Ever wondered how to buy land in Epe, Lagos, Nigeria? It’s a thrilling adventure that combines the excitement of real estate with the realities of wise investment selection. The possibility of owning land opens up when you enter Epe’s colorful environment. This guide will provide you with clear guidance for a successful land-buying experience in Epe, covering everything from negotiating laws to understanding the local market.
Epe is a town and a local government located on the northern side of Lagos Lagoon. The town was added to the Lagos colony after the defeat of Ijebu Land by the British. Over the years, Epe has developed into one of the hottest spots for real estate investments.
Why you should buy land in Epe
Epe lands and properties currently have an appreciation rate of 50% to 90% and are expected to reach 200% in a few years because of the rate at which development is ongoing in the region.
Whether you’re looking for a house you’ll live in, a rental property or you just want to invest in land, Epe is the best place to choose. Epe is currently developing at a very fast pace and will definitely become like Victoria Island in a few decades.
Land acquisition: Research and Planning
It is a very good and mandatory practice to do your research before investing in the real estate market of any region. Research and planning are the main fuels for good investment.
Before you purchase land, you need to have a reason for the acquisition. Are you buying the land to build your own residential home, are you buying it to build rental properties, are you buying it to build business structures, or are you buying it to resell later?
When you know your purpose for wanting to acquire land, it’ll be easier to know which location to choose. For instance, there are certain areas in Epe that will give you a higher ROI if you’re into rental properties, while some areas are good for business and others are good for reselling.
Places closer to the new developments and popular land marks will be very good for both rental properties and businesses. For example, when the Dangote refinery is completed, the workers there will need accommodation closer to their work place.
The faster the area gets developed, the faster companies will also move there to establish a branch. Whichever way you decide to look at it, it will always be a win. But if you want to acquire land to resell or use it to tie down the value of your money over a long period of time, then you can invest in upcoming towns and areas with large land areas.
The farther the portion of land is from ongoing development, the cheaper it gets, but you should definitely have it in the back of your mind that development will get there, not just instantly compared to land areas closer to popular landmarks and developments.
Budgeting: How to buy land in Epe
As I have mentioned above, the closer the area of land is to popular landmarks, the more expensive it is and the higher the return on investment, while lands that are farther away from developments are cheaper but will be worth it in the long run.
Considering this factor, you need to be realistic with your budget. If you decide to buy directly from locals in the region, then you likely won’t have to worry about developmental fees and other fees, but it actually has more risk compared to buying from popular real estate companies and brokers.
Personally, I’ll advise you to buy from real estate companies like Varosi Properties because, before they acquire those lands, they’ve done their proper survey to avoid future issues with the government and locals. Aside from that, they usually have a plan for the development of the area. Most real estate companies usually propose building luxury estates, but that will attract extra fees, which most of them call the developmental fee.
Land acquisition: Legal Consideration
Whether you’re buying the land from locals or a trusted real estate company, it is also best to do your own due diligence to know the kind of structure that is expected to be built in that area. Usually, there are some lands that have been marked for different purposes other than residential by the government.
If you buy that kind of land, you may face issues with the government years later. The primary reason for the government’s demolition work is this. Sometimes, locals sell lands meant for markets, airports, schools, canals, etc. to investors, knowing fully well they are not meant to sell them.
When buying land, seek the expertise of real estate lawyers, surveyors and planners to properly know if the land is worth buying. It is better to be safe than to lose your money and assets later on.
Choose reputable real estate companies or agents.
Once you’ve done your assignment and are ready to buy land or property, especially in Epe, do well to choose the right real estate company or agent. You can read this article on criteria for choosing a legit real estate agent or company.
There are scammers in all fields of business that have to do with money, assets, and finance. Real estate is not excluded. Make sure the real estate company you’re using is known, has a track record of successful land allocation, and is present on social media for easy access.
You can read: The best real estate company in Lagos, Nigeria
Site visit and inspection
Before you pay for any land or property, make sure to go for an inspection. Most of the notable real estate companies and agents do offer free inspections and site visits to potential customers and investors, so you can see what you want to pay for.
Visiting the site to see what you want to pay for other than believing just what you were told helps you project how soon development can get there; you get to see current projects ongoing there and also see what the environment looks like.
After that, you can now decide if the land or property is worth the money or the hype.
Conclusion
Finally, buying land in Epe, Lagos, Nigeria is an exciting prospect that needs to be approached with care. After going over different parts of this process, like doing a lot of study, making a budget, thinking about the law, and visiting the site, it’s clear that the key to success is being well-informed and having a plan.
Epe’s real estate market is always changing, so there are many good investment possibilities there. By following the tips in this guide, you will be better prepared to buy land in Epe, making it both a smart investment and a way to reach your goals in this quickly growing city.
