First-time land buyers in Anambra State are prone to missteps. Here are some common errors and how to steer clear of them.
Every year, first-time land buyers venture into the market and make the same mistakes that their parents, siblings and friends made when they bought their first land.
Here are four mistakes that first-time land buyers make in Anambra State.
1.Failing to Get an ideal location/Neighborhood for investment purposes.
To be honest with you, when buying a land (Note: whether first, second, third time buyer), location should be one of the major factor to consider. You don’t just buy a land in a community that don’t have any infrastructure because it’s sold to you at an affordable price.
To buy a land and build house that can be rented out gives room for cash flow for the owner. But the greatest mistake people make is that they embark on minor or massive investment in locations that the income level of the people that live there is not high.
At the end of the day, the landlords are shocked that such people are not able to pay their rent. They get upset and frustrated. When you are thinking rental income, you have to look very well at the neighbourhood and the income level of the people there if they can easily afford their rent.
If this is not thoroughly researched, you will spend so much money building a house and you end up technically renting it to people for free. We know that the tenancy law in this part of the world favours the tenant more than the landlord. It takes a long while before you can evict anybody legally from your property.
But if you get a plot and build a house in areas where high-network people live, you will be able to get your rent without much trouble.
2. Not choosing to hire a professional Realtor or an Agent
A major mistake first time land buyers make is trying to shop for real estate without an agent.
Finding your own home is like “diagnosing yourself of an illness, Professional Agents are held to the ethical rule that they must act in both the seller and the buyer parties’ best interests.
A professional Realtor or an agent do his property due diligence/search to ascertain the genuineness of a land before presenting it to you.(Note: this shouldn’t stop you from conducting your own property search).
It’s quite sad that some investors treat their “investment” or “prospective investment” without caution. This is a fatal error consulting the wrong professional, it’s almost like you’re not engaging any professional at all. Just like the adage which says, “when the blind leads the blind, that eventually ends up in the pit.”Therefore, never underestimate the guidance of a professional Realtor in getting a Land/Housing property, if you truly value your hard earned money.
3. Poor Planning Budget:
Many First time land buyers failed to make a proper planning budget before getting a property thus making the wrong choice of property. You must have a first-hand purpose on why you’re acquiring a property, the financial budget of it, your expected return on investment, and many more. This helps to make the right choice of property you plan to purchase.
4. Know the Land documents to watch out for
I want to stress it here that the issue of C of O has been overrated. You see people trying to buy a land and once they are shown the C of O, they assume that such a person is the rightful owner. That is a big mistake. The property is not yours until you have a Deed of Assignment. This is legally what transfers ownership from the seller to the buyer.
Hence, you must make sure that the property you are buying has a Deed of Assignment accompanied with a survey, which is the map and measurement of the land that you are buying. These two documents represent ownership.
And if you are buying a land from an estate, make sure you ask for, examine and collect the allocation paper, which comes with a deed. Note: always trace the deed to make sure it’s linked to the allocation documents.
I believe, with this point, first, second, third-time land buyers won’t venture into the market and make the same mistakes that their parents, siblings and friends made when they bought their first land.
For free land consultation in Anambra State,
To view list of our genuine, affordable and good located lands with high Return On Investment (RIO)
Or walk into our office @:
2nd Floor Pax Christi Plaza, Kwata Junction by Fly-over (near UNIZIK Junction), Onitsha / Enugu Expressway, AWKA. Anambra state