Most times people who want to buy land often fall victim of what is called Bandwagon Effect. They buy because others have bought. They use the fact that others have bought and have probably started building as a yardstick for determining if the land is good or not. They say “all this people that have bought cannot be wrong”. This is a wrong strategy and I’ll tell you why. We once surveyed a parcel of land (about 1 acre) for a client and in the process of registering the land; we found out that it was in a government committed area. We had to inform the client quickly. The man had started fencing and had invested a lot of money into the land. When we told him the status of the land and explained the implication, he thought about it for a few minutes and said “Surveyor, don’t worry. Look at these other people that are building already. As long as it’s not only my property that will be demolished when government comes, I am not bothered”. I was really surprised! But you see, this man is a young successful businessman and he probably has other properties. If he loses one property, he has others.
Before purchasing land, ask yourself if you can afford to lose your investment. If you can’t, make sure you do your due diligence on the property before paying any money. Don’t buy because others are buying. You don’t know if they have other properties aside that one.
In Lagos state, knowing the status of a land before purchase is extremely important; especially in Ibeju-Lekki & Eti-Osa local government area because the amount of committed and government acquired lands in these 2 local governments is massive.
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