CategoriesReal Estate

INVESTING IN LUXURY RESIDENTIAL HIGH RISE PROPERTIES: The Factors To Consider

The Nigerian British Infrastructure Group organized a webinar titled “The Rules of Engagement: High Rise and Complex Structures in Nigeria.”
Seasoned sector specialists, including Fine and Country CEO Udo Okonjo, provided insight and solutions as rules of engagement for buyers, investors, developers, and the government who are all stakeholders in High Rise and Complex Structures.

5 Notable points raised include the following: 

1. Failing to hire professionals to supervise complex projects compromises the interests of all stakeholders.

2 A project team with qualified key staff with suitable expertise, as well as a track record of delivering similar properties, is critical to the success of a high-rise construction.

3. Health and safety should be a legal necessity in the construction of highrise buildings.

4. A building’s structure is similar to a human skeleton. Compromise is not an option for developers. As a result, developers should only hire competent and capable professionals, while direct labor in the construction of high-rise buildings should be prohibited.
Vertical extensions on a building that has previously been approved for a number of levels should never be permitted.

5. For verification, clients and developers should look at the licenses of professionals in the development of high rise buildings.

Our CEO, Mrs. Udo Okonjo, focused on the purchasers/buyers as clients’ perspectives and what they must look out for as part of risk management and due diligence before investing in any luxury residential or other properties under development.

She noted that before investing in high-rise luxury residences, investors must ask critical questions which she referred to as ‘The 5 W’s of Luxury High Rise Residential Real Estate’.

She noted that we all share a collective responsibility in real estate as stakeholders.
In her quote by Audrey Hepburn, she stated:
“I don’t believe in collective guilt, but I do believe in collective responsibility.”

Some of the key questions include; WHO is the Developer, Financier, Key Contractor, Consultants and are they specialists in high rise buildings? WHAT exactly is being built and does it satisfy building and zoning regulations? WHERE is it being built- Location Location Location means different things in different places and should include environmental impact assessment reports to ensure you understand how your investment will be impacted long term. WHEN will it be completed and does the developer have a track record or delivery of similar projects and are there any guarantees? and finally what is the WOW factor? Rising sky high in itself is not enough of a wow factor if the foundation is wrong and if other key aspects are ignored. There are numerous ways to make a statement in luxury residential projects if creativity is employed.

You can access Fine and Country West Africa’s detailed questionnaire for Luxury Residential New Developments here to help you develop your due diligence before investing in a new build.

If you are interested in expert advisory on the Marketing and Sales of Luxury Residential Developments, please review and fill out this new development form.

Click here to fill out the form

CategoriesReal Estate

How to Convert Window Shoppers Into Committed Buyers in Real Estate

 

 

Online retail stores allow window shopping such as Jumia and Konga. These sites enable customers to shop for clothes, appliances, electronic gadgets online.

However, people have formed the habit of going to the market and visiting most of these sites without having the intention of buying anything. Certain individuals even take pleasure in pricing down the items. Most often, they come up with an excuse as to why they cannot buy the item.

The case is not different in real estate as individuals who go around house hunting end up not buying the houses they viewed for one reason or another.

Nevertheless, there are ways to ensure that these window shopping individuals end up becoming the committed buyers you want them to be.

 

Offer Solutions: To convert window shoppers into committed purchasers, learn more about their preferences and analyse them so that you can offer solutions. This creates a sense of competence and trust. The more problems you can solve, the more offers you’ll be able to complete.

Creating Scarcity: create an impression that the property is in high demand. Interested windows shoppers could cease the opportunity to grasp the property while the property is still in the market.

Educate and Empower: potential buyers should be educated about the worths and benefits of real estate or the actual property. You can as well empower your buyers by educating them with resources that will aid their ability to acquire real estate.

Be inquisitive: asking a lot of important questions is a very good way to understand your clients. These questions will enable you to follow up on how your clients are being motivated to patronize you.

Be honest and transparent: honesty and transparency are one of the ways to earn the trust of your clients. Advertising your properties with your clients in unedited content rather than using filters and photoshopped pictures. Posting fake pictures online would not gain the trust of your clients.

Highlighting the benefits of buying: Turning potential clients into prepared, keen, and able clients sometimes revolve around two components: cash and lifestyle. In case a client can afford a house, it is important to first present how buying a property is a greater financial determination to renting a house.

Place a worth: placing a value, empathizing, and anticipating problems are very important factors. You should learn to analyze things from your clients’ point of view to know what they want and what they don’t want.

Finally, if you want to sell a property to a new client, the apartment must be neat and void of dirtiness. There’s nothing worse than walking into a property only to find piles of furniture clogging up the place. Ensuring the place is clean before bringing in your potential buyer is an excellent way to arouse their interest.

Also, ensure all major and minor defects in the house are treated effectively as these can serve as a roadblock stopping your clients from purchasing the house. You can also make sure the apartment is air freshened and scent nice with flowers at a designated area of the apartment if the apartment is already furnished. Some clients are attracted to flowers, and this can be a huge draw for them.

Remove any unwanted plants from the environment. You can get rid of the weeds in the garden and plant fresh flowers or trees. It’s nice to walk into an apartment or a setting that feels warm and inviting.

CategoriesReal Estate

How to Buy Land: A Comprehensive Buyer’s Guide

Congratulations!

You’ve taken the major step and decided to be a landowner!

You’ll find a comprehensive guide on steps to take when buying land in Nigeria in this document.  

There is a difference between buying a house and buying land.

Consideration must be given to many things before buying land: location, budget, access to utilities and towns nearby, acreage, and zoning, to name a few. 

Consider the purpose for which you intend to purchase land. Do you intend to build on it and live there? Sell it after you build it? Let it sit and sell it later?

Consider the location of your building when building, and ensure it’s close to places like school, work, and fuel stations. A hospital’s accessibility has to be considered, too.

Ensure you tell your real estate agent exactly what you’re looking for when in consultation with them. Specialized investors in land can often assist in finding your dream plot. Contact us for prime plots of land 

Doing your own research before purchasing land is a smart idea because some information may be assumed to have been disclosed prior to the purchase. A piece of land may be zoned as follows:

  • Residential
  • Commercial
  • Industrial
  • Rural
  • Historical
  • Aesthetic
  • Environmental

The zoning designation could mean that you’re not allowed to build on the land at all, so you must find this information out as soon as you’re considering a plot of land.

Consult your local zoning ordinances to find out how the zoning of the property might affect your use of it.

Comprehensive guide; 

DETERMINE THE TYPE OF LAND YOU WANT

Would you be interested in a certain size of land? Where would you like it located? Be sure to tell your Realtor what you want. Make it clear that you do not want land subject to government acquisition.

BUDGET

Decide on your budget as well. Land prices vary depending on the location. Similar plot sizes in Victoria Island will cost differently in Banana Island. It is important to determine how much you are willing to spend on land before working with a realtor.

ASSESSMENT

It is best to do a physical assessment of the land when you or your agent find a plot of land that appears to meet all your needs.

MAKE DUE RESEARCH

As soon as you find a piece of land that meets your requirements, you immediately need to search the relevant land registry. To ascertain whether the vendor owns the land rightfully, whether the title is genuine, and whether the property is not disputed or subject to government acquisition, it is essential to conduct this search. The process of conducting research usually begins with submitting an application letter to the suitable land registry, along with an affidavit verifying the status of the applicant and the purpose of the research.

EXECUTION OF DEED OF CONVEYANCE

Once you are certain that the title of the vendor is authentic, you may now execute the Deed of Conveyance. The Deed of Conveyance becomes effective when both parties (buyer and seller) have signed it and payment has been made.

VERIFIED COPY OF TITLE DOCUMENT AND SURVEY PLAN

You must now obtain certified true and accurate copies of the vendor’s title documents and survey plan. These two documents must be provided when you apply for the Governors consent.

There must be proof of the land plot’s identity, thus a verified copy of the survey plan that has been approved by the town planning authority is necessary. The survey plan identifies the boundaries of the property and shows the coordinates of the land also.

REQUIRED PAYMENTS: CHARTING FEE,  FORM 1C AND ENDORSEMENT FEE

Prior to applying for governor’s consent in Lagos State, you must obtain charting, endorsement, and Form 1C. The fee is payable at designated banks. You will be issued a  receipt at the registry. 

 

PROCESSING OF GOVERNMENT CONSENT

By virtue of the Land Use Act, all land in each state in the Federation is vested in the Governor of that state whose prior consent is mandatory for the legal validity of any transfers or alienation of an interest in landed property.

Documents required to obtain Governor’s consent include:

  1.  Covering letter
  2.  Completed Form 1C
  3.  CTC of title documents of the assignor (vendor)
  4.  A copy of your current tax clearance certificates and that of the assignor
  5.  Four copies of the deed of which consent is sought
  6.  Copy of the approved survey plan
  7.  Evidence of payment of the charting fee, endorsement fee and Form 1C
  8.  Evidence of payment of land use charge
  9. A photograph of the property
  10.  The applicant’s identification and/or that of his agent

 

An application is filed with the Directorate of Land Services.

The time for buying a piece of land is here! The next steps include following Fine and Country West Africa on all social platforms, visiting our website www.fineandcountry.ng and calling us now for a consultation and available plots. We look forward to engaging with you further. 

 

Get in touch

phone

+234 809 600 0024
+234 809 600 0017

10, Onisiwo street, off Lateef Jakande, Ikoyi, Lagos.

email

admin@fineandcountryng.com

about us

Fine & Country is a global real estate brand, specializing in providing a premium service through exceptional marketing and professionalism in the upper quartile of the market.

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