There are factors that must be put into consideration before a land is acquired. These factors are important to the initiation and completion of a building project. To avoid unnecessary problems that come with procurement of land, these factors must be a considerable guideline at the point of acquiring land for real estate project. There are five important things to consider before buying land in Nigeria, these are:
Location and environment
The first factor to consider is the location and the environment of the land. The location of a land determines the present and projected value of the land. It also determines the development rate of the area. The environment is important in determining the feasibility of the land in respect to the purpose of the project. Background study and history record of the land is salient in order to avoid future difficulties.
Soil quality and composition
This is another decisive factor in the choice of land. It has impact in determining the efficiency of the structure and the construction cost. Soil types affect the foundation of the structure. The soil resistance to water also determines the stability of building on the land.
Land size and zoning
It is important land survey is done on the land to confirm the dimensions stated by the seller. The zoning of the land is crucial to know the zoning permit of the area in line with government policies. There are areas which have been zoned for a particular purpose. Building a residential structure in an area marked out for industrial purpose is a trespass which may cause possible demolition. It is important to consult the right authority to confirm if proposed land area is suitable for proposed purpose.
There are documents involved in every business transaction. Real estate transactions are no different. These documents serve as proof that a business transaction took place. It gives clarity on the legitimacy of the land. Before final acquisition of the land, legal documents should be vetted. The required document ascertaining the rightful owner of the land should be requested for. The Certificate of occupancy (C of O) is necessary to show that permit was issued to the owner of the land. The C of O also gives information on the years the land has been permitted to the present owner. There must be a Deeds of Assignment certificate which is necessary at the stage of land ownership changing. Survey plan which gives information on the orientation, perimeter, length, breadth and other features documented is also required. Lastly, receipt should be made available in case of transaction.
Lands have their varying price. The price of land is mostly determined by the state, location, environment and soil quality. However, land should be procured in accordance to budget. Nevertheless, the price of a land must be worth its value.
Land can be procured in absentia. A trusted real estate agent can be used to procure a land. The factors listed above are the guidelines for acquiring a land and in ensuring the best transaction. However, monitoring can never be overemphasized. It is advised that monitoring commences at the initiation of the project. LuvanexBuilds monitors project professionally. With expertise and years of experience, LuvanexBuilds gives detailed report on projects. Check on us today.