(Advantages And Disadvantages Associated With Buying An Omonile Land Vs Real Estate Companies)
When you are ready to buy land, one of the biggest decisions you will have to make that will affect your investment is “whom-do I buy from?” Do I buy an Omonile land or do you buy from a Real Estate Company or professional agent/consultant?
Whether you are buying an Omonile Land Or From A Real Estate Company, there are some Pros and Cons associated with each. Since I am on a mission of securing you with safest deals that guarantees fastest returns, I am going to dissect the Pros and Cons associated with each so you as an investor can pick whichever works best for you or makes you comfortable.
BUYING AN OMONILE LAND:
Experience have shown that dealing with Omonile can be very risky although it looks more affordable on the surface, it’s a very risky venture especially for the inexperienced. Although not every Omonile deal go bad anway, but you will be treading on a thin line, when you buy an Omonile land. The biggest issue you face with an Omonile land is that the person selling the land to you is not the true owner, In which case you risk losing the land or having to pay again for same land to the true owner or the person now making a claim, as the true owner. You would have to put up with annoying agents throughout the Inspection and negotiating experience.
Most Omonile lands have one issue or the other associated with them such as
- Land dispute cases
- Family dispute case
- Resale of another person’s land
- One person, Selling community land
- Fake documentation
- Selling lands that belong to the government and sometimes, you might be at the risk of buying land dedicated to a deity or a sacred land etc and you know how devastating this can be.
More so when you buy land from Omonile, you have to pay for everything such as
- your own survey fees
- legal fees
- agency fees
- Omonile signing fees
- foundation fees
- roofing fees
- Borehole drilling fee
- drainage fee (and off course there is rarely drainage implementation)
- power connection fee(Nepa) etc
and even if you did everything right such as conducting due diligence, buying from the right person and paying all the necessary fees, you could still lose your land except you build a wall to ward off criminals and trespassers from stealing your land.
Although that doesn’t end your worries. Until you complete your house you will have to remain vigilant in checking on your land.
Any form of complacency or negligence would lead to criminals reselling your land. I have seen this happen over and over again.
Of course it’s not all bad news but I have witnessed less than 1/3 of Omonile transactions perfected without sad stories and tears.
Having seen the Pros and Cons associated with buying an Omonile land, let’s quickly dissect dealings with real estate companies.
There may be countless benefits in dealing with real estate companies, however one need to verify every real estate developer company before dealing with them because there are a few bad eggs in the crate and this bad eggs are very easy to be identified. Before we go deeper, let’s quickly discuss how to identify the bad eggs so you don’t be a victim of fraudsters disguised as real estate developing company, lying in wait to defraud you your hard earned money. Always remember that the safety of your investment is my topmost priority
HOW TO IDENTIFY FAKE REAL ESTATE DEVELOPMENT COMPANIES:
Of course every good thing in life usually have a fake version. This is usually the reason you always want to buy your electronics and gadgets from a trusted Vendor with a good track record. The importance of due diligence` while dealing with a real estate company or consultant can never be over emphasized because you can’t afford to loose your hard earned money to fake agents and companies. Learn more about due diligence here
The following therefore are 2 easiest ways you can verify a real estate development company before going into dealings with them
1. TRACK RECORD/SOCIAL PROVE—
One of the easiest way to verify a genuine real estate development company is track record or social prove. The fastest way to do this is to go to the internet, use the search engine such as google to look up the name of the company, find out who are behind the company’s decision making process and their reputations. Look out for social proves and what projects they have delivered in the past. Do they keep their promises? What are people saying about them? Do they have satisfied or grumbling customers
Numbers don’t lie. Therefore pay rapt attention to numbers. Most times, you might need an expert to help you do some physical background check on both the company you want to do business with and the property you want o buy. This is the soul of due diligence
Track record is very important because most of the genuine real estate companies never keep to their promises On delivering projects. An example is the case of a lady who told me how she bought a parcel of land from an “xyz” company who told her that the estate will be developed in a space of 6 months, unfortunately its 4 years running and nothing is happening there. Her property is still safe` but her purpose for engaging in the transaction have been defiled.
2.STANDARD OFFICE—
This is another area to look at before going into dealings with a real estate company. Look at the companies office structure and ask yourself if the real estate company is here to stay or another MMM that will soon disappear into the thin air once they have gotten what they are looking for. However if the company satisfies the number 1 conditions listed above. The office structure might no longer be a necessary thing to consider.
The following are 7 advantages of getting your real estate investment from a trusted company:
- You know who you are buying from and understands the documents and titles that covers that particular piece of land before making payment. Learn more on titles and documents here
- All documentations will be processed by the company in your favor
- The estate have provided amenities so you don’t have to run around looking for blocks to build your fence. Also basic amenities such as electricity/power, drainage,
- Most estates have proposed layouts to provide recreational parks, school, hospital, gym house, swimming pool etc
- Buying from a real estate company means you don’t have to deal with Omoniles to pay any sort of fees to them.
- Real estate companies provide installment payments up to one year or more, making it easy for you to be a multi landlord/investor despite your level of income and present achievements
- Am most fascinated with the fact that I can buy property from a genuine real estate company, travel away for more than ten years without putting a wall on it and my property will be there waiting for me. With omonile, you’ve got less than 30% chance
It’s worthy of note that dealings with a trusted real estate development company is one of the safest way of securing a safe deal, however you need something more than a safe deal. You need a safe deal with faster returns on investment.
TALK TO AN EXPERT —
Anthony Cee is a real estate expert dedicated to helping investors maintain maximum profit and fastest returns while investing in real estate. he also have a beautiful track record on real estate management that generate maximum CASHFLOW.
Tallk to Anthony
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