Buying land is a significant investment, and making the wrong decisions can lead to many problems. Financial loss, legal battles, and emotional distress are some of the problems you can face.
Anambra State has its unique land market dynamics, neglecting them will be a terrible mistake with consequences. Here are 7 terrible mistakes you should avoid when buying land in Anambra State;
1. Ignoring Due Diligence
This is a terrible mistake you should avoid when buying land in Anambra State. It can be very detrimental. Due diligence is the cornerstone of successful land transactions. Many people are eager to seal the deal without thoroughly investigating the land’s history and ownership.
It is not enough to get land, you must ensure it is from the right source. If you buy land from the wrong person, you bought nothing. This is because the rightful owner could reclaim it, leaving you with nothing.
Unless you have money to throw around aimlessly, ensure you do your due diligence before purchasing any property. Here’s how you can avoid this mistake;
Conduct a thorough title search
This involves verifying the land’s ownership history. You must ensure there are no encumbrances (liens, mortgages, or legal claims), and confirm the authenticity of land documents.
Also Read: Deed of Assignment vs. Contract of Sale: What Is the Difference?
Physical inspection
Visit the land to assess its physical condition, location, and surroundings. Look for signs of disputes or encroachments. Do not leave this to chance.
Where you cannot be physically present for inspection, send someone. That someone should provide you with videos of the state of the land.
Engage a qualified surveyor
Some landowners can mischievously sell beyond their boundaries, this is where a surveyor comes in. A surveyor will determine the land’s exact boundaries and confirm its size and shape.
Do not just trust the word of a landowner, ensure to go with a qualified surveyor.
Consult with a lawyer
If you don’t want to fight unending legal battles, get a lawyer from the start. A legal expert can review land documents, identify potential issues, and protect your interests.
2. Relying Solely on Verbal Agreements
It is okay to trust, but common sense is more important. Trust is essential, but in land transactions, written agreements are paramount. Relying on verbal promises can lead to misunderstandings and disputes.
People can say one thing and mean another. People can also say something today and deny ever saying it later. One of the terrible mistakes you should avoid when buying land in Anambra is relying on just verbal agreements. Put things down in writing.
A written agreement can protect you in the future. Make sure to draft a comprehensive purchase agreement. This agreement should clearly outline the terms of the sale. This includes the purchase price, payment terms, ownership transfer, and any conditions.
Go ahead to Obtain a receipt for every payment. Keeping records of all financial transactions is key.
Also Read: 7 Best Locations to Own a Property in Anambra as an Investor
3. Failing to Verify Land Use Restrictions
Anambra State, like other areas, has zoning laws that regulate land use. Building a residential property in a commercial zone can lead to legal issues and demolition. So before you buy that land, ensure to verify land use restrictions.
You can do this by checking the Anambra State Physical Planning Board. This agency provides information about land use regulations and zoning restrictions.
Another way to avoid this mistake is by consulting with local authorities. You need to understand local bylaws that may affect your land.
4. Neglecting to Investigate Land Taxes and Leases
It is a terrible mistake to overlook land taxes. It can lead to unexpected financial burdens.
Inquire about land taxes. This will enable you to determine the current land tax rate and any outstanding payments. Also, Verify if the land is subject to any lease agreements that could affect your ownership rights.
5. Buying A Property You Cannot Afford
Another mistake to avoid when buying land in Anambra is buying land that exceeds your budget. Do not feel pressured by anyone, ensure to judiciously weigh your budget before visiting properties.
Determine the amount you can afford for your initial payment and monthly payments. It will help you buy within a price range that suits your budget without frustrating you.
If you can afford it, you can make an outright purchase, but make sure it is a wise financial decision. Falling in love with land you can’t afford is a rough beginning to land ownership. Focus your attention on what you can afford as you plan for more.
Creating a detailed budget and securing financing if needed can help you avoid this mistake.
6. Ignoring Land Location and Infrastructure
The location of the land significantly impacts its value and potential use. Do not pay attention to anyone who tells you that location does not matter. Ignoring location is one of the terrible mistakes people make when buying land in Anambra.
Overlooking infrastructure like roads, water, and electricity can lead to serious future challenges. Here’s how you can avoid this terrible mistake;
Assess accessibility
Consider the proximity to major roads, public transportation, and amenities. This is very important especially when you want to establish residency on the land.
Evaluate infrastructure
Check for the availability of essential utilities like water, electricity, and other relevant facilities. These infrastructures affect the value and rate of appreciation of land.
Consider future development
If your intention is to buy and resell, evaluate the area’s growth potential and its impact on land value. Don’t buy without evaluating growth potential. Look around the environment you want to make your purchase and see if there’s any development ongoing.
Also Read: What to Look Out for When Buying a Land in Enugu
7. Disregarding Environmental Factors
Environmental issues can affect land value and habitability. Ask the right questions, and do your research. Be equipped with facts about the area you want to purchase. Check the environmental condition. Ignoring these factors can lead to costly problems.
Before buying land in Anambra or any location in Nigeria, be sure to
- Assess the land’s vulnerability to flooding.
- Understand the soil’s suitability for building or agriculture.
Buying land in Anambra can be a rewarding investment, but it requires careful planning and due diligence. Do not consider it time-consuming to do your due diligence. It is better to take time to ask the right questions and do the right things than wasting money that may not be recoverable.
These 7 mistakes listed above are things you should avoid when buying land in Anambra State. This will help you make better decisions and protect your interests.
Don’t be a victim of land scam in Anambra State. Reach out to me on +2348033352126 or click on this phone number to send me a WhatsApp message, +2348033352126
