Homesmart Realty

05/09/2024

16/02/2023

Standard 4 bedroom duplex for sale on 80/90 land size located at Adesuwa G.R.A Benin City 90million slightly negotiable.

06/02/2023

Trust us to manage your property in Benin City.

15/07/2022

Who are the professionals you should engage to play with you as a team to win the game?

In order words, who will be on your team to buy the best-fit property at moderate cost and achieve your goal? Remember, you cannot desire to win big at a standard soccer game and you do not have a sound team that is also prepared to win with you.

In an ideal situation, a real estate investment coach is the first professional to enlist. A coach listens to your goal and can advise according to your peculiarity. The process with a coach makes your investment journey effective. A coach also knows and can list the next set of professionals that you will need on your team.

08/05/2022

If you buy a land, that land will probably be there in the next 50 years with value. There is no stock you can buy today that you can beat your chest will have value or likely be there in the next 50 years.

However before you buy that land, you must conduct a due diligence to know the genuineness of the property. Trust me, nobody will like to put his or her money in an investment that is not profitable. However some people that invest in real estate do so with the influence of their trusted friends and family member and they end up buying these properties without conducting due diligence.

•Most at times these properties maybe
subject of litigation
• the C of O might have been withdrawn by the issuing authority
• the property might be subject of family dispute
• it have been used as a security in a deed of mortgage
• at worst the person selling the property is a trespasser and don't have a valid title to transfer (You can't give what you don't have)

once you buy a land under litigation you buy a liability. Believe me you don't what to pass through a litigation process because they are time consuming and it will stress you financially.

What you ought to do before buying that property is to conduct due diligence by doing the following:
Conduct a search in land registry,
Company registry
Probate registry
Investigation of CTC court judgment of title
Inspection of original documents
Investigation of traditional title of the owner
Physical inspection of the property etc.


Contact us today as an independent body to conduct a property search and due diligence for you within Edo State. Let us be your guide

Think twice before you invest your hard earned money in real estate.

23/04/2022

Real Estate: Before you buy a property in Benin city

The purchase option is the common and readily available option for climbing the real estate ladder. It is also the option that exposes investors more to loss of money, sometimes loss of lives. As some people never recover from the shock of learning that what they bought does not exist and from the fact that they have fallen victim to scams. Therefore having a definitive guide that helps you make the most of real estate purchases is sacrosanct.
The real estate purchase option is also believed by a layman to be a low-risk investment option. Especially because of the tangible nature of real estate – it can be felt, it is immovable and it does not need to be fed. Therefore, every offer becomes appealing especially those that have a similitude of the plug and play feature
For instance, if a real estate offer says buy a plot of land in Obagie Community for N250,000.00 and enjoy 700% appreciation value. It is easy to think that you should plug in N250,000.00 to buy a plot of land and wait for the expected appreciation when visible economic development increases in Obagie Community in 10 years. This also sounds like you do not have to worry about your investment in the plot until you are ready to sell.
It is okay to invest in real estate that you do not need to tend to like a little child. Although, some factors make up for having such a worry and tending activity free investment in real estate while also securing the future anticipated value that you intend to realize from the investment. These factors absorb shocks about your investment when that future comes. The pain of losing a piece of real estate that you bought using cash realized from your labour or sacrifices is not one that you want to go through. And sometimes, the loss is not limited to cash only.
So what are these factors that you must consider before buying a piece of real estate? The factors that at least guarantee to some extent that you will not be in for a shock when you wish to take profit? These factors will be explained in detail in a 10 part series. When you consider these factors, you will have been able to achieve the following;
1. Articulate your real estate goal so that it is easy to hit your target.
2. Prepare yourself by at least 20% for your next purchase. Buying real estate blindly or without sufficient knowledge and preparation is a sure recipe for a loss.
3. Prevent buying a piece of real estate that may not add value to you. Far too many people buy land or houses that quickly become a liability instead of an asset. Do not pull on a weight that erodes your net worth.
4. Identify with good reasons the professionals that would work with you on achieving your goal. Regardless of the size of the real estate that you are considering or the company that you wish to buy from. You need great professionals to watch your back while you are still in charge of your purchase.
5. Put in perspective how subscribing to an offer affects your finance/cash flow and how to cut losses.
There are many real estate companies and individuals with various land or home deals. It is easy for you to choose a deal based on social reviews, the beautiful media adverts, what someone you know or defer to says about a company. Although, this is not sufficient enough data for decision making. Yet again, attempting to conduct thorough due diligence on each offering will be a tall order. You will be setting yourself up for premium frustration. You may end up spending half if not all of your capital on the exercise.
So should you not conduct due diligence before investing? Of course, you should. It is the wise and best thing to do even when a company or individual comes highly recommended. An important thing to also note is that real estate due diligence means different things to different people. Therefore, as a smart investor, you want to be clear on due diligence deliverables and also engage professionals that can deliver unbiased research.
It is okay to read social proof about real estate offers but it is not enough. It is okay to ask about an estate or an offer from people. But you don’t want to ask only from those who are affiliated with the offer. Neither do you want to ask only from those who hold an unfounded bias for or against the estate or location. Don’t be a victim of bias. This is why the points discussed in this series are important. The series will present to you simple yet actionable and effective tips to quickly scrutinize and decide real estate offers that you should buy.
Consider this series an independent guide in your favour. It does not have any specific real estate vendor, developer or estate in focus. The focus of this series is you – a real estate investor who is smart about investing in real estate to get the best out of real estate.

About the Author
Oluwakemi Adeyemo

19/04/2022

ALL YOU NEED TO KNOW ABOUT PROPERTY DEVELOPMENT

Everywhere you walk, whether it’s residences, offices, stores, hotels, warehouses, or educational or healthcare institutions, you’re surrounded by real estate. All of these structures are the result of property development.

Property developers essentially construct the world around us, shaping and transforming the places in which we live and work.

In this article, we’ll explore what property development is and how it works. As we do, we’ll define exactly what we mean by property development, and uncover what it is that a property developer actually does.

What is property development and how does it work?
Property development, often known as real estate development, is the process of improving the use-value of buildings or land.

It’s a multi-faceted business that can encompass any of the following:

• Buying land and building property on it
Renovating, expanding, or enhancing a structure
• Property conversion from one use type to another

WHO IS A PROPERTY DEVELOPERS?

Property developers are business people who work in the real estate industry. What a developer does is based on a basic concept; to put it another way:

A developer adds value to land or property.

A developer can benefit from development by adding value to it. This is one of the primary (but not exclusive) goals of real estate development. The notion of maximizing the value of a property by developing it to its greatest and best use value is central to the property development process.

WHAT ARE THE TYPES OF PROPERTY DEVELOPMENT ?

Any procedure that includes the development of land or buildings in order to make better use of the property is referred to as property development.

The most popular forms of property development include:

● Apartment buildings.
● Townhouses.
● Single-family residences.
● Commercial buildings like shopping centers.

Who is involved in Property Development?

There are a variety of persons involved in the property development process, each with a unique set of talents and knowledge that contribute to the success of development projects.

Those with a thorough grasp of the regulations that will apply to the development project, as well as how to secure planning permission [link to planning permission guide], construct the actual home, and so on, are examples of such talents.

Developments will bring together an entire team of professionals trained in the several diverse jobs required in effective property development in order to achieve all of this and much more. A project can only function smoothly and successfully if everyone in the development team works together.

Below is a list of the various different individuals most development teams will be made up of:

•A planning consultant
•A quantity surveyor
•An accountant
•A solicitor
•An architect
•An interior designer
•Housebuilders
•Contractors
•Manager – overseeing the project

While these are all typical people that work on development projects, they aren’t the only professions a project could require. More commercial ventures, for example, may necessitate the hiring of a site finder, an agent, and a marketing department to ensure the project’s success.

The property development process in 7 steps

We’ve set it out plainly, but the development process is much more straightforward. You’ll need to complete your homework, assemble a team of experts, and get a substantial quantity of financing.

PRE-PURCHASE STAGE

Put together your team
Secure finance
Secure development site
Understand your risks
Assess the feasibility

NEGOTIATING CONTRACTS & PURCHASING
• Hire a buyer’s agent
• Price negotiations
• Draft the contract
• Purchase the property you want

TOWN PLANNING & DEVELOPMENT APPROVAL
• Consult an urban planner
• Understand the council’s guidelines
• Apply for planning permits
• Obtaining approval for development

WORKING DRAWING DOCUMENTATION
• Hire an architect
• Consult with the engineers
• Create the development plan
• Obtain approval for design

PRE-CONSTRUCTION DEVELOPMENT APPROVAL
• Enlist a project manager
• Research & compare builders
• Choose your builder
• Agree on a contract

WORKING DRAWING DOCUMENTATION
• Plan ahead for unforeseen events
• Site preparation
• Construction management
• Obtain the certification key

PRE-CONSTRUCTION
• Whether to sell or not to sell
• By selling, you can make quick money
• Transform development into investment
• Earn money
• What are the risks?

The last question, out of all of the above, is generally the one that distinguishes those who want to from those who should. Property development may be a dangerous industry, so keep that in mind before jumping in wholeheartedly.

There are a number of things that could work against you, including:

• Changes in interest rates
• Cost increases (parts and labor) in the
construction industry
• Legal disputes cost a lot of money
• Changes in the property market or broader
economy
• A new set of regulations is coming into effect
• A prolonged period of bad weather halts
work
• Making mistakes (It happens! From buying at the wrong price to spending money on renovations that don’t increase the property’s overall value)
Of course, there are techniques to reduce the hazards of property development, but it will never be a completely risk-free endeavour. Even simple renovations require time, and the longer they take, the more likely it is that things will go wrong.

HOW CAN YOU MAXIMISE THE VALUE OF A PROPERTY ?

• Renovation of the kitchen or bathroom
• You can convert your loft or basement
• Better exteriors or interiors
• The new garden and swimming pool
Facilities such as a gym and a home cinema
• Aesthetics such as double-glazed windows
and doors
• Parking space expansion
• Plumbing and electrical upgrades
• Increasing the house’s energy efficiency

Conclusion

Property development, in general, refers to the conversion of land into commercial or residential structures, such as apartment complexes. It also includes multi-family residences, as well as restaurants, offices, and retail spaces. From start to completion, developers are in charge of the project.

10/04/2022

The fact that you bought a land with community allotment document does not translate to a good title.
The only way to secure your land and have a valid title in Benin city is to apply for certificate of occupancy.

23/02/2022

CAN A CERTIFICATE OF OCCUPANCY LEGALIZE AN ILLEGAL PROPERTY ACQUISITION?

The position of the law is that an illegal property acquisition CANNOT be cured by obtaining a Certificate of Occupancy (CofO) on the property. If you acquire a CofO on an improperly or illegally acquired land, the exercise is fruitless and the CofO is worthless.

This was what the Nigerian Supreme Court said in the recent case of DR. ATIKU ADERONPE v. ALHAJA SOBALAJE ELERAN & ORS. [2019] 4 NWLR Pt. 1661 Pg. 11-12 where the Court, Per Ejembi Eko, JSC said that:

"In keeping with the provisions of Section 9 (1) (c) of the Land Use Act, 1978, there must have been an entitlement to a statutory right of occupancy before a certificate can be given as evidence of such right. Stated differently, when there is no right and a certificate is issued, such certificate as in the case in hand is not worth even the paper it is written on. I place reliance on the cases of Olohunde v Adeyoju (2000) 10 NWLR (Pt. 676) 562 at 587-588; Ogunleye v Oni (1990) 2 NWLR (Pt. 35) 745 at 780."

Therefore, it is pertinent to do your due diligence before acquiring a property in the first place. After proper acquisition, you can then proceed to obtain your Certificate of Occupancy or Governor's Consent as the case may be.

21/02/2022

CAN A CERTIFICATE OF OCCUPANCY LEGALIZE AN ILLEGAL PROPERTY ACQUISITION?

The position of the law is that an illegal property acquisition CANNOT be cured by obtaining a Certificate of Occupancy (CofO) on the property. If you acquire a CofO on an improperly or illegally acquired land, the exercise is fruitless and the CofO is worthless.