Tobi Azeez 
Different advices at different time frames are churned out to real estate prospects for the mistakes they must avoid when buying land.
But most times, it was as if the warnings were not well sounded enough leaving many to fall victims of scams, Omo-Onile and other critical crises and circumstances that work against them.
Well, you are so lucky to have an encounter with this blog because it identifies potential pitfalls that people consciously or unconsciously fall into. And at the end, I’ve got a wholesome recommendation to these problems for you.
Let’s get down to business
Location
Location! Location!! Location!!! Does that ring a bell? Trust you don’t want to take an area at face value. But this fact precludes areas like Lekki-Ajah – even swamps for here dey hot.
Funny though!
Many factors are seen when location is concerned, in terms of land texture and quality, setting, landmarks, security, prospects, interest and preference among others. So, be sure you choose according to your appeal and quality of the land.
However, not all locations would have the appeal to choose . Trust me, land prospect might be a valuable asset and reason you want to consider to make your choice. Personally and honestly speaking, this should prevail over any other justifications you might have. Consider a land with a proximity or landmark to a popular university, town square, or notable city center and the likes.
Without doubt, these landmarks are pouts of attractions to drive future and rapid development in such location.
Doing Your Cost Calculation to Detail
Personally, I hated Maths back in high school and, funny enough, had a justification for that. Until I had the reason to make arithmetic my friend.
Calculation might not be your things too. But when it comes to real estate or property businesses, you need to come to terms, or get someone to help you.
The most important step to take when considering buying a new land is to thoroughly work out the total cost to be sure nothing is hidden from you. While this may seem needless and self-explanatory on paper, many people overlook that and eventually regret not doing the basic needful.
Avoid concentrating solely on the deposit and purchase price. Keep tab of things such as percentage on default payments, Stamp Duty, solicitors’ fees, removals and surveys in mind when working out what you have to spend. It might be shocking to know that some estate agencies are not transparent, in that, they will hide some fees for you only to pop them up upon the completion of your fees.
So, what do you do?
If Calculations done well, you’re half-done with your homework in your real estate investment.
Avoid A Package With No Flexible Payment Scheme
As a market woman or daily-income earner, even a salary earner, you should understand that everyone deserves a self home. So, it is wise to always seek flexibility in payment terms for security. You know why? You don’t bite more than you can and should chew.
Finding an agency that run flexible payment scheme would enhance your chances of completing your pay in a given time frame with ease.
Do you know you can become a landlord with just 2k?
If you have done your homework and calculated all of your potential costs as well as your existing income and expenditure, getting a flexible scheme with a considerable amount of time would go a long way in shaping your payment plan.
Now that you have a solid figure to hand, all you need to do is stick to it!
Lack of Proper Research:
One of the gravest mistakes is diving into the real estate market without basic knowledge, if not thorough. It’s great when you the market trends, property values, and have specific knowledge about the area you are interested in.
But for a starter, it would be a great idea to start with some agency or real estate company to educate yourself on the best way to go.
This is the best avenue to research and learn more about buying land in real estate especially those in locations of appeal.
Rushing Your Decision and Ignoring Legal Due Diligence
Trust me, the pressure to secure a property quickly can lead to hasty decisions. Your time to inspect properties thoroughly, compare options, and negotiate favorable terms are essential in this journal. Hasty decisions often result in buyer’s remorse and could mean missing out on better opportunities.
However, ignoring legal due diligence is a recipe for disaster. Ensure that the property has clear and marketable titles. Verify the authenticity of land documents and confirm the property’s compliance with local regulations. Consulting legal experts or real estate professionals can save you from potential legal complications in the future.
To wrap up, securing a safe land in a real estate can be a walkover if you stick to guide and avoid the pitfalls waiting for those who are unaware of them.
What if I told you Verge Property Networks is a valuable go-to-real estate company that can proffer the solutions to all the mistakes above? If you need an everlasting plan and scheme for land banking, real estate education and robust investment, Verge Property Networks has you covered
If you’re down for this, we are a click away.
Contact us: media@vergepropertynetworks.com
or
Call on: +2348106943599
