Because of the high number of land scams in Nigeria, most first-time investors or landowners are unsure who they should buy land from or trust: ‘omo-oniles’ or real estate companies?
Buying land from ‘omo-oniles’ has a few advantages, however dealing with an omo-onile necessitates some particular knowledge or engagement of land experts to avoid being swindled.
The following are some of the benefits of purchasing land from a real estate company:
1. You’re certain about the source
You know who you’re buying from when you buy land through a real estate business. You know who to contact in the unlikely case of a land dispute, which rarely occurs.
In addition, because most businesses are registered, you will know who to hold accountable if an issue happens.
2. You are no longer affected by Omo-onile problems
You are free of the feared omo-oniles when you acquire land from a real estate business.
You have no business with them, and you must avoid getting involved in their problems.
You’ll be dealing with experienced real estate advisors who know how to deal with land speculators and have paid all expenses.
Fees such as roofing, drilling a borehole, laying a foundation, and paying for unusual items.
3. There are no hidden costs
When you acquire land from land snatchers, they don’t tell you about any additional expenses until after you’ve paid for it. Then you hear about extra fees like signing fees, foundation fees, roofing fees, and so on.
In most circumstances, you will continue to pay useless fees until you become frustrated.
There are other mandatory fees that all investors must pay when dealing with real estate businesses; once these fees are paid, that’s it.
4. All paperwork is taken care of for you
When you buy from a land grabber, you will be responsible for all documentation; but, when you buy from a real estate company, you will not be required to consult a lawyer to draft the appropriate documents for the land transaction.
The firm prepares the paperwork in your favor. However, the only document you should obtain on your own is a governor’s consent.
5. The environment or Neighbourhood will be planned
This is one of the problems you may face when dealing with land speculators. Your surrounding is poorly organized, and as a result, dwellings might end up being demolished and destroyed as a result of this.
The real estate businesses will show you their estate layout designs, critical infrastructure, and the types of structures that are permitted on their properties. As a result, the region or location where you will dwell has been pre-planned for you.
6. No agency fees
You don’t have to haggle with agents or pay any agency fees when you buy land from a real estate company.
If you were purchasing omo-onile land, you may be required to pay an additional percentage of the land’s purchase price as agent fees.
7. Your land cannot be stolen
When you buy land from omo-onile and think you’ve done everything correctly by buying from the right family and paying all the required fees, you still need to take precautions like fencing your land to avoid the same land grabber from snatching it.
You’ll be astounded to see them measuring with a tape rule in front of your property.
This is one of the challenges my acquaintance is having when purchasing land from land speculators.
8. You can pay in installments
People who cannot afford to buy land altogether might take advantage of flexible monthly payment arrangements offered by real estate companies.
If you’re dealing with a reputable company, this could be beneficial.
Don’t try to pay in installments with land snatchers! That’s what you do… It is entirely at your own risk, from which you may never recover if a problem happens.
They will continually increase the price of the land whenever you are near to paying for it, and if you ask for a refund, they will advise you to wait till they sell additional lands, which may or may not happen. Your property can’t be resold.
9. Your land cannot be resold
One of the problems with land grabbers is that they resell the same land one paid for.
When you purchase land from a real estate company, you may be confident that your land will never be resold, even if you pay in installments.
If you buy from land squatters, you can’t be sure of this.
10. You worry less about survey and documentation
The firm is in charge of surveying and development, including drainage, roads, and lighting, among other things.
You must, however, pay some survey and development expenses, which are usually cheaper than what you would pay if you did everything yourself.
Finally, there are real estate companies that are genuinely deceptive and act as land squatters. They only want to sell, and once they do, they don’t care about the future of their clients.
Before making a selection, you should conduct research about a firm, its management, and its customers’ history.
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