Land, whatever your intentions with it is a smart investment. This is because unlike a lot of other things, land does not depreciate. Instead, it appreciates steadily.
Whether you’re buying as an investment or just to erect a building, you are very unlikely to regret the choice. Unfortunately, the process of buying land isn’t always clear cut. In fact, it is rarely so. There are a lot of questions you need to ask yourself such as:
- What part of the city do you want to live in?
- What kind of neighbourhood do you want to live in?
- Is the neighbourhood safe and can you afford to live in it?
Also, depending on your intentions for the land, you need to consider its suitability for building, farming and its appreciation potential.
Here are a few things you have to look out for:
- LOCATION OF THE LAND
This is one of the most important things to check out because to a large extent, the location of the land determines the value of the land. Land situated in highbrow areas will likely cost more than land situated in the slum.
Land in developed areas will also cost more than one in developing areas, and the same goes for urban and rural areas.
If you decide to buy land in a developing area, you should consider the rate of development in the area.
- ACCESSIBILITY OF THE LAND
Another major factor that should weigh in is the proximity of the land to major roads. How accessible is the land by road? Is it a straight path?
You should pay close attention to this because you do not want to build your house and then discover that the only way to gain access to your house is by passing through another person’s backyard.
This goes without saying; security is a top priority. You should make inquiries about the state of security in the area. Does the government provide enough security or do the residents provide their own security?
You do not want to buy a land in an area that is under constant threat of omo onile or attack by armed robbers and other assailants.
You need to know the price of the land in order to confirm that it fits into your budget or if flexible payment is available. Factors like location and soil can greatly affect the price of the land. Swampy land costs less than firm land, but in the long term, the cost of sand -filling might lead to you paying more than your bargained for.
Invest in the services of an evaluator or a surveyor to help you determine the worth as well the long and short term cost of the land.
The environment of the house is very important. You do not want to build in a place where the residents are unfriendly, or one with bad roads. You should also check for factories and industrial units in the area, because more often than not, the presence of factories is an indicator that the environment is likely to be polluted, due to the heavy production of waste.
Also, if you plan on living there, is the environment child-friendly? Is it safe? Can children play outdoors without worries? You should consider these factors too.
- SOIL TYPE
The soil type of the land will determine if it is suitable for your purpose. Loamy and rocky soil retain very little water and are therefore suitable for building on.
Sandy soil, silty soil and clay soil do not drain well and are hazardous to building foundations.
Loamy soil is generally supportive of plant growth, although different crop types have different soil requirements.
- TOPOGRAPHY OF THE LAND
You should check out the topography of the land before buying. Land can either be flat or sloppy.
Flat land is the best to build upon because they are sturdy and are economical to build on. Sloppy land, on the other hand, is more expensive because it has to be leveled before any construction can begin.
Sloppy lands are also susceptible to flooding and erosion, which leads to wear and tear of the building foundation.
- SHAPE OF THE LAND
It is not uncommon to find a land that has an irregular shape. This is because some sellers cut out bits and pieces of the land in order to join it to another piece of the land and make more profit.
You should ensure that the shape of the land suits whatever you want to build on it. Buying a land with an irregular shape makes the work harder for the architect who will draw up the plan for the house. You will also end up with a much smaller house because you can’t utilize all parts of the land because of the misshaped parts.
- BUILDING RESTRICTIONS
In some areas, there are set plans for buildings, and you are not allowed to deviate from them. Also, some areas are earmarked by the government for industrial purposes and you will not be allowed to build a residential building there.
Deviation from the restrictions, especially in government appointed areas will have the authorities knocking on your door before long.
- AVAILABILITY OF LEGAL DOCUMENTS
You should confirm the title and deed of the house. You should also make sure that the land is properly registered with the appropriate authorities. The documents you have to check for include the survey plan, deed of assignment excision and gazette.
These documents confirm the authenticity of the land and assures you that you are not being duped.
Before buying any piece of land, you should check out these things because they will help protect you from being duped, and also make sure that the land is suitable for whatever purpose you want it to serve.