Abandoned Property Guide Lagos Nigeria - Free Abandoned Real Estate Tips
Abandoned property guide Lagos Nigeria - This guide provides some insight into how to deal with abandoned real estate if you happen to be a property owner whose property has been abandoned over the years.These tips will help you safeguard your investment for yourself and for generations to come.
Let's start with a practical definition of abandoned property.
A property cannot also be considered to be abandoned real estate if the property owner live overseas and occupies the property for a short period once every two years when he visits the country.
Properties that can be referred to as abandoned property in Lagos Nigeria are properties are practically forgotten by the owners.
4. If the owner has built a house but the house is too far from where he works and so decides not to move in just yet or
5. If the owner already built the house but feels that the area is still too 'local' for him or that the neighbourhood is below his status
Of course, there could be other reasons why a property could become abandoned real estate. The list above is not exhaustive.
What happens if a property is abandoned?
The property could be taken over by the government if the property or land is within a government estate or land fraudsters (hoodlums) called Omoniles in Lagos Nigeria could sell off the property to unsuspecting buyers.
So, what should you do to safeguard your Nigeria real estate investment and prevent these fraudsters and hoodlums from selling it off before you know it?
I recommend two approaches.
1. Register your title with the Lagos state government or the government of the state where the land or property is located and
2. Build a small setback boys quarters (or bq) and get a tenant or somebody to occupy the bq
Strategy 2 above serves four purposes:
1. It prevents fraudsters looking for land to sell from selling off your land without your knowledge
2. The occupant will keep you informed of any development in the neighbourhood where your property is located that may benefit you
3. You earn income from the property instead of it just lying fallow and
4. The occupant keeps the property neat and clear and therefore increase its market value in the eyes of potential buyers if you eventually decide to sell
The truth is . . . having an abandoned property in Lagos Nigeria is risky. The property may no longer be yours the next time you visit.
Adopt strategy 2 mentioned above. It's a strategy that aligns with the investing for income strategy discussed on this premium Nigeria real estate site. And it's a strategy that secures your investment now and into the future.