7 Things To Consider When Purchasing A Land In Anambra state

Purchasing land has been a longstanding tradition in Anambra State for assessing an individual’s affluence. Historically, people often gauged one’s wealth based on the extent of land they possessed. Over time, perceptions have evolved, acknowledging a multitude of criteria for evaluating prosperity. Nonetheless, the significance of land ownership remains undeniable. For many, acquiring land is a milestone they aspire to attain by a certain age or prior to retirement.

At a certain stage in life, you may deem yourself financially capable of becoming a property owner. Among the choices contemplated by numerous individuals is the acquisition of land for constructing their dream residence. Furthermore, for both novices and experts in real estate, investing in land is regarded as one of the most dependable strategies to yield profits in the real estate sector. Nevertheless, various factors influence the decision to purchase land. Whether it is a single plot or an entire acre, there are indeed essential considerations when embarking on a land purchase.

RELATED POST:

Best estates to buy plots of land in Awka 

Things to know about Four way court Estate 

Procedures to deed of Assignment in Anambra state

7 Things To Consider When Purchasing A Land In Anambra state

Considerable thought must be given to this decision, as purchasing land does not come without a significant cost. Whether it involves your hard-earned savings or discretionary funds, safeguarding your financial resources against fraudulent activities is a paramount concern while simultaneously ensuring sound investment choices. Relying solely on your relationship with the land seller is insufficient; verifying the legitimacy of the transaction is equally imperative. Similarly, one should refrain from impulsively buying land solely based on geographic preferences; several other critical factors warrant careful consideration.

Hence, the objective of this article is to provide comprehensive insights on making well-informed decisions and safeguarding oneself from fraudulent schemes when engaging in land acquisitions.

1. Budgeting When Buying Land

When you want to buy land, it’s really important to think about your budget first. It doesn’t matter if you want to buy land in Awka or somewhere else in the country, having a budget is the most important thing. It’s not just about wanting to buy land; the real question is, do you have enough money for it? No matter how much you’ve saved, it’s always a good idea to check how much buying land costs and what other expenses come with it.

A budget is like a plan that helps you use your money wisely. Some extra costs you might need to think about when you plan your budget are: legal fees (usually around 5% of the land’s cost), agency fees (also around 5% of the land’s cost), surveying the land (which can be between N100,000 to N300,000), putting up a fence to secure your land after buying it (you don’t want to leave it empty), and getting all the necessary documents like the Certificate of Occupancy (C of O) and Governor’s consent from the government. These are some of the extra expenses you should include in your budget from the beginning so you don’t have money problems when buying land.

2. Choosing the Right Location

Buying land isn’t just about finding any land; it’s about finding the perfect place for your land. The location is really important because it affects how much your land is worth. The price of land in Awka, for example, will be different from land in Enugwu-Agidi.

You also need to think about how the area where your land is might grow in the future. Ask yourself what the place will be like in ten or twenty years. Even though land doesn’t lose its value, having a good location can make your land worth more when you want to sell it later.

3. Different Land Sizes to Think About When Buying Land

When you’re thinking about becoming a landowner, one of the first things you need to understand is land sizes. You might have heard words like “plots,” “acres,” or “hectares,” and wondered what they mean. They’re different ways of measuring land, and they can affect how much a piece of land costs.

   – Plots: A plot is like a marked section of land meant for farming or building. It’s a word used to describe a piece of land set aside for development. When you see ads for “property for sale” or “plots of land for sale,” it’s talking about these. In Anambra State, the usual size for building a house is about 50 x 100 feet.

   – Acres: An acre is bigger than a plot. It’s almost the size of a football field. Many land sellers use acres to measure land. An acre is a rectangle of land that’s about 4,046 square meters or 43,560 square feet. One acre usually has six plots, each about 60 x 120 feet. An acre is about 40% of a hectare.

   -Hectares (ha): Hectares are the biggest of these three sizes. A hectare is about 100 meters by 100 meters or 328 feet by 328 feet, which is 10,000 square meters. It’s about two and a half acres or around 15 plots. Hectares can sometimes lead to disagreements between buyers and real estate developers.

It’s important to know that these measurements can change in different parts of Nigeria. The measurements can be affected by factors like where the land is, who owns it, and the situation of the sale. In some places, a plot might be about 1,000 square meters, but in certain areas like government-reserved zones in cities like Lagos, Enugu, a plot can be 400 square meters or even less. Different cities have different measurements. For example, in Lagos, a standard plot is usually 60′ x 120′, which is about 648 square meters. But here in Awka 50′ x 100′ or 465sqm for a plot is used.

There are also rules about how close buildings can be to the road, which can vary between places. Knowing these differences in measurements is important so that you don’t get tricked by a land seller.

4. Land’s Value

Land is a unique kind of asset because it doesn’t lose its value over time. If you have a plot of land in Lekki, for example, it will stay valuable as long as it’s taken care of. It’s like a gift from nature that doesn’t lose its worth. Buying land is one of the safest ways to invest in real estate. As rural areas grow into cities, people who buy land there can make a lot of money because the area becomes more developed.

That’s why choosing the right location when buying land in Awka or anywhere else in Anambra or the Southeast is really important. Land keeps its value and often becomes even more valuable as time goes on. This is why it’s one of the smartest ways to invest in real estate.

5. Why Do You Want to Buy Land?

Before you decide to buy land anywhere in Anambra State, it’s really important to know why you want it. When you’re buying land, you want to make sure it’s a good investment. So, you need to ask yourself, “What am I going to do with this land?” This helps you make smart choices once you know why you want it. We’ll talk about two main reasons people buy land and what to think about for each.

  – Commercial: This means you’re buying land for business purposes. You want to make money from it. One way to do this is to build a building and rent it out to people. This way, you’ll get regular income. That’s why many people invest by buying land. They want to have more ways to make money.

   -Residential: This is when you buy land to build a house to live in. As we mentioned before, for many people, buying land is a big goal before they retire. It means they’ll have a place to live after they stop working. Then, they don’t have to worry about paying rent. For some, it’s just about living in their dream home and being their own landlord. No matter why you want to buy land, there are a few things you should think about.

Proximity to the Market

Whether you’re using the land for business or a home, being close to the market is really important. For example, if you want to build shops, you need to think about how many people are around. If you’re building shops, you want people to buy things from them. You want to make sure people need what you’re selling and that they’ll come to your shops.

If you’re buying land for a home, think about how far you are from the market. This can help you avoid problems later on. Sometimes people have to buy things they need while coming home from work or the bus stop because they don’t think about how close they are to the market. You should avoid this mistake so you don’t get frustrated when you need something important.

Availability of Social Amenities

This is really important too. No matter if you’re using the land for business or a home, you want to make sure basic things are nearby. For example, is there regular electricity in the area? Whether you’re building for business or a home, nobody wants to be in a place without power.

Roads, hospitals, and other important things are also vital. Check if your land is connected by good roads. It shouldn’t be a place where you have to park your car really far away before you reach your area. If you’re building a home, see how close you are to hospitals. You should also check for other important social amenities.

Security

What’s the news about the area? Is it safe now? What’s the crime rate like? Will it still be a safe place to stay in 5 to 10 years? These are things you need to think about before buying land. It doesn’t matter if you’re buying for business or a home.

It’s not smart to buy land in an area where there’s trouble or crime. The security of the area also affects how much your property is worth. Nobody wants to live in a place where they can’t sleep at night or where they’re not sure if their business will be safe.

Peaceful Environment

This is really important, especially if you’re buying land to build a home. If you want to live in your dream home or retire there, you want it to be peaceful. So, think about how calm the area is. Also, consider if the environment is healthy. Being near factories or industries can be bad for your health in the future.

Lifestyle

Lifestyle is important when you’re buying land for a business or a home. It’s really important if you’re planning to build a home. Think about what kind of life you want. For example, if you want to start a family there, is it a good place to raise kids?

6. Don’t Forget the Important Papers When You Buy Land

Having the right documents might seem like something obvious, but some people still forget to get the necessary papers to prove they own the land they bought. This is a common mistake, and it can lead to problems like fraud or land disputes. Buying land without getting the right documents is a big mistake. It’s like completing a course but not getting a certificate for it. You need the documents to show that you own the land.

Certain papers are needed to prove that you’re the real owner of the land. It’s not just about showing ads for different lands in different parts of the country. The big question when you buy land is, does the person selling the land have the right to sell it? Are they the real owners? A fraudster can easily take pictures of land, advertise it for sale, and pretend to be the owner to scam people.

It’s crucial to ask the seller for proof that they own the land before you do any business with them. If they can’t provide enough proof, be cautious and don’t continue with the transaction. There’s a chance it’s a fraudulent deal, and they don’t have the right to sell the property.

No matter what, don’t enter into a deal where the seller can’t prove they own the land. It’s also important to make sure you have all the required documents after the transaction to avoid issues with the government or land disputes.

7. How to Pay for Land Safely

How you pay for land is really important and can determine whether you get scammed or not. Here’s a golden rule: NEVER PAY CASH when buying land. You must make sure that every payment is properly recorded, from the cost of the land to the survey fees. The only way to protect yourself from future problems is by keeping a record of all payments.

No matter how small the payments are, it’s crucial to write them all down. This helps you avoid issues later on, as mentioned earlier. Instead of paying with cash and risking losing your hard-earned money to scammers, it’s better to pay with checks or through bank transfers. This way, you can easily track your payments if things go wrong.

It’s also a good idea to involve a lawyer who can create a purchase receipt that all parties can sign to acknowledge the payments made through the bank. This eliminates the chance of the seller denying the amount paid when it was paid, or the purpose of the payment.

There are no easy ways to spot a potential scammer based on their appearance or looks. One common mistake people make is trusting their relationship with the land seller when buying land. It’s not uncommon to see cases in court where relatives or friends have scammed someone in a land deal. This is important to consider when buying land for investment or any other purpose to avoid the risk of being scammed.

When you pay through bank channels, you can track your payments if things go wrong. It also provides a piece of evidence that can be used in court, unlike when you pay in cash, and the seller denies any knowledge of the transaction.