If you’re looking to start a new career, there is one achievement that will make it all worthwhile: owning your own land and becoming a land owner.
This is true, because…
The process of buying and selling property can be extremely complicated and confusing for an aspiring land owner, but if you follow these 15 tips, you should be safe:
Here are the 12 tips to becoming a land owner or landlord today:
- Start in the right place before you decide as a land owner
- Be prepared to negotiate
- Think about the property condition and improvements
- Get a solicitor involved early
- Know all the legal steps involved
- Hold off on improvements until you know zoning laws
- Do your sums first
- Research and plan your purchase
- Spend time at the land site
- Meet neighbors and talk to people who know the area
- Study the property development
- Talk to experts and get recommendations
Start in the right place as a land owner
Before you start looking for land, it’s important to know what you can afford.
This will help guide your search and make sure that the property is within your price range.
If there are any specific areas that interest you, find out about them before jumping into the market.
For instance, like Ibeju-Lekki.
Ibeju-Lekki is a location that will boosts of 70% of Lagos’s wealth by 2025.
Talking about this development, we mean…
The Dangote refinery, Lekki sea port, Lekki trade, proposed Lekki International airport and so on.
This area is surely a gem.
That is why it’s good to invest in areas with a lot prospect.
Be prepared to negotiate
Negotiating the price and terms of a sale is essential.
Obviously, you want to get as much for your land as possible, but it’s important to understand that other people may have different interests in mind when they come to see it.
A negotiation is an art form, but there are certain things you should keep in mind.
- Make sure that your offer includes additional fees(e.g title search and survey)
Be prepared with all necessary paperwork knowledge before meeting with the potential seller so there won’t be any confusion later on down the road.
Think about the property condition and improvements
Before you buy a piece of property, you should consider the condition of the property and its improvements.
This will help you decide whether or not it’s right for you.
Here are some questions to ask:
- What type of land is it?
- What does this type of land cost in comparison with other types such as city homes or apartments?
- Is there anything special about this particular plot that makes up for higher costs(such as good views)
- How long will it take me to start development on this land if needed?
Get a solicitor involved early
It’s important to get a solicitor involved early.
And why?
Well, a solicitor is a lawyer that helps you navigate the legal process, and understand your rights and responsibilities as well as land ownership laws and regulations.
They can also help you understand zoning laws(if applicable) so that you are aware of any restrictions on what kind of land can be used and for what purpose.
If it is anyway possible, it’s best if this person meets with everyone involved in purchasing property before signing contracts or making decisions about how things will proceed further down the road.
Especially when it comes to negotiating terms like buying price or sale price for the land purchase.
Know all the legal steps involved
- Check the title of your property. Make sure it’s clear and that all parties involved are listed as owners or if they are not, who they are and what they own
- Check the zoning and make sure it’s suitable for your plans. This can be tricky because some cities require certain developments to be rezoned before they can go ahead.
If you are unsure about any restrictions on where or how you want to build, speak with a real estate expert about what options might be available in your preferred area.
- Make sure there are no liens against your land – This can happen if someone else has taken out a mortgage on it without telling you first.
- Check if there are any easements or restrictions on the property. These might prevent certain things from being built on your land.
Hold off on improvements until you know zoning laws
You don’t want to spend money on improvements that may not be allowed if the local government authority has special requirements for the type of property you are planning to buy.
It’s better if they are met before any work starts.
This is especially true if there are additional permits or fees involved with building new structures or making large changes in your home’s appearance.
If a permit is required by law, following all procedures will ensure that every requirement of buying land is met in a safe hand.
Do your sums first
Before you start looking for a suitable plot of land.
Calculate how much you can afford to borrow.
You should make sure that you have enough money to cover the deposit fees and stamp duty(if applicable).
If you put this into consideration whether or not it will be possible for you to maintain the land if it is developed into an apartment complex or house.
Once these calculations have been completed and compared with other factors such as rent prices in your area, then it’s time for some hard work.
So working out how much money each month will cost if someone lives onsite during development works.
Finding out what kind of mortgage deal fits within budget constraints given by lenders, also finding out which tax breaks might apply when selling up after years spent living on site.
Research and plan your purchase
Before buying a property, it’s important to research the market.
The best way to do this is by looking at recent sales in your area and comparing them with similar properties that have been sold recently.
Once you’ve done this, you can start planning how much money you want to spend on which type of property: houses are cheaper than flats but more expensive than terraced houses; small flats tend to be cheaper than small detached; large detached tend to cost more than anything else!
Next up is researching what type of land will suit your needs(or at least checking out whether there’s anything worth looking at), such as whether any properties have been built on hillsides or near rivers so that they have views over them.
These are known as ‘view’ homes because they enjoy panoramic views across country lanes or fields towards distant mountainside peaks when viewed from inside one particular room without having any windows nearby except perhaps those facing southwards towards
It also helps if someone else has already bought one before so we’d know whether they liked living there too but then again maybe not since sometimes these people might only live here once every couple of years during summer holidays when everyone else goes away for two months every year so don’t expect much support if something goes wrong.
Talk to experts, and get advice and recommendations.
You can find plenty of advice and recommendations online.
Talk to people who have bought land before, or sold it in the past, and see what they think about your options.
If you’re looking for a specific area, talk to estate agents and lawyers who deal with that area on a regular basis.
They will be able to give you an idea of what’s out there and how much it might cost.
And don’t forget: talk to people who are in your business as well!
For example: if you’re an estate agent looking at another person’s property (or vice versa), then having two pairs of eyes is invaluable—and so much more valuable than just one person’s opinion!
- If a permit is required by law, then following all procedures will ensure that everything goes smoothly down the line from start to finish—no surprises!
Spend time at the land site.
When you’re looking to buy land, it’s important to spend time at the site.
This allows you to get a feel for what kind of property it is, who lives nearby, and how they might react if you decide not to buy.
It also gives you an opportunity to see if there are any issues that need resolving before moving in.
It’s important that your new home feels like home from day one, so make sure that when visiting properties with potential buyers or sellers (or even neighbors), give them ample opportunity for questions and feedback about their experience living in your neighborhood so far.
Meet neighbors and talk to people who know the area.
- Meet neighbors and talk to people who know the area.
- Ask them about the land, the area, and their experience of living there.
- Ask them about local amenities, schools, shops, and transport links.
- Ask them about the community, how it works and how they feel about it
Remember, you will have to jump over several hurdles before this becomes a reality
- You will have to jump over several hurdles before this becomes a reality. You need to be prepared for every stage of the process, as well as how much time it takes and what resources you need.
- Get a solicitor involved early on in the process so that your negotiations are smooth, and don’t forget to ask about their fees!
- Know all about zoning laws (they’re very important), and make sure everyone involved knows them too! This includes your bank manager(s).
Conclusion
The key takeaway here is that becoming a land owner isn’t easy.
But the rewards are well worth it. After all, having your own p to call your own is an important part of building wealth!
So keep in mind these tips and start planning today.
In other words, if you are thinking of becoming a land owner with us Kindly click on this link here – I want to invest