Source — Ragnarok property

Over the years, investing in real estate has been one of the best financial steps.

Buying landed property in Nigeria is a significant investment that can yield great returns if done correctly.

However, the process can be challenging and possibly “risky”, especially with the complexities of land ownership, legal requirements, and market fluctuations.

Whether you’re a first-time buyer or an experienced investor, these top 10 tips will help you safely navigate the Nigerian real estate market and ensure you buy profitable lands.

1. Understand the Types of Land Titles in Nigeria

Before purchasing any land, it’s crucial to understand the different types of land titles available in Nigeria. The most common titles include:

• Certificate of Occupancy (C of O): This is the most secure land title, indicating that the government has granted the land for a specific purpose.
• Governor’s Consent: Required when transferring ownership of a land with an existing C of O.
• Deed of Assignment: A legal document transferring property from one party to another.

Ensure that the land you intend to buy has a valid and verifiable title to avoid legal disputes.

2. Conduct a Thorough Land Search

Conducting a land search is non-negotiable. Visit the Land Registry to confirm the legitimacy of the land’s title and to check for any encumbrances, such as government acquisition or disputes. This step helps you avoid purchasing land with hidden issues.

3. Choose the Right Location

Location is a critical factor in the profitability of your land investment. Consider areas with high growth potential, proximity to infrastructure (like roads, schools, and hospitals), and upcoming government projects. Locations in developing areas may be cheaper now but offer significant returns as the area develops.

For instance, Lagos is a promising and highly profitable area to own lands and properties. The Return on Investment can be very high, especially in developing areas like Lekki.

If you would like to own a property around Lekki in Lagos at affordable prices that will yield high return on investments, you can contact Ragnarok Property Development Limited.

4. Verify the Seller’s Identity

Fraud is a common issue in the Nigerian real estate market, so verifying the seller’s identity is essential. Ensure that the person selling the land is the rightful owner or has the authority to sell. Request identification and relevant documents to confirm their claims.

5. Engage a Qualified Real Estate Lawyer

A qualified real estate lawyer is invaluable when buying land in Nigeria. They will help you verify documents, conduct due diligence, and ensure all legal processes are followed. This reduces the risk of falling victim to fraud or legal issues in the future.

6. Negotiate Smartly

Negotiation is a key aspect of buying landed property. Don’t settle for the asking price — research the area and comparable properties to determine a fair price.

Be prepared to negotiate terms such as payment plans or installment payments to make the purchase more manageable.

7. Understand the Payment Structure

Before committing, understand the payment structure and any additional costs involved in the purchase, such as agency fees, survey fees, and taxes.

Ensure that you have the funds required to cover all expenses without compromising your financial stability.

This is one area where many Nigerians fall victim. They often fall prey to purchasing properties with heavy hidden charges attached to the properties.

Ragnarok Property Development helps you avoid the pain of hidden price charges. Ragnarok Property Development prices on their properties are all-inclusive.

8. Inspect the Land in Person

Never buy land without inspecting it in person. A physical inspection allows you to confirm the size, boundaries, and condition of the land.

It also helps you spot any potential issues, such as flooding risks or proximity to undesirable locations (e.g., waste dumps).

9. Get a Survey Plan

A survey plan is a crucial document that shows the exact boundaries and measurements of the land.

It helps avoid disputes with neighboring landowners and ensures that you’re getting the full plot you’re paying for. Make sure the survey is conducted by a licensed surveyor.

10. Consider the Future Potential

When buying land, think long-term. Consider how the area is likely to develop in the next 5–10 years.

Land in areas with planned infrastructure projects, industrial developments, or new residential communities is more likely to appreciate significantly, making your investment more profitable.

This is one of the reasons why owning properties in promising areas like Lekki is a great tactic.

Conclusion

Buying landed property in Nigeria can be a rewarding investment only when you do it correctly.

By following these 10 tips, you can minimize risks and maximize the potential for profit.

Always conduct thorough research, engage professionals, and think strategically to ensure your land purchase is a success.

And if the research and strategy work is a little difficult, Ragnarok Property Development can provide assistance to help you secure your dream property.

If you need more personalized guidance on how to safely secure a property in Nigeria affordably without risk you can contact the MD of Ragnarok here