17 Sep 3 Signs of a Quality Real Estate Development
Owning real estate is more than an investment. Particularly when one intends to purchase or build for living purposes, it symbolizes social status and class. In the consideration stage, several things come to mind before one commit, chief among which is location and accessibility, and as a result, proximity to landmarks such as Central Business Districts (CBDs), critical infrastructures such as hospitals, malls, etc. and future developments.
No surprise that places like Ikeja, Lekki and Yaba in Lagos State are in high demand; while budding hotspots like Ajah-Epe, Berger-Mowe and Badagry axis are projected to earn investors huge ROI in the coming years.
Regardless of where your asset is located, the allure of real estate lies in its longevity and its inflationary hedge. Therefore, choosing quality real estate remains top of the list for potential homebuyers and investors. After all, no one wants an investment that will burn a hole in your pocket in less than 5years or one that will collapse at a heavy gust of wind. To avoid this pitfall, here are three important quality markers to take note of:
At the start of any construction, you need to carry out some actions to ensure building integrity and save you from the pain of incessant repairs. One of such actions is a Soil Investigation Test. As you may know, soil type varies from place to place, the test helps determine how suitable for construction the land is and the type of buildings best suited for the soil.
Topography Survey is another pertinent aspect of pre-construction actions that need to be done before any project. The survey helps identify the size, height, depth and other features of a parcel of land before construction. These will help you know if the developer built the project following standard procedures.
Assessing the structural design of the property if it is a completed project is also vital before purchasing. This helps you examine the stability of the building and its ability to withstand both pressure and load over its lifetime.
Briefly, we know that these may appear a little daunting especially if you are no specialist, however, you can request all reports and pass them across to a trusted professional to examine on your behalf.
Land Title Documents
We have all heard this story a million times; someone buys a piece of real estate with glee, they either take possession of it and then lose it to the government after a couple of years. They get paid only a fraction of the purchase amount after an endless web of litigation. Yes, we know the story but people keep falling into this trap. To avoid this issue, it is vital that you consult a trusted professional to help ascertain the parcel of land is not under governmental acquisition; verify that the Certificate of Occupancy (CofO) is authentic and unencumbered. If you are purchasing an already built property, ensure the Deed of Assignment is documented properly.
You can read more about the important land title documents here.
Intricate Building Finishing
From the floor to the wall, and roof finishes, utilizing the right set of finishes will serve the dual purpose of beautifying your property—thereby enhancing your rental income as an investor—and increase its asset life. Using substandard products or finishing materials may appear economical at the time, however, will prove more expensive in the long run when replacing faulty parts becomes a regular occurrence.
In the final analysis, real estate will continue to be a lucrative enterprise as population growth outpaces house supply and exchange rates remain unstable. Therefore, early investment remains vital in taking advantage of the upward trend, which is why Green Park Estate offers you a guaranteed N15million National Housing Fund (NHF) mortgage, flexible payment plans and multiple house types options. It is also developed by Nigeria’s first and only internationally developer certified to international standards (UKAS ISO 900:2015), Alpha Mead Development Company.