When searching for a location for your landed properties, there are many factors to consider. From buying to renovate an existing property in a densely populated neighborhood, to buying in a sparse lot where you are the fist to build. Below are the 5-benefits of building in a new housing development.
New housing estates usually start with excised portion of fallow lands on which a new housing site is created. Most eye-brow areas in Lagos today – Banana island, Lekki Phase I and II, and the likes, all started many years ago as new housing estates. As at that time, those areas were termed fallow lands that were grossly underdeveloped and too-far from the city center. But today, these choice areas have become one of the most expensive luxury communities in the country.
Also, you aren’t walking into a neighborhood where people have lived for years, decades, or even generations. You and your neighbors are establishing a new neighborhood dynamic to build your lives, which could last for several decades to come.
2. FUTURE RETURN ON INVESTMENT
A new housing development affords you the opportunity to buy landed properties – Lands and Housing at the cheapest price ever, due to the perceived undeveloped nature of the area. It is only a matter of time, with continued rural-urban drift and developmental activities in the city, the value of landed-properties sky-rocket and you can see your property at about ten times the purchased value.
3. HIGH BASELINE STANDARD
By building in a new housing development you are ensuring that your home’s project execution is up to the most current standards.
New housing developments are always on the cutting edge of the latest codes and variances; thus, mechanical and electrical facilities are all taken into account from the structural and architectural design and construction stage of the project.
When building in new home developments you can also find security in knowing that not only is your home’s water, gas, HVAC and electric the highest quality, but also the lines serving your home and community have been newly laid and carefully planned and available for many years to come.
4. MORTGAGE AVAILABILITY
Securing a home mortgage is rarely an easy process for a stand-alone property. However, buying in new housing developments have proven to be of advantage. The estate developer may also offer incentives to buyers including promo prices, and discount on outright payment. Land payment can be spread as far as five years or more, making the burden of owning the property easier to bear. Some companies even take as low as 20 thousand naira monthly to make up for the payment of land, giving young individuals the opportunity to own land even despite their small salaries and earnings. There are low-cost housing estates to make home ownership a dream for low-income and middle-income earners.
5. PEACE OF MIND
The fifth and undeniable benefit to building in new housing developments is the simple peace of mind that comes with the territory. Having selected to build in a new development, you have assurance over the quality of your own home and the community’s utilities
More and more people are buying land in ibeju-lekki today and the bad news is, as the days go by, the land is becoming less available at affordable rate.
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