WASTAGE: MAN BUYS BUILDING, DEMOLISHES IT



Relics of the building

I have always emphasized the need to seek the services of a consultant before making any purchase of property. Nevertheless, it seems most clients do not think this is important. Most often their mistake becomes so glaring after the transaction has been sealed, and thereafter filled with regrets. A client fell into this trap some months ago. A ten-room apartment(popularly called passage house or face-me-i-face you) was marked up for sale. This client, whom I call Daniel, decided to buy the house. The  house was on a 50 by 100feet land space.


Daniel paid 2.8million naira for the property, although the property was old and would need a lot of maintenance. Many months passed and nothing was done on the property. It became clear to me that Daniel was a bit confused about what to do with the property. Before long, I saw carpenters pulling off the roofs. I felt maybe he wanted to resume renovation. Later, the windows were removed and it became obvious that there was going to be a total demolition. That was how the entire building was brought down. A foundation for room and parlour selfcontain (about 5 of them) was laid.

On visiting the site, I could not help but to wonder why he had to waste his resources this way. Consider this: apart from paying 2.8million naira for the property, he also paid labourers to demolish it.

THE HUGE MISTAKE
He could have bought a fresh plot, say 50 by 100feet, which in that same area is 1million naira. Imagine the difference: 1.8million. And not to mention the cost of labourers.
THE BOTTOM LINE
If you want to buy any property you need to ask yourself these questions:
1.      Why am I buying this property?
2.      Is the property the right choice for me?
3.      Does it satisfy my need?
From the foregoing, you need to avoid costly mistakes if you want to buy any property. Call 07054107283 or 07031384722 for a consultation. Drop your comment below

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