Before purchasing any property particularly in areas like Lekki, Ajah, and Ikate, it’s crucial to exercise caution and conduct thorough due diligence.
One major pitfall to watch out for is purchasing a property that may be situated on a canal, drainage route, or government-marked waterway. These areas are often prone to flooding and may be subject to demolition, resulting in significant financial losses.
✅ Protect Yourself with These Steps;
- Verify with LASPPPA: Visit the Lagos State Physical Planning Permit Authority (LASPPPA) to confirm approved layouts and town planning regulations. This will help you determine if the property is situated in a legitimate and approved area.
- Conduct a Property Survey: Request a property survey and consult with a registered surveyor to ensure the property is not within a designated waterway or flood-prone area. This will provide you with accurate information about the property’s boundaries and potential risks.
- Review Title Documents: Obtain the title documents and have a professional verify their authenticity. This will help you confirm the property’s ownership and ensure that it’s free from any disputes or encumbrances.
- Be Cautious of Unrealistic Prices: If the price seems too good to be true, it probably is! Be wary of deals that appear unusually attractive, as they may be hiding potential risks or issues. The Risks of Poor Planning Purchasing a property on canals or setbacks can lead to costly demolitions and losses. Many property owners in Lagos have fallen victim to poor planning, resulting in significant financial losses. In addition to the financial risks, poor planning can also lead to emotional stress and a sense of insecurity.
Plan Smart and Safeguard Your Investment
By doing your due diligence and following these steps, you can protect your investment and avoid costly mistakes.
Don’t let your investment sink – plan smart and ensure a secure future for your property. Remember, investing in property requires careful planning and attention to detail.
Also
- Work with Reputable Professionals: Work with reputable a real estate agency like Geoponts Properties Ltd and lawyers to guide you through the process. They can provide valuable insights and help you navigate the complexities of property buying in Lagos.
- Research the Property’s History: Research the property’s history and ensure it’s free from any disputes or encumbrances. This will help you avoid potential risks and ensure a smooth transaction.
- Consider Key Factors: Consider factors like accessibility, infrastructure, and amenities when selecting a property. These can impact the property’s value and potential for growth.
🌊 Many demolitions in Lagos happen because of poor planning and buying on canals or setbacks. Don’t let your investment sink plan smart!
