Are there questions you need to ask before buying a property in Awka to avoid being scammed? The answer is yes. Property investment is a lucrative venture, and Awka is a great location to buy your properties. However, property acquisition isn’t something that should be done blindly.
Like everything else, doing your due diligence and asking critical questions before parting with your hard-earned money for that property is crucial. Don’t be among those who say that it doesn’t matter as long as it is a property and you can afford it.
So, in this article, we will discuss the seven questions you should ask before buying a property in Awka to ensure a successful purchase and peace of mind. Let’s begin.
1. What is the Title of the Land?
When buying a property, one of the important questions you should ask is, ‘What is the title on this land?’ It should be among the first questions you ask, and the answer you get should form the foundation for your final buying decision.
The title on the land is the legal document available for the land, such as the approved survey plan, purchase receipt if it isn’t ancestral land, excision, governor’s consent, gazette, and certificate of occupancy (C of O).
The title on the land shows the property’s legal status, which will largely determine if the transaction will be smooth, sustainable, and overall give you peace of mind. Knowing the available documents helps you know if the land is genuine and what legal work you will do when you buy the property.
Also Read: Why You Should Invest in Awka as a Real Estate Investor
2. Are There Tenants on the Property?
This is an important question you should ask regarding the property you are interested in. You should know if there are tenants on the property. By now, you already know whether you want to use the property for commercial or personal use.
If there are tenants on the property, you should know the content of the existing tenant agreement. Through the tenant agreement, you will know if you are inheriting the tenants or if they will exit the property when you purchase it.
If you inherit the tenants, that should be factored in when negotiating for the property, and if you will use the property for rental and will retain the tenants after the expiration of their agreement with the previous owner, then you must draft a new agreement with them as the new owner of the property.
3. What is the Rental Value of the Property?
You want to avoid buying a property at an overhyped amount; therefore, you must ask for the rental value of the property. You want to know how much it costs to rent a house in that area and what property you want to buy is expected to make you in a year. This information will help you estimate how long it will take to recover your capital and break into profit.
Even if you are buying the property for a personal residency, this information can prompt you to positively utilize the remaining space on the land by building quarters for rentals that can cater to the property’s yearly maintenance.
Also Read: Want to Invest in Igboland? Buy Properties in These Cities
4. Who is the Owner of the Land?
I know you want to invest in a property. But the fact is that the property is sitting on land; therefore, you can’t ignore the ownership of the land.
Asking this question will save you from falling into the hands of land scammers. This is the best way to know if you are dealing with the owner or a legal representative of the owner and also whether the property is for sale or not. You don’t want to buy a property from the wrong source.
You want to ensure that the person you are discussing with has the right to sell the property.
5. How Safe is the Area?
You don’t want to buy a property only because it is selling. You want to buy a property in an area where the security of lives and properties are of great priority to everyone. Buying a property in an unsecured area can lead to a loss. “How safe is this area?” is unarguably one of the most important questions you should ask before buying a property in Awka. It doesn’t matter how affordable the property is.
For example, if you are buying a property for rental, you will have a hard time getting people to rent your property, and you will not easily recover your investment capital.
So, ensure that there are social amenities that guarantee the prioritization of security in the area the property is in, such as hospitals, schools, banks, or recreation centers. These social amenities need to be secured, bringing security to the area.
Also Read: Fastest Developing Locations to Own a Land in Enugu City
6. What are the Rules Binding the Property?
People have neglected to ask this question, and that negligence led them to have preventable issues. When buying a property in Awka, you should inquire about the rules binding the property. These rules are the dos and don’ts governing the property.
For example, if the property is in an estate, one of the rules may be that all the properties must wear the same paint color or that every electricity-generating set must be turned off by 10:00 pm. Even when the property is in a commercial area and for a commercial purpose, the rule may be that there must be a surveillance camera on the property and that all activities must not exceed 6:00 pm.
So, it is important to know the rules binding the property. Find out if these rules are suitable for your purpose for the property.
7. How Old is the Property?
Contrary to what some people say, age is not just a number. The age of a property says a lot about it. It determines how soon you may have to renovate some part of the property or complete a full renovation.
The age of a property can tell you the remaining time on the documents before expiration. One of the documents is the Certificate of Occupancy. Each issuance lasts for 99 years. What does that mean? If a property is 70 years old, that automatically means that this property has only 29 years left before you renew the certificate. You don’t need to see the C of O to ascertain this.
In this case, this is an extra future cost that should be considered if it is very close. So, you must ask for the property’s age before buying it.
Also Read: Where to Buy Affordable Properties in Anambra State with a Good Appreciation Rate
Conclusion
Buying a property in Awka is a good financial investment, whether the purpose is rental or a personal residency. However, not asking the right questions from the start is to gamble with your hard-earned money.
Some people think asking every important question, no matter how elementary or silly it sounds, is boring. That mindset has brought many of them regrets. Don’t be like them.
It’s paramount that you ask these important questions before buying a property in Awka. Doing this will help you ascertain the property’s profitability before negotiating the price or paying.Â
My name is Franklin. I’m here to help you own a property in any part of Igboland you desire to invest in. You can reach me on, +2349072987151.
