The most important step after buying land is taking physical possession. Possession Taking is necessary to secure your investment. When planning to buy land, it is important to factor in the cost of taking physical possession of the land. So, for example, you have N5m to invest in property and you choose to buy a land, it may not be wise to use the entire N5m to buy the land.
You can take physical possession by fencing it and putting a gate to secure it. Most estates and “omoniles” charge a development fee which you should consider as well.
After fencing it, you can put a “THIS LAND IS NOT FOR SALE. TRESPASSERS BEWARE” sign on the fence. Enlisting the help of someone who lives close to the land so they can monitor it for you is a good idea as well.
It is never advisable to buy land and leave it. Bare land attracts land grabbers and a land that is not fenced is very easy to encroach on.
In some scenarios building a fence may not be feasible. Let the scenario determine the method you use to take physical possession.
Use the form below or by the side to join those who receive our articles directly in their email.