3 Reasons You Should Not Buy a C of O Land In Lagos
In my previous blog, I wrote about 5 reasons why you should buy a C of O land in Lagos. CLICK HERE AGAIN IF YOU HAVEN’T. So shortly, I will be sharing with you 3 reasons you should not buy a C of O land in Lagos.
Don’t buy C of O land in Lagos if you fall under these 3 categories I will discuss and share with you briefly. Take your time to read it and know this for your own good.
A lot of people love to buy a C of O land in Lagos but they are not financially fit or don’t even know what it entails to buy a C of O land in Lagos. Feel free to contact me or send me a message for any inquiries.
ATTENTION: Are you looking for cheap land in Lagos below Five Million Naira (N5M)? If yes, send a message below to get the best offer.
Buying C of O land in Lagos is good and I recommend you go for one. However, here are the 3 reasons why you should not buy C of O land in Lagos.
- IT IS VERY EXPENSIVE:
If you have a very low budget please don’t buy a C of O land in Lagos. Let the truth be told, buying C of O land is expensive.
For example, in Ajah Lagos, a C of O land is selling for 63 Million Naira for 500sqm inside Lekki Pride 3 estate. Sixty-three million naira is not a small money. Even some people can’t gather that money in 20 years to come.
So my dear, don’t bother to buy a C of O land in Lagos if you don’t have that kind of money now.
- DEVELOPMENT IS RAPID:
When it come with C of O property, development is rapid, hence it is not for you if you are buying land for a long term investment.
If you’re looking to hold down your property for more than 10 years, C of O land is not for you.
Itunu residential estate located in Aiyetoro Ibeju Lekki along the Lekki-Epe expressway experienced massive infrastructure development in construction in about 12 months.
- WHEN ASKING FOR A REFUND, YOU LOSE MONEY:
The kind of money you lose when you ask for a refund of a C of O property can be used to buy multiple plots in some estate. Let me share an experience with you.
I have this particular client of mine who is China-based. He invested in a property with C of O in a good strategic location in Lagos. Unfortunately for him after 5 months, he asked for a refund due to unforeseen circumstances.
A property he bought for N25M, when he asked for a refund he ended up losing about N10M due to administrative charges and the Terms and conditions. The N10M can buy 2-3 plots of land in Epe facing the road.
And please always ensure you read the estate FAQ before signing or before subscribing into the property with C of O.
So C of O land is not for you when you are considering of refund in case of future occurrences or unforeseen circumstances that we don’t pray for in the future.
Refund is one of the things that do happen unexpectedly which people don’t plan for. But when it happens and if the property you bought is C of O, you lose money in millions. So if you’re not ready to lose money don’t buy a C of O
What Then Should You Buy If C of O Land is not for you?
- Go for other titled properties such as registered survey and deed because these types of properties are relatively cheap and you can currently find them in Epe, Lagos where rapid development is ongoing
- Also, you can buy a property with C of O in view
Yes, you can do this. There are many properties in Lagos with C of O in view. The company is processing the C of O and they are selling the property cheaply depending on when the C of O will be out.
And once the C of O is out, the price will skyrocket and go up. With 7 million naira and below you can get a C of O land in view. Send a message below to get there.
- Go for property popularly known as Freehold but be sure that the property company has the tendency to perfect the title in the near future:
Freehold property means the property is free from any form of acquisition. You can get this property and please be sure you do your due diligence very well.
Finally, it is easy to get or invest in property even without buying a C of O. Just make sure you are dealing with a good company and a realtor or real estate like me to guide you through.
For more inquiries about real estate investment in Lagos with C of O, please call or WhatsApp Peter at +234 901 509 4850 or click on the WhatsApp button on your screen.