Buying a Land from an Estate developer and Omonile in Lagos Nigeria – The risk of Omonile in Nigeria Real Estate.
When you are ready to buy a land, one of the biggest decisions you will have to make that will affect your investment is WHO do I buy from? Do you buy an Omonile land or do you buy an Estate land?
The Risk with Buying a Land from Omonile
There are a number of problems associated with Omonile lands however I’ll just discuss the major ones.
Dealing with Omoniles is a very risky business. Of course not every Omonile property deals go bad. But you will be treading on a thin line when you buy an Omonile land. The biggest issue you face with an Omonile land is that the person selling the land to you is not the true owner. In which case you risk losing the land or having to pay again for same land to the true owner or the person now making a claim to it as the true owner.
You would have to put up with annoying agents throughout the Inspection and negotiating experience.
Most Omonile lands have one issue or the other associated with them such as land dispute cases, family dispute cases, resale of another person’s land, buying lands that belong to the government etc hence except you’re ready to hire an Omonile lawyer to conduct due diligence on them before you buy you are likely to lose your money.
When you buy from Omonile you have to pay for everything such as your own survey fees, legal fees, agency fees, Omonile signing fees, foundation fees, roofing fees, drainage, Nepa etc.
Even when you do everything right such as conducting due diligence, buying from the right person and paying all the necessary fees, you could still lose your land except you build a fence to ward off criminals and trespassers from stealing your land.
Event then that doesn’t end your worries. Until you complete your house you will have to remain vigilant in checking on your land. Any form of complacency or negligence would only lead to criminals reselling your land. I have seen this happen.
Buying an Omonile Land means you have to be tough and take no nonsense otherwise these miscreants would rob you off your land.
Of course it’s not all bad news. Buying from Omonile has some pros too. The option of Omonile gives you more options of location, size and cost. The transaction could be easier too in that it could be closed in a day since there’s less protocols. However can you really handle the problems we’ve discussed about that comes with buying from Omonile? You must be honest with yourself when you answer that question. Your own investment depends on it.
The Benefits of Buying a Land from a Real Estate Company
1. When you buy a land from real estate companies or real estate developers you know who you are buying from and most of them are registered real estate companies. So your chances of being scammed is greatly reduced. Even better the chances of you being scammed is reduced to 1% when you buy from our vetted estate partners.
2. The Lands are usually in an enclosed environment so you would be living with people with like minds.
3. The estates have proposed amenities so you don’t have to run around looking for blocks to build your fence, provide electricity, roads, drainage etc
4. Most estates have proposed layout to provide parks, schools, hospitals etc.
5. Buying from a real estate company means you don’t have to deal with Omoniles to pay any sort of fees to them.
6. All documentations are usually done by the Real estate company in favor of the buyer.
7. They provide installment payment plans for those who cannot afford to pay the full sum at once.
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