The rate at which people are trooping into the real estate business is alarming. This is has a result of the lucrative nature of the industry.
As lucrative and profitable the business look, it involves both huge and no capital investment to start with – base on the niche you choose.
While you may want to be flipping land in the real estate industry or you want to buy a land for reasons best known to you, there are some certain things you need to put into consideration; among these things are what this article entails.
So many things have to be considered before buying a land since it wouldn’t come for just a penny.
It is immaterial whether it is your hard earned money or not, what’s important is that you will want to safeguard it from fraudsters.
8 things to consider before buying a land in real estate industry
Therefore, what you are about to read is an expository on how you can make the best decision for yourself and avoid being scammed when buying land here in Nigeria or in any part of the world.
The first thing expected of you to consider before buying a land is the budget. The location of where you want the land to be situated isn’t important at this moment, what is important is you having a sound budget.
So, take your time to research on the price of land in different places and location in other to set a good budget for yourself.
The issue of location can now come in when your budget has been set and meet. Location plays a crucial role in determining the value of a land, just like any other real estate properties.
So it is up to you to decide where the location where your real estate property to be situated.
3. Land Appreciation
Another important thing you need to consider before acquiring a land is the ability of the land to appreciate in value in due time.
Though the value of a land never depreciate, but looking for a place where the appreciation will be jaw dropping will be better.
Land, being an asset that doesn’t depreciate in value, it is such a nature’s gift given to man by God. Thus, buying a land requires you to check for it appreciation strength and value before capitalising on it.
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Of course, the purpose of buying a land has to be considered before buying it. You can’t be looking for a land suitable for fish rearing and go ahead to buy a desert.
It is not done that way. Hence, the purpose of buying a land has to be considered too.
If your reason for buying a land is for commercial purpose, then you should know that you are venturing into the real estate investment.
You can’t handle the process like the land is for some other purpose, this is business, something you will be expecting return on.
6. Proximity To Market
Also, you should consider nearness to the market before you buy a land, this is very essential.
Most especially if you will later build a house on the land. And if you’ll use it for commercial or sell it in the future, market proximity will also be considered by the buyer too.
7. Availability of Social Amenities
You can’t just rule out the important of social amenities out of the important things to consider before buying a land.
Irrespective of why you are buying the land, you just want to make sure that the necessary basic amenities like electricity, good road, hospital and water are available.
Nobody will want to live in an area that has no lights or good road network.
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Similarly, before you buy any land in Nigeria or in any a part of the world, availability of adequate security is another thing you must put into consideration.
It is immaterial whether or not you are buying the land for commercial or you will be living there.
It wouldn’t speak well of you to buy a land and build a house in an area known for it unrest as a result of in availability of enough or adequate security personnel.
Putting the issue of security on your list of things to consider before buying a land will be a wise thing to do.
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What you just finished reading are the list of important things to put into consideration before buying a land any where in Nigeria and across the globe.
Of course the real estate business is lucrative and fascinating, you should always be careful I all your dealings.