18/10/2021
4 COSTLY MISTAKES TO AVOID WHEN BUYING A PIECE OF LAND
In trying to buy a piece of land, they are certain things you must avoid or it will cost you your investment.
Some weeks ago, someone shared a story at a real estate event. Her late uncle had bought a piece of land 25 years ago. He bought the property. But, he didn't check the property, nor did he check for the land title. He just got the property and left it.
22 years after buying the property, he died. And it was a law that he must be buried on his land. It took his family more than 3 months to finally locate the land, it also took additional 3 months to fight legal battles on ownership. The only thing that could help them win the case was the presence of witnesses from that time the land was bought.
Another problem occurred , the land is a flood zone. They had to sand fill it before using it. Not to talk of the difficulties it takes in accessing the land because of its poor road network.
And a question was asked, what took him to buy land in a place like that?
This is a sad story, but there are several lessons to learn from it.
1: Buying land without a title.
No matter how close you are to the person selling the land, make sure you check for, and collect titles on the land.
This will be your proof of ownership of the property as you may not have witnesses to bail you out.
2: Not carrying out proper research:
Before buying land, you should do your research. So many people make the mistake of buying just any land because of the prospect of development in the future.
Not every land will develop like others. They are things to check before committing funds to a property with no resale value.
3: Not doing site inspection
It is very important that you check the property you are buying before committing funds. If you can't see the land, send someone to stand in for you and help you take live videos.
Inspect the site, inspect the neighbourhood.
4: Not buying it because of lack of complete funds
Some people have lost out on good investment opportunities because they don't have the complete money.
Installment payment can solve this. You make a down payment, and choose a period wherewith you can easily spread your payment.
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