5 red flags to avoid when investing in Lagos landed property
Investing in assets is one of the most greatest sources of investment with profitable returns with less risks when you invest rightly.
However, when it comes to investing in landed property in Lagos , you must be very careful in other not to fall victim of scammers and other related issues.
Lagos real estate is one of the most lucrative form of investment in Nigeria due to its population and series of remarkable landmarks.
But a lot of caution must be put in place when considering to invest in Lagos landed property.
Here are the 5 red flags to avoid when investing in Lagos landed property.
There are some investors who regret investing in the Lagos landed property due to some of these red flags which they fail to acknowledge.
1. Avoid Buying a Committed Land
A committed land is a land that is owned by government. All land belongs to government before they are grouped into free land and acquisition one.
Just of a recent a man contacted me and narrated how he could know if an acre of land he bought in Epe many years ago is under committed land or free.
As he was panicked that his friend who bought a land around the axis discovered that it is under government acquisition land. Buying a committed land or non government approved layout is a big red flag in real estate because there is high tendency of loosing the land in the future except government later release such land.
Don’t fall victim of such landed properties. Prevention is better than cure. Before buying any property it is very important to carry out due diligence.
2. Avoid Buying from Substandard Real Estate Company
There are several real estate company in Lagos, you must be very careful when it comes to buying of land from a company as some are not standard and they might end up selling you land with poor or fake titles which could result in big problem in the future.
How do you know if standard company? Check out some trusted real estate companies in Lagos
Attention: If you need a genuine land or house from a standard and licensed company in Lagos, Kindly chat me up by clicking the WhatsApp button on the screen.
3. No Physical Allocation History
Recently, there was a company that was accused of allocation receipt instead of land. Some people pay for land and never see it because there’s no access road, or the land isn’t even physically allocated.
Always make your own findings to know the company’s allocation records, if they have been allocating for people who buy for them.
4. When it way too cheap
Cheap land in Lagos is tempting, but it can be in dispute, waterlogged, or government-acquired. Always ask why it’s that cheap. It’s some people with want to buy land with C of O and when you ask about their budget. It’s so ridiculous. That’s why they fall victim of scam.
Always try to compare prices in that area and ask why is this land cheaper than others nearby?
ALSO READ: 5 Costly Mistakes That Lead to Property Demolition in Lagos
SEE: 7 Most Affordable Land for Sale in Epe, Lagos
5. Avoid Falling Victim of Offers.
Don’t be easily cajole by fake offers. I have seen some people who got stuck in property transaction because of misinformation. They didn’t get their land neither get refunded, this is a red flag to avoid.
A client told me how he wished he was informed before subscribing to buy 3 and get 1 free in Ibeju-Lekki without knowing that the one plot is not actually free, he would need to pay statutory fees before he could claimed it.
In conclusion, avoid working with a realtor who is not well informed or a person don’t really understand Lagos real estate market. As you are planning to invest, endeavours to working with an experts so as to be guided and make right decision.
It is also very crucial to be aware of these red flags as they can hinder your investment goal.
Real estate in Lagos is not a do-it-yourself adventure. You need someone who knows the terrain, has experience, and has your best interest at heart. That’s where I come in.
And if you’re looking to buy property in Lagos, send me a message, let’s make your investment safe and stress-free.
By following these tips, you can increase your chances of success when in landed property.
For more info/enquires on real estate investment in Lagos, kindly call +2349031815426 or click whatsapp button on your screen to chat me.
