A lot of people have made it from investing in Real Estate without really knowing what they were getting into. There are also a few cases of those who have made mistakes investing in Real Estate, this post is to help you get the required knowledge to make the right decisions while investing in real estate.
Investing in Real Estate in Nigeria
Nigeria has its own peculiarities for those willing to invest in Real Estate. Some of the peculiarities includes what people call “omo onile wahala” (Land owners problem), land grabbers, government acquisition etc.
What is the meaning of those terms?
- Omo Onile Wahala (Land Owners Problem): Naturally, in Nigeria, land belongs to Government (according to the land use act of 1999 as amended). However, some portions are given to or bought by families and hence belong to them forthwith. When a person buys this property or a portion of the property, the entire family might not be informed/involved. This is the reason where in some cases, the other part of the family return in future to reclaim the property or demand more money.
- Land Grabbers: When you leave your land fallow for a long period, land grabbers come into play.
- Government Acquisition: Your property may fall under places marked for use by government. A proper research will save you from this possibility.
We always encourage Real Estate Investors to ensure they do their due diligence before paying for any property. A proper research about the history of any property can save you heart aches in future. Most times, a proper document on any property can also save you from these possibilities.
How can we help?
Rainbow Estates can help you run proper research on any property you wish to purchase. We can also help you secure proper documentation for your property(ies) and help ward off land grabbers.
Please feel free to contact us if you need any of our services. You can also follow us in social media Twitter, Facebook and Instagram.