10 Serious Mistakes Investors Should Avoid When Buying Land in Epe

Mistakes to avoid when buying land in Epe

Are you an investor considering buying land in Epe and wishing to avoid all possible mistakes? Come closer, because this is one of the most promising real estate markets in Lagos State, Nigeria.

It’s an area that’s been catching the eyes of many investors lately. Why? A few reasons stand out: great location and growing potential.

However, before you get all excited and start taking offers, there are some common mistakes you should definitely avoid to make sure your investment doesn’t end up as a headache.

Here’s a guide to the 10 serious mistakes investors should steer clear of when buying land in Epe.

Serious Mistakes to Avoid When Buying Land in Epe

To preserve your money and buy only genuine land, try not to make the following mistakes below.

1. Not Conducting Proper Due Diligence

One of the first and most serious mistakes investors make is failing to conduct proper due diligence. You cannot afford to rush into buying land without thoroughly investigating the property. Epe, while growing fast, has areas with legal and environmental issues that can catch you off guard later.

This is why you have to thoroughly check the land’s title before you buy the land. Verify, also, that the seller is the rightful owner, and that there are no encumbrances on the property.

Visit the land personally if you can and speak to locals while at it. You can also consult the relevant authorities to ensure the land is free from disputes. This step may take time, but it’s worth it in the long run.

2. Ignoring the Future of the Area

Epe is experiencing rapid development, yes. And while that’s great for potential returns, it also means that certain areas may see faster development than others. If you don’t pay attention to where the development is happening, you could end up with land in a less desirable location.

So, what should you do? Research the area’s development plans. Are there new roads, schools, or commercial hubs being built nearby?

What is the local government doing to improve the infrastructure? This is not just about the current value of the land, but its potential for growth. Based on that, always keep an eye on the long-term picture.

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3. Failing to Understand Zoning Laws

Zoning laws are regulations that dictate what a piece of land can be used for. In Epe, as with many other parts of Lagos, zoning laws vary from one area to another.

For example, land in residential zones can only be used for residential purposes, while land in commercial zones is intended for business activities.

A common mistake investors make is buying land without confirming its zoning status. This can lead to future legal issues and the inability to develop the land as you had hoped. Always confirm that the land is zoned for your intended use, which could be residential, commercial, agricultural, or industrial.

4. Buying Land Without Proper Documentation

In Nigeria, the land documentation process can be tricky, and many investors fall prey to fake or incomplete documents.

Sellers may present you with documents that look genuine but have hidden flaws. Don’t take their word for it.

Instead, verify the authenticity of the documents, including the Survey Plan and the Title Deed. Cross-check these with the Lagos State land registry and ensure they match with the government records.

5. Underestimating the Cost of Development

The truth is that Epe is still a developing area, and certain amenities might not be available in all locations. So, because the land might seem affordable, many investors overlook the cost of developing the land.

This includes clearing the land, building roads, providing electricity, water, and drainage systems, and other infrastructure. Before buying, estimate the total cost of development for the area, including the cost of any infrastructure required.

Even if the land is cheap, high development costs can eat into your profit margins, especially if you’re planning to build.

6. Overlooking Environmental Risks

Many investors are so focused on the price and potential return on investment that they overlook environmental risks. Epe, being close to water bodies like the Lagoon, can be prone to flooding during the rainy season.

While some areas may be elevated and safe from flooding, others may face frequent waterlogging or erosion, which could ruin your investment. Additionally, if the land is located near industrial areas or hazardous sites, it could pose risks for future development.

Before buying land in Epe, assess the environmental risks in the area. Check the land’s drainage patterns, and even seek expert opinions on the flood risk. It may be worth spending a little extra to buy land in an area that is less prone to flooding.

7. Not Verifying the Land’s Access to Roads

Access to your land is just as important as the land itself. Imagine purchasing a good plot in Epe, only to find that there’s no proper access road or the existing road is in poor condition.

While roads in major towns are typically developed, some areas in Epe may still have limited infrastructure. Ensure that the land is accessible by a tarred or well-maintained road, especially if you’re planning to develop it for residential or commercial purposes.

Keep in mind that without proper access, it may be difficult to sell or develop the land in the future. You don’t want to invest in land that becomes a “stuck” asset, making it hard to attract tenants, buyers, or even contractors.

8. Purchasing Land Without Proper Documentation

Another common mistake that many investors make when buying land in Epe is accepting land without proper documentation. This might include an incomplete deed of sale, missing government approvals, or inadequate verification of the land’s history.

If the land lacks the correct documentation, it’s easy for fraudsters to falsify ownership and leave you with an invalid property.

Make sure that the seller provides all the necessary paperwork, including an up-to-date deed of assignment, a C of O (if available), and a receipt of payment. If possible, involve a legal professional to ensure that all documents are genuine.

9. Overlooking Future Infrastructure Projects

Epe has been earmarked for development as part of Lagos State’s effort to decongest the city and promote growth in surrounding areas. But while growth can be great, it can also come with its challenges.

Before purchasing land in Epe, investigate any future infrastructure projects in the area. You want to know about new roads, schools, hospitals, or even industrial areas that could affect your property value.

On the flip side, avoid areas that are being planned for potentially disruptive infrastructure, such as new highways or factories. You can consult the Lagos State Ministry of Works to learn about planned development that could affect the area.

10. Ignoring the Market Trends and Demand in Epe

Many investors focus on the potential of a location but fail to analyze the actual market demand. Don’t be like that. While Epe has been growing in recent years, not all properties in the area are in high demand.

Before purchasing land in Epe, research the current market trends. What is the demand for land in the area? Are people interested in living there, or is it more suitable for agricultural purposes?

When you understand the market dynamics, it can help you ensure that your investment is aligned with what buyers or renters are looking for.

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Buy Land in Epe With Minimal Mistakes

As an investor, it’s tempting to rely on information from friends, family, or local contacts when purchasing land in Epe. However, such reliance can lead to many avoidable mistakes.

The better way to avoid these mistakes when buying land in Epe is to independently verify the land’s details and legal status. Then take it a step further by cross-checking the information you receive with official sources, such as the local land registry, surveyor, or legal professional.

Independent verification can help prevent costly mistakes and protect your investment.

Want expert advice? Reach out today and get professional help for all your real estate concerns.

To explore any of our investment plans like land banking, retirement plan, kids education investment plan, trade apprenticeship plan or if you want to purchase some plots where you will have residential or commercial buildings, send an email to us at info@affablehomes.com.ng or call +2349134056630.

10 Serious Mistakes Investors Should Avoid When Buying Land in Epe