We went to a site in Ikate, Lekki recently and on this land, the developer built three sweet 4-bedroom duplexes with parking space on 40mx20m (800 square meters) of land. So I began to ask myself, why do some clients always insist on buying 1 full plot? When buying land, must you buy one full plot? I don’t think so. What should determine the size of the land you should buy is the purpose of the land and your budget.
In most cases, when investing in land for the first time, you don’t have a lot of money. If you have N10m and the cost of 1 plot in the location you desire is N10m, should you buy it? Is it not better to buy a half plot and use the remaining N5m to take possession of the land by building your foundation, wall fence and getting your necessary land documents e.g. deed, survey, architectural design etc.? Then as soon as you get some extra money, you can start the building. Some people have missed the opportunity of owning land in good areas because of their insistence on buying a full plot.
Last year, I spent too much time searching for land for a client who had a low budget and wanted a full plot in a developed area in Ajah/Sangotedo axis. He wanted to build a bungalow. A half plot would have been okay!
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