THIRD: Why is Site and Service Scheme The best?
If you look at what is happening today in several places like Lagos, Ogun and Abuja, you'll find out that several estates are springing up in informal ways... A gated estate on a large parcel of land holds so much value for homeowners and residents. The developers of these estates create the road network, the layout and the responsibility of making the entire estate a liveable area. By this, the developer have increased the standard of living in this place. That means, they have created an urban community in a gated estate.
With this kind of housing scheme, you are no longer afraid of omo-onile because the developer is the one taking such risk. He would have appeased the various factions in the land-owning families and have paid their various dues from foundation to roofing stage.
The responsibility of the developer also include that the land is free from government acquisition. Unlike the average landowners, developers ensure you are saved from the hassles, stress and trouble of building your own house. Also, this scheme gives you the opportunity to know your neighbour first hand because the developer gives you the opportunity to meet other subscribers. And both of you can start developing at the same time, thereby increasing the value of the property simultaneously. This also ensure even and speedy development of the area.
FOURTH: What Site And Service Scheme Should I Avoid Like Leprosy?
There's something you need to know about buying a land in Nigeria. When one developer create a site and service scheme like Prime Estate, Millennium Garden City, Suncity estate, Royal Garden Estate and maybe hundreds of competitors rush out and create the same kind of service, you need to shine your eyes. Of these site and service schemes, one of the ones you should avoid like leprosy is the one that has no money-back guarantee. Though, there is ony one developer in the country that publicly offers a money-back guarantee, in fact it became their USP. If you are dealing on a site and service scheme, deal with a developer who can promise you a refund if he can't get certain things done within the space of time. Please back out.
Secondly, the kind of site and service scheme to avoid is the unregistered company. A company is better to deal with than an individual. The reason is that a company is recognized and approved to do business by the government approved institution, Corporate Affairs Commission. Please note that a developer belongs to Real Estate Developers Association of Nigeria (REDAN) does not mean that his activities is regulated. REDAN is only an umbrella association that fights for the common interest of developers.
Thirdly, the developer should have a global title or Right of occupancy on the land. If the developer is unable to get the necessary papers, such as the global title, there is a risk to it, you just have to be sure the developer you are dealing with have integrity, but on the basis that if anything goes wrong you can get your money back! Getting a money-back guarantee put the developer on his toes to get the relevant and necessary things ready and not be complacent. That is the way you can be sure that your money will not go down the drain.
FIFTH: What Should I Do When The Service Is Yet To Be On Ground?
Here's something you need to understand, such schemes requires a very deep pocket to create and setup. Often access to fund by these well-intentioned developers is met with a roadblock. So smart developers hatch up a plan to use their resources and the investment made by their clients to put up these services. So most times, services appear along the way. At different times, you'll experience signs of development such as perimeter fencing, estate layout, road network, drainage creation, then allocation of plots to another stage. These services will be in phases.
Now, here's my candid advice: If you want to have a house in a site and service scheme, walk-away, sorry I actually meant, run-away from any developer who can't give you a written money-back guarantee. This means that latest 6 months, signs of development will be felt in the estate. If you buy into a new estate (site and service scheme) and you don't see any development in 6 months ateste, please ask for a refund. Any other is bad news.
In my work as a researcher and real estate entrepreneur, I've met experts who say 'giving a money-back guarantee doesn't work with real estate.' Then I answer, 'that means, you are telling the prospect to gamble with his hard-earned money. If you can't assure me that my money is in safe hands and that I can collect it back if you don't satisfy me, then it's not worth doing business with. It's that simple' My only wish is that they can listen to my argument but many won't so, I rather go for the ones who can assure me. The question I have for you my dear reader is, "Do you want to gamble away your hard-earned money? I think I know what your answer will be, It will be an emphatic NO.
SIXTH: How Does This Site And Service Scheme Work?
First, you need to sign up with a developer by getting an application form from them. Ensure you sign up with a developer that offers you an application where you fill you details. Application forms varies in prices depending on the developer, while some are free. Please note, I didn't mention you should sign up with a developer that has no application form. As a persona rule, I avoid anything that has to do with developers who won't give me an application. This form is the first document you have with the developer and it is expected that you have a copy of it. In fact, it is like your account opening form with the developer. That means, you have no business with a developer until you have an account with them. The developer will give you your account Number from which you can begin proper business with them. a copy of this form will be in your possession while developer remains with the other after officials of the developer have duly signed and approved it. After you've done this, you need to set up yourself for site visitation and inspection. It shouldn't take two weeks. Next, activate the payment process so that your plots can be allotted to you speedily. That's it! You're done!
My time is up... Let's make it a date next week.
To your home-buying success, I remain the Maverick Landlord,
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