5 Things Your Developmental Fee is Used For In Real Estate
In real estate development in Lagos, Nigeria. One major fee that is required to be paid aside from the property is the developmental fee. The developmental fee is part of the statutory fee aside from the survey and documentation fee.
Understanding what the developmental fee is used for is very important. Developmental fee can either be paid separately or has already been included in the cost price of the property.
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There are 5 major things your developmental fee is used for when you buy property. And shortly I will list them out for you to see. If you are looking for property to buy in Lagos in a good location with a flexible payment plan, kindly send us a direct message below.
5 Things Your Developmental Fee is Used For In Real Estate
- TRANSFORMER:
Light is very important in an estate. So part of your developmental fee goes to the transformer to provide light for you. This is one of the things your money is used for.
- STREET LIGHT:
Street light is one of the major infrastructure you see in an estate. So most real estate developers charge for this so as to provide street lights for you.
- RECREATION FACILITIES:
Recreational facilities such as a football pitch court, basketball court, GYM house, Cinema, Children’s playing ground, and green areas are being catered for in the estate. And it is the developmental fee you pay for that sort this out.
- DRAINAGE SYSTEM:
The drainage system is essential in an estate to avoid flooding during rainy seasons. Your statutory fee also covers this as well.
- SECURITY:
Every investor and property buyer longs for maximum security. Also, a little portion of your developmental fee goes for this as well. The developer ensures maximum security is provided in the estate.
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In conclusion, a developmental fee is an essential fee every property owner must pay when buying property. So these are what your documentation is used for.
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