Buying land for residential purpose: what to consider

“Many Real Estate related fights and conflicts are preventable; only if we can help the common man on the street understand his rights and limits as established in the law of the land” Dr. Mrs. Funke Sobowale, a major player in the Real Estate industry of Lagos.

A residential area is a land in which housing predominates, as opposed to industrial and commercial areas and these include single-family housing, multi-family residential or mobile homes. Buying residential land to build your home or for investment purpose needs some thorough considerations.

Buying a land is different from buying a home, and the process can be very complex for average buyers with limited experience. For this and other relevant reasons, many buyers will always prefer consulting the Real Estate agents before embarking on such investment. some people go through real estate agents or companies before venturing into such a business.

Factors to consider before buying land for residential purpose

In a recent survey by Wonder Double Global Investment, a Real Estate and Construction company in Nigeria; they were able to identify some factors that must be diligently considered in the process of buying land for residential purpose

1. Location- In Real Estate, location comes above everything else and should always be the first to think about before buying. It is absolutely the most important factor to consider before buying a land. Research the area to learn more about local schools, jobs, medical facilities and entertainment. Finding a land in a desirable area will provide you with a better return on your Investment.

2. A buildable land- buildable in the sense that all utilities are on site, all feasible studies completed and ideally, permits and services are readily available just to make sure that it won’t cost more to prepare the land for development than the actual building process itself.

3. Property setbacks- the setbacks of the land are the rules that stipulate how far the structure can be set from its border. This needs to be considered depending on the size of home you want to build. You need to be sure the land can accommodate the size.

4. Zoning requirements- even if the land you are buying is zoned residential, it’s important to know the surrounding areas are not zoned differently eg if a land that surrounds the property is zoned commercial, a filling station may be erected in the nearest future and if it is zoned agricultural, a farm can be put with a large number of livestocks and all these can make the living conditions unfavourable. It is important that the surrounding areas are also zoned residential

5. Possible environmental hazards- make sure the land is free of any possible environmental hazards. This may include fuel or chemical storage tanks, or contaminated water or soil. Before buying any piece of land, it’s crucial to ensure there is no contamination on the property.

6. Easements- an easement gives another person or entity the legal right to use another person’s property for a specific purpose regardless of who owns it. For example, if there’s an easement on your property that allows others to cross over it in order to gain access to another land, it could have an impact on your level of privacy.

7. Utility sources- Once your home is built, how will it be powered? Where will your water source come from? You’ll want to find out how your home will gain access to water, electricity, gas, waste, and even phone or cable. This is especially important in remote locations where the cost to hook up to municipal utilities can be extremely expensive. You’ll want to get in touch with the water and utility companies before putting in an offer on the land to find out what the costs would be to connect water, power, waste, and other connections.

The bitter truth is, there is no better way to ensure the home you buy is fully customised to your liking than to build it yourself. But your first step is to buy some land to build on, and that doesn’t come without its own set of tasks. Do your research on the land you plan to buy to make sure it’s exactly what you want without restrictions. Team up with a Real Estate professionals or companies