2019 Investments, Property Feature, Real Estate Femi is an investment banker living the Lagos life. Great job, dope ass ride and lives in Lekki. Some months ago he accompanied his friend to his ongoing home construction site and since then he’s been considering owning property of his own. Over the years as an investment banker, he’s built skill in mostly medium and short term investment instruments and real estate is way out of his scope but he’s determined to find a way to buy property before the year ends. First of, Femi knows he has to decide on the reason for buying property. He understands that his want for buying real estate was influenced by his friend but from his experience he knows its best to buy financial instruments based on your personal goals, he decides that he wants to own land that he can someday turn into a home for his family so he puts his lifestyle into consideration. Femi likes the lekki lifestyle, he likes the sanity, class, ease and peace of mind it brings and in future he would want to expose his young family into such an environment so this gives him an idea of what to look out for and options to consider using his budget. Since he knows that his home plan is a five year plan and there’s no pressure to build immediately he decides to buy in a newly developing estate with less residents that saves him costs and works with his future goals. As a Lagos dude, Femi wants to ensure that he not only buys an investment but he buys into something secure to avoid “Stories that touch” Femi wants to make sure he dots all his i’s and crosses his t’s so he seeks counsel from Dayo- his friend who is currently building his home, on ways to go about doing his due diligence… Being a first time property owner can be hard, you want to make sure that you don’t get scammed and you get value for your money and there are ways to go about this. Its important to always do your due diligence before purchasing a land or house because of how cost intensive the transaction is and you do not want to loose your hard earned money to frauds. Step 1: Inspect the site. While this seems like common sense some tend to bypass this before going into the transaction. Step 2: Pick Coordinates and get them verified. In Lagos state every region has been allotted to some specific economic purposes from (residential, industrial agricultural) and various areas earmarked for specific government developmental purposes, since land is immobile the only way to identify land on a map is with its coordinates and when a search is done on it, details pertaining to the usage of the land is being released. Here you can tell if the land is a government land reserved for non commercial purposes or can be used for commercial purposes – hence can be sold. Step 3: You’ve undergone inspection, you now know that the land can be sold the next step is to find out if whoever is selling the property has the legal right to sell which can be proven through title documents. Verify all title documents (Certificate of Occupancy, excision numbers, Gazette publication) with the government and review all title deeds with your lawyer. In cases where lands are sold on behalf of people ask for a letter of attorney from the representative. Step 4: Always have proof of transaction. Receipts alone will not cut it, you would need a deed that states all the details of the transaction and its transfer of the property to you this can be drafted by the selling party reviewed and signed by the buying party. Step 5: Take ownership of your property, the earlier the better. Some estates have some rules often not spelt out before buying always find out what applies before making payment. Step 6: Register your titles. All land transactions must be recorded with the Government, your ownership is complete when this is finalised most people stop after they have taken ownership but ensure you finish the whole process. Below we have curated some amazing property options that are safe, secure and give value for money. Flourish Gate Garden is a fast developing prime estate in the lekki-epe axis ideal for future home owners who crave for a serene and beautiful ambience in a secure and properly managed estate. It’s demand over the years has so grown and is currently selling for a total price of 13million naira. Its ideal for individuals who want to live on the Island and intend starting home construction immediately. Katopp Estate is located along the Ibeju-Lekki axis, this gated estate is ideal for forward thinking investors who would want to own property close to future tourist locations like a free trade zone and resorts. Its presently selling for 2.5million naira and has its excision duly registered. Katopp Haven Court, another series in the Katopp Estates in the Ibeju lekki axis, ideal for long term investors creating a unique opportunity of investing low with a big potential of selling in future at a higher return. Selling for 1.2million this estate guarantees returns on investment. To make enquiries kindly call 08104364057. Leave a Reply Cancel ReplyYour email address will not be published.CommentName* Email* Website Save my name, email, and website in this browser for the next time I comment.