Nowadays, before you buy that land in a remote area, think twice.
Recently, I have been hearing cases of burglars removing window rims, whole windows, doors, railings, burglary proofs, etc from uncompleted buildings in remote areas. Also, robbers disturb them seriously from time to time when they move in.
In some cases, bandits and unknown gunmen attack and kidnap them in their houses.
My wife was telling me to apply for a plot of land in our cooperative society where I get to pay monthly over a few years, I refused. Reason is the cooperative land is in one very remote area like that. Our executives are assuring us that in no distant time, it will develop but I'm not interested.
I can't even acquire it for farming because even farming in such areas now is risky.
Apart from the security risks, the distance to that place from where I live and work is very far. How will I supervise the construction work there with the high cost of fuel and public transport? what will happen to my job and business when I finish the house and move in? I can't even rent it out cos no one would want to rent a house in such area in the present Nigeria....
Abeg, let me hustle more and buy land in a fairly developed area to avoid stories that touch.
Apart from the security risks, the distance to that place from where I live and work is very far. How will I supervise the construction work there with the high cost of fuel and public transport? what will happen to my job and business when I finish the house and move in? I can't even rent it out cos no one would want to rent a house in such area in the present Nigeria....
Abeg, let me hustle more and buy land in a fairly developed area to avoid stories that touch.
You can just buy and keep it, real estate is a big business if you can take your eyes off it for years.
ReplyDeleteMy dad bought his land in one area in Lagos for #70,000, later paid #80k for something I can't remember, now in my dad's area, a plot is 10m and if the land is outside like facing main road is close to 20m.
The area I am living now, I heard some people said they bought land for 50k because it was water logged,now it's only rich guys that can re buy the lands now.
Let me shock you again when I was growing up a room in itire was 1k per month face me I slap you, now that same structure with little maintenance is 15k per month and people dey rush am because it's closer to so many places.
Real estate and Gold are two things I can invest in.
I get your point Mariam... There are some real estate that are bad investment, trust me we dey the industry...I get the point of Married man poster.....Most times you use your tongue to count your teeth....There are other issues like CofO and Governor's consent.....Let him just hold his money....Real Estate is one investment you have to think it through before putting your money
DeleteMariam, some areas, you can't buy land and keep for years without developing it. They will sell it to another person. You may be Lucky to get a replacement in an inner or swampy part in some cases, but in most cases, just forget the land, it is gone.
DeleteYou can say that again. A couple of weeks back, a neighbor who was building his house in a fairly remote area installed a pumping machine in his borehole. That night, the pumping machine and the brand new generator he bought got stolen.
ReplyDeleteThey extended courtesy to him by leaving the padlock he used to lock the gate in a brown envelope with a note of appreciation to him. They were thanking him for his donation of the stolen items.
Imagine that! So sad 😞
DeleteDem go meet their own for front.
Why not buy and resell
ReplyDeleteOga chronicle if you continue saying this, you will never buy a land for your self. I know someone who kept saying this,till date he regret his actions.
ReplyDeleteMy advice is that buy the land, get the necessary papers like survey plan, deed of assignment or C of O or fence it round. It's an investment. As time goes on, you can sell it in the future or decide to live there
It's not everyone that has the financial muscle to invest in a developed area
It's not all lands that you invest him....If you have this approach, you fit enter gbege...It's good to air on the side of caution when you want to invest in land.....Get better estate surveyor to help.....No be all investment be investment per se
DeleteYou can buy it, fence it and it ll appreciate over the years
ReplyDeletemy late brother had this mindset and he did not buy any land or house till he was in his sixty's and
ReplyDeletelater died after a brief illness. it is always good to buy and keep you can build it when the area has
fully developed.
What you are saying is true. You need to have good foresight because not all remote lands develop. There was an estate in lagos where someone invested heavily but just by looking at it, I knew it would not develop. 7 years later it is still scanty and the residents are selling off their properties at really cheap rates just to salvage a few coins. I was Just thanking God I did not invest then.
ReplyDeleteOga chronicle you're absolutely right.
ReplyDeleteThere's a particular village here where you can rent a piece of land for farming but bandits and kidnappers took over that place, now people are not renting again.
A family friend built a block of flats in a particular part of the state, nobody agreed to rent the house because that area is terrorised by bandits, now he wants to sell, no buyer.
There are some areas that won't be developed in your lifetime. Some areas are promising, but some na real bad investment. Imagine buying a land at omagwa or ipo simply coz airport is around that place.. and hoping the value will increase... you will die and one naira increase you won't see.
ReplyDeleteI look forward to ready your post every week.
ReplyDeleteI advise you make your investigation where necessary and invest in a landed property as it worth it with time
Your post is always an eye opener
ReplyDeleteYour post is always an eye opener
ReplyDeleteReading and nodding my head like Mami Stella's Dog 😜🙄
ReplyDeleteIt doesn't matter where you buy the land, as long as it is not a restricted area by government, what matter is doing your due diligence by getting the necessary documents, fence it round because of all these troublesome omO nile, it will definitely appreciate, you can actually resell later.
ReplyDeleteHmmmmm
ReplyDeleteWhat my eyes have seen, my mouth can not say it all.
Chronicles poster you are right
You better buy that land
ReplyDeleteIt depends on the area u bought the land. In my community, we bought our land fifteen yrs ago at the rate of 500k but now it's around 7million
ReplyDeleteDo your due diligence and buy the land
ReplyDeleteSecure it and keep with constant monitoring.
You don't have to start developing immediately,you can even resell if need be.
You can never regret investing in real Estate,never....
I have lived long enough to see some very good neighbourhoods turn into very bad places. You never know what will come of a place overtime. Investing is always a risk but some ppl are blessed with good foresight and others are not.
ReplyDeleteThe best thing is to know who you are. If you lack foresight pray for wisdom and discernment and seek out the guidance of those who are better at forecasting. If you are naturally blessed with good wisdom and foresight then you can always trust your judgment.
While concerns about undeveloped areas are valid, history has shown that early investments in such locations often pay off significantly once the area develops.
ReplyDeleteLand appreciation is a powerful incentive, and many have reaped substantial rewards by taking calculated risks. It’s about balancing the present realities with the potential for future growth. In your case, it seems you're seeing the opportunity from a forward thinking lens, which is often the key to identifying valuable long-term investments.
Maybe you have no interest in investment. However real estate business is not a walk in the park. I advise you buy and keep with farming
ReplyDelete