Land or Developed Property?
Land and Developed properties are Abuja's goldmine, but which is best for you?
Kayode Ikupolati
1/5/20262 min read
Introduction
There are various ways to invest in real property in Nigeria. The two most common options are either through buying land or buying developed property. Land in this context refers to a marked piece of the earths surface which is owned by a person. Developed property on the other hand is land which has been developed. Simply, it is land that has a building on it. This could be residential or commercial, although residential is more common than the latter.
So, which is better?
It depends on your needs.
When it’s a good idea to purchase land-
1. Limited Cash
This option is best for people on a tight budget, such as young persons or those who don’t have the means to acquired a fully developed building. In these circumstances, acquiring land is a much easier investment alternative.
2. Flexibility
In developed property, the buyer is usually stuck with the design of the building which is acquired. In addition, it is very difficult to verify the quality of materials used and the structural integrity of the building. Important issues such as the foundation, DPC, plumbing and even wiring are left to chance. However, on an empty parcel of land, the buyer is free to execute his vision of his desired building with proper quality control during construction. In that sense, it is a more flexible option for the buyer.
3. Low Effort
You’re interested in “Zero Maintenance”. No plumbing, electrical or other related costs which come up regularly in a building. Land is a low effort form of land investment.
4. Land-Banking
It’s a good way to bet on the future of an area that has potential. Flipping land is a never a quick flip – its usually done with a 5-10 year horizon in view. This is the core idea behind Land-Banking.
Developed property is great for the following reasons-
1. Finished Product
Buying a developed property, especially fresh from a developer means you’re getting a finished product. No need to worry about development, financing the building project and providing oversight. What you see, is what you get.
2. High Earning Potential
Because it’s a finished product the buyer can begin earning immediately. They may sell for a quick flip or lease out to tenants for a fee. Earning begins immediately after acquisition.
3. Need a Home
Buying a developed property is the best option for families or individuals who urgently need a home.
4. Faster Appreciation
Due to the nature of developed property, its value appreciates at a much higher rate than land. It is also possible to force appreciation by making important renovations and improvements.
Conclusion
Acquiring Land and Developed property are the two most popular options for persons and organizations who want to invest in Nigerian Real estate. Regardless of choice, both are great options. It all depends on your needs, goals and vision. But you can hardly go wrong!
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