Purchasing a property in Nigeria remains a dream for many people, but it is still a risky endeavor. We’ve all made purchases that we subsequently had to regret. The money spent on those little things like Gadget wasn’t life-changing, as opposed to what you’d lose if you squandered it on a piece of real estate. If you’ve decided it’s time to invest in real estate and become a property owner, then you should be able to take note of what we have here in this article. It’ll be a guide in helping you find real estate and you’ll have peace of mind. You never want to say that buying a house was a mistake or that buying this house was a mistake. Many people, unfortunately, make mistakes that hinder them from realizing this basic ambition.
To get the most out of your purchase, arm yourself with these suggestions and avoid making any of these costly mistakes that could put a stop on that sold sign. Before we proceed, let’s get this straight. Which would you choose if you had the option of building a home in the city, the village, or somewhere in between? I doubt you mentioned setting up your apartment in a thick forest in your answer. Or you may choose to live in the desert. These phenomena, as bizarre as they may appear, are all too real.
While some people may not have much of a choice in where they reside, it’s still a mystery why some people call these places “home”. Wouldn’t you be scared if huge python was crossing over your doorstep outside your house?
1. High Risk Area: Your security is very important and should be one of your major checkouts when investing in Landed property in a given location. Any location with increase in crime rate such as arm robbery, neighbourhood vandalism, crime, etc., should be avoided when buying property. This is because, if you plan to build your home for families and children, neighbourhoods have served as a social, political, and cultural network. Families and people are bound by a system of conventions, habits, and traditions in this setting. If well-known and well-defined, the social scripts entrenched in the geography and culture of the area become institutionalized practices for children and adults. Perceptions of safety and opportunity, expectations for good parenting techniques and kid conduct, and norms for home care and property respect all influence social actions. Thus, raising a dysfunctional home and the property value for such a location maybe affected too. There won’t be a good return on investment in such area.
2. On A Drainage Pathway: Construction of building or structures on a proposed drainage pathway is very dangerous, not just for the property owner but the environment at large. This prevents free flow of water when it rains and can lead to flooding of an area, health issues and even death. Building on top of an existing drain or sewer can cause pipes to leak or obstruct, causing pollution, health issues, and environmental damage. It also makes clearing clogs and repairing or replacing malfunctioning drains more difficult, time-consuming, and expensive. If there is an existing drain beneath or near your intended property, it may need to be relocated or preserved, which will likely increase the project’s cost.
3. Government Acquisition Property: Avoid government acquisition property. This is because buying and developing such a property can led to its demolition tomorrow without any compensation from the government. However, before purchasing land, learn everything there is to know about the area. Determine whether the land belongs to the government; if it does, you will be without a home. Determine the source of your land before purchasing it.
4. Close to a High-Tension Transmission Cable: This is very risky and should be avoided at all cost. You should consider the risk of the wires cracking or the pylons falling and landing on your house or other property, even if it is unlikely. Meanwhile, if you still need to set up a structure close to high-tension area you need to bring your surveyor along and learn about the right-of-way setback regulations. Depending on the transmission line’s KVA level, we have different rules to avoid demolition in the future.
5. Along Railway or Oil Pipelines: We must all be aware of the recent fire explosion that happened along Abule – Ado along Ojo Barracks, close to Festac Town in Lagos state. The explosion occurred on a Sunday morning and lasted till late in the night. The explosion and fire were caused, according to the Nigerian National Petroleum Company (NNPC) Ltd, after a truck drove into gas cylinders placed in a gas processing business near a vandalized petroleum gas pipeline. According to the Lagos State Government, 276,000 persons were displaced.
According to the Nigerian National Emergency Management Agency, 23 persons died, 25 injured, and 50 homes demolished as of March 15, 2020. This includes the students and facilities at Bethlehem Girls College in Abule-Ado, which were completely destroyed. Henrietta Alokha, the principal of Bethlehem Girls’ College in Lagos’ Abule Ado neighborhood, was killed while attempting to save her children from the school’s conflagration.
You may also be aware of the problems the government encountered when constructing the new railway lines. As a general guideline, do not purchase land or construct anything within 25 meters of a petroleum pipeline or a railway line.
•Dennis Isong helps individuals invest right in real estate. For questions on this article or enquiring about real estate.
