What You Should Look Out For Before You Buy Land – Alhaji BASHIR JIMOH

•In IBEJU LEKKI & Mowe Axis

•LAGOS Real Estate Expert, Alhaji BASHIR JIMOH Reveals

Bashmoh Homes is one of the fastest growing real estate companies in Nigeria today. It was established 7 years ago by Alhaji Bashir Jimoh, the Chief Executive Office of the company. It was set up to solve housing problems, especially in Lagos where the head office is situated.

Alhaji Bashir has travelled all over the world attending seminars on real estate. Presently, the company is in partnership with the Lagos state  government to further reduce the housing deficit in the State.

A few weeks back, City People’s ISAAC ABIMBADE spoke to him extensively on real estate issues, most especially  the mistakes many people make while investing on landed property. Below are excerpts of the interview.

The fear of the majority of people I have met in recent times has to do with where to buy land for capital appreciation and some people also want to buy land to build on it immediately. Which locations can you prescribe for these two categories of people?

Land buying decision is not just a function of location, rather it’s a function of your money; the income you have at your disposal, that is one.

The second basis is on the validity of document the seller is presenting to you. These two put together determine what pattern of investment you want to do at any point in time. If you are able to gather like 5 million naira in the next three years, you won’t be thinking of buying house in Lekki-Ajah axis.  You will want to come to places where you can easily buy land for 2-3 million naira and start building.

Various regions have their own growth rate in Lagos and its environs. Yes, some people might argue that we have higher growth rate in Ibeju-Lekki/Ajah axis but we have glut there; most of the houses there are very expensive and many average Nigerians can’t afford it. Instead of you keeping your money in the bank with depreciating value over the years, it is better to invest it in a landed property and buy what you can currently afford.

What location would you prescribe for an average income earner, between Mowe and Ibeju Lekki axis?

Land investment is what is advisable for any incoming investor, be it in Magboro, Ibeju-Lekki or any other place. The most important thing is to invest your money where it has the highest appreciating value. And I can tell you that, land is the only thing that can give you such a corresponding value.

So what you are saying in a nutshell is that, investing in Ibeju-Lekki has more advantages?

Yes, but then, so goes with the cost of investment. The cost of investment is very high in Lekki axis.

You can get a 3 million naira landed property in Ibeju-Lekki and you can also get 3 million landed property in Magboro axis as well.

What is your advice for those who want to invest in these 2 areas?

The difference is that, if a price of land costs 3 million naira in Ibeju-Lekki and another land costs 3 million naira in Magboro, Magboro is cheaper because to do a foundation in Ibeju-Lekki, you will need 6 board rafts averagely because it’s mostly swampy area.

That is additional cost and it could cost about 2.5 milion naira or 3 million to do a foundation. While Magboro  is a hard surface land. You need less than a million naira to do your foundation and the same goes with infrastructure and construction cost you will put on that land.

The cost of construction in  Lekki axis is higher than that of Magboro, even setting of block in Lekki; to set one thousand blocks, you will pay an average of 50 thousand naira, while you can do between 30-40 thousand naira in Magboro.

In terms of appreciating value: before now, Lekki used to appreciate very very high because of purchasing ability; most people want to buy land around Lekki but the prices have gone high beyond the reach of an average Nigerian.

It all depends on your investment objective:. If you want to buy property for capital appreciation on the long-run, I will advice you to stick to Ibeju-Lekki but if you want to invest in property for capital retention; you want to hold on to your money so that you will have a place to live without being threatened by landlord, it’s better to buy and build now on the mainland and Magboro is one of those axis.

Talking of Badagry axis, a lot of people are skeptical about this axis?

I understand that the current problem in Badagry happens to be access road. With huge construction going-on on that axis, many Lagosians are afraid that you might not get to your place of duty if you eventually buy land there. I will tell you this that, Badagry axis will be the new Lekki the moment the new project and the road construction project is completed. This is the time for a smart investor to invest in that axis.

Do you have property there?

Yes, we do have property there. We have property before the Federal Government Girls College. Now, it goes between 1.7 to 3.5 million naira, depending on the location and size.

What is the next plan for Bashmoh Homes?

By next year, we are moving into construction and building of houses for NHF contributors. We are currently processing our registration with NHF so that we can be  able to build houses and sell to the  working-class people in Lagos through NHF. What that means is that , upon your contribution to us mandatorily, we would show you the property we want to sell to you or that you so desire to buy and we give you allocation letter and NHF pays  us off for the property.

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