Understanding the Demolitions in Lagos:
What Investors Need to Know and How to Safeguard Your Investment.
As an investor in Lagos State, the recent spate of demolitions can understandably instill fear and anxiety about the security of your property investments. The thought of losing hard-earned money to unexpected government actions is troubling and can make anyone hesitant about future investments. Your concerns are entirely valid, and it’s crucial to address them with empathy while shedding light on the reasons behind these demolitions and how you can protect your investments moving forward.
Why Are These Demolitions Happening?
Many of the demolitions stem from issues related to improper due diligence. In several cases, investors have purchased properties without thoroughly verifying the land’s legal and regulatory status. This can lead to a number of problems, including:
1. Government Acquisition: Some properties are acquired by the government for public use. Purchasing such properties without knowing their status can result in future demolitions when the government reclaims the land.
2. Zoning Issues: Buying residential properties that have been designated for agricultural or industrial use can also lead to demolitions. It’s essential to ensure that the intended use of the property aligns with its designated zoning.
3. Environmental Concerns: Properties located in canal lines or flood-prone areas are at high risk of being demolished to prevent environmental hazards and protect public safety.
Steps to Protect Your Investment
To mitigate these risks, investors should take proactive steps to ensure they are making safe and secure property investments:
1. Conduct Thorough Due Diligence: Always verify the legal status of the property before making a purchase. This includes checking for any government acquisition plans and ensuring the property’s zoning matches its intended use.
2. Hire a Qualified Surveyor: A professional surveyor can provide valuable insights by picking the coordinates of the site and checking the land’s status. This step is crucial in identifying any potential issues that could lead to future demolitions.
3. Work with Reputable Real Estate Agents: Partnering with experienced and trustworthy real estate agents can help you navigate the complexities of property investment in Lagos. A good agent offers guidance and ensure you have all the necessary information before making a decision which is what we do at Viv Royal Homes ltd.
Moving Forward
While the recent demolitions are a cause for concern, they also serve as a crucial reminder of the importance of due diligence in property investment. By taking the necessary precautions and working with professionals, investors can protect their investments and contribute to a more stable and secure real estate market in Lagos.
Remember, the goal is to ensure that your investment is safe and that it aligns with all regulatory and environmental guidelines. With the right approach, you can navigate these challenges and continue to find valuable opportunities in the Lagos real estate market.
Invest wisely, stay informed, and always prioritize due diligence to safeguard your investments.