How To Buy A Land In Lagos Nigeria – Real Estate Guide

The complete guide on how to buy a land in Lagos Nigeria successfully without fear that you’d be scammed or eventually lose your property. I call this the land purchase in Lagos guide. It includes problems of buying land and building in Lagos.

How to Invest on Landed Properties in Nigeria

We all know the importance and benefits of owning a land in Lagos whether to build our own house or for investment purpose.
Nothing like having your own house and be done with land lord 'wahala'. And for many of us in Nigeria the process of owning a house starts with owning a land. As an investment opportunity we also know how lucrative it can be to invest in landed properties, hence buying a land is a project that many of us have in our plans.

When buying a land anywhere in Nigeria we face three challenges:

     1.Finding a reliable real estate agent. Some people including some who position themselves as authorized real estate companies will say anything including claiming that a land is not under government acquisition when it actually is just to get your money. You need an agent or consultant who will tell you the truth about the land you want to pay for.

     2.Avoiding scammers. There are many scammers often disguised as Omo oniles and even real estate agents. There has been many horrifying stories from people who have fallen victims to real estate scams that we can’t ignore.

     3.Finding the right property and paying the right price. You don’t want to buy a land that has no commercial value. Or worse, a land that is waterlogged and will require three times the money you use in buying the land to fill it up before a building can be safely erected.

My goal writing a Nigeria real estate guide is to guide you on these three areas and how to secure your land after buying it so that you never risk losing it.

Steps to Buy a Land in Lagos to avoid being Scammed or Lose your Property

Step 1. Determine your Purpose for land
What do you need the land for? Do you hope to build a house there later to live in or for rental? Do you want to buy and sell years later for profit? Where in Lagos do you want it and why?
If the goal is to build your own house someday then you may want to consider buying a land in the area you currently live in or somewhere with easy transportation to and from your work place, if you don’t hope to change jobs anytime soon. It makes no sense to live so far away from work and have to leave home 4am just so you don’t get to work late. The stress of that could lead one to an early grave, trust me.

If it’s for rent or a long term investment plan where you hope to resell years later then you want to make sure your property is in a place or location that is developed with good attractions or soon to be. One of my relations bought a house somewhere in Ikorodu with low rent rate. And even with the low rent rates tenants are not rushing to move in. However a major bridge is being worked on that will hopefully open that place to a major road and change things for the better. If things never change however that would not be a very good investment.
So when buying a piece of land for investment purpose, for rent or to resell, make sure that it’s in a place with good commercial value. Location is everything if you want to be successful investing in real estate in Lagos. Certain areas attract more business and at higher rates than others.
When you know the purpose of the land and what you’re looking for, the next logical thing to consider is your budget. How much can you afford? We all want to buy lands in decent environs and with easy access to major roads however not many of us have the funds to pay for lands in such places.

I don’t recommend buying lands in places that is likely to remain undeveloped for decades to come. I will never forget my experience when I visited my uncle’s house in Lagos to console the family after he died. The house was so far from the main road, it took one keke ride, one long taxi ride and one bike to get to the place after cutting off  from the major road. It turned out to be in a village. I was like, why have a house if it will turn people off from visiting you?
If you’re on a tight budget, then look into our properties installment payment options. Better to buy a good land that you would love building on or has great commercial value to make a good investment and pay on installment basis than the alternative.

Step 2: Make a Realistic Budget
The reason some people run into trouble or get frustrated when buying a land in Lagos is because they underestimated how much it will cost to legally buy the land. To complete a legal transaction for a land it will include signing certain documents, documents that will cost you money.
There aren’t so many extra fees involved when you are buying a land from a real estate company vs buying from Omonile. But still you must make room in your budget for these extra costs. Buying from a real estate company you may only need to pay for Survey plan and Deed of Assignment. You should confirm first about all the extra charges there are before you proceed with buying a property. Failure to budget for the extra fees could cause delay in completing the transaction and allocating your property to you.

Step 3: Find a reliable Real Estate Agent or Consultant
You may have a negative opinion about them, but real estate agents or consultants can be very helpful in helping you find the exact property you want at the right price. They also come in handy to help with questions you may have. They are the middle man between you and the property owner. If you ever have an issue with the property owner,you have another person invest in your interest to help you sort out the issue and see that you get what you want.
That’s largely what I do for you so look through our property listings on the site or on our facebook page * www.facebook.com/garnethomes * and use any of the contact options on the site to contact me. I’ll be glad to answer any questions you may have and help you as you find the right property for you.

Step 4: Hire a Surveyor and or Lawyer
A land surveyor has the instruments/compact to know the coordinates, the direction the land is located in the map and he can ask his colleagues at the general Alausa Ikeja office to give you the condition of the land. This allows you to know if the land falls under government acquisition.
Or if there is a survey for the land, do a photocopy of it and go to Alausa yourself to check.
You can do without a surveyor however you can’t do without a lawyer. It’s not recommended to complete a property transaction without having a lawyer look through the legal papers and confirm there authenticity.

A property lawyer helps ensure that the paper work for the property are properly done and are genuine and defends your interests. Especially if you’re buying a land from Omoniles in Lagos. Never ever proceed without a lawyer. Omoniles fears real estate lawyers. Either way, real estate companies or Omo oniles, going ahead without a lawyer is being penny wise pound foolish as that can put your entire investment in jeopardy.
A real estate lawyer fee is 5% of the cost of the land. You should add that to your budget.