Breaking the Myth: Real Estate Investment is Not Just for the Rich

The thought of real estate often feels intimidating, mainly because it’s widely seen as a business meant only for the wealthy. Many assume it requires massive capital, making them conclude that property investment is out of their reach. While this belief is common, it’s not entirely true.

The reality is that many of the real estate millionaires we admire today started with little to no capital. What set them apart was knowledge—they asked the right questions, did their research, and understood how to invest smartly within their means.

How Can You Start Investing in Real Estate with Your Budget?

1. Research & Education

Instead of assuming real estate is too expensive, take time to learn. Attend seminars, read about market trends, and follow experts who share valuable insights on property investment. If you’re a diaspora investor, check out our comprehensive guide on buying property in Nigeria.

2. Start Small, Think Big

The wealthy didn’t always start with luxury properties; they made smart choices in emerging areas with growth potential. Locations like Epe, Lagos are prime examples of affordable investment opportunities today. Learn more about why investing in Epe is a smart move.

3. Explore Payment Plans

Many real estate firms, including Round Peg Homes, offer exclusive payment plans and flexible installment options, allowing you to invest without financial strain.

4. Leverage Partnerships

You don’t always have to go solo. Co-investing with friends or family can make property ownership easier and more achievable. You can also consider land banking as a long-term wealth-building strategy.

5. Become a Realtor First

If you can’t buy now, start by selling. Many successful investors began as realtors, earning commissions to fund their first property purchase. Explore smart investment strategies to maximize your potential.

Why Real Estate is Still the Smartest Investment

The rich weren’t always rich, but they made informed decisions. Instead of letting fear hold you back, ask the right questions and take your first step into real estate investment today!

At Round Peg Homes, we provide the right guidance and opportunities to help you grow in real estate. Whether you’re starting small or looking for premium investments, we’re here to support your journey.

Interested in real estate investment? Contact us today and let’s help you build wealth, one property at a time.

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Nigeria: Pre-Construction Approvals and Building Permit in Lagos State

By Round Peg Homes, Investment & Services Limited

Introduction

Due to increasing concerns over structural integrity and safety in Lagos State, the government has reinforced regulations guiding construction through the Lagos State Urban and Regional Planning and Development Law 2010 (the Planning Law). This law established three key agencies under the Ministry of Physical Planning and Urban Development responsible for planning and building control:

  1. Lagos State Physical Planning Permit Authority (LASPPPA)
    • Responsible for processing and issuing planning permits.
  2. Lagos State Building Control Agency (LASBCA)
    • Ensures compliance with building regulations and monitors construction activities.
  3. Lagos State Urban Renewal Agency (LASURA)
    • Oversees urban renewal initiatives and slum upgrades.

For a deeper understanding of real estate regulations and processes in Nigeria, check out our detailed guide on the Legal Aspects of Real Estate in Nigeria.


Types of Building Permits in Lagos State

Before commencing any construction project, developers must obtain necessary approvals from LASPPPA. There are two major types of permits:

  1. Provisional Planning Permit
    • A temporary approval granted while title registration is being processed.
    • Requires a Letter of Clearance from the Lands Bureau confirming ongoing title registration.
  2. Final Planning Permit
    • Issued upon full registration of land title and completion of all required documentation.

Learn more about pre-construction approvals and permit requirements in our detailed guide.


Procedure for Obtaining a Building Plan Approval

Regulation 2 of the Lagos State Building Control Agency Regulations, 2019 mandates that developers must notify LASBCA seven days before construction begins. Emergency repairs, however, must be reported within seven days of commencement.

To simplify the process, the Lagos State Government has introduced an e-planning permit system that enables digital submission and tracking of applications. This system has significantly reduced approval timelines, with approvals now expected within one month if all required documents are correctly submitted.

Steps for Obtaining a Building Approval in Lagos State

  1. Pre-Submission Documentation
    • Compile and verify all required documents, including architectural and structural drawings, a survey plan, and title documents.
  2. Application Submission
    • Submit all required documents at the district office of LASPPPA for initial vetting.
  3. Assessment and Payment
    • The agency conducts a review and issues an assessment invoice based on the project’s specifications.
  4. Site Inspection & Verification
    • A LASPPPA official visits the site to verify the location and check for compliance with zoning regulations.
  5. Final Approval & Permit Issuance
    • After confirming compliance, the final building permit is issued.

Fast-Track Approval Option: Developers who require quicker approvals can opt for an expedited process, which reduces processing time to ten working days under special conditions.


Required Documents for Building Plan Approval

To obtain a building permit, applicants must provide the following:

  1. Architectural Drawings – Sealed and endorsed by the Architects Registration Council of Nigeria (ARCON).
  2. Structural Drawings – Signed, sealed, and dated by a COREN-registered engineer with a Letter of Supervision.
  3. Material Calculation Sheet – Details of materials used, signed by a COREN-registered engineer.
  4. Title Documents – Such as a Certificate of Occupancy (C of O), Governor’s Consent, or Registered Deed of Assignment.
  5. Survey Plan – A sun-print survey plan showing land coordinates.
  6. Environmental Impact Assessment (EIA) – Required for large-scale developments.
  7. Tax Clearance Certificate – Or evidence of updated tax payments for individuals or companies.
  8. Land Use Charge Receipt – Or an affidavit affirming payment.
  9. Development Levy Receipt – Proof of payment of state-mandated development levies.
  10. Tenement Rate Receipt – Required for existing properties.
  11. Certificate of Incorporation (if applying as a company).
  12. Company Pay-As-You-Earn (PAYE) Tax Returns (for corporate applicants).
  13. Site Photographs – Clear images showing the current state of the land.
  14. Two Passport Photographs – Of the applicant or company representative.
  15. Structural Stability Report – If renovating or altering an existing structure.

Post-Approval Compliance and Monitoring

Approval is not the final stage of regulatory oversight. The Lagos State Building Control Agency (LASBCA) continuously monitors construction projects to ensure compliance with approved designs. Developers must obtain the Authorization and Green Sticker from LASBCA, which signifies adherence to the approved plan.

Consequences of Non-Compliance

Failure to obtain the necessary approvals or adhere to building regulations can result in:

  • Stop-Work Orders – Immediate sealing of the construction site.
  • Demolition – Illegal structures may be removed at the owner’s expense.
  • Heavy Fines – Penalties for violating planning laws.

To learn how smart investments and strategic planning can prevent these risks, check out our article on Smart Investment Strategies in Nigerian Real Estate.


Conclusion

Obtaining a building plan approval in Lagos State is a mandatory process designed to promote safety, sustainable development, and compliance with urban planning laws. The recent introduction of the e-planning permit system has streamlined applications, making it easier for developers to secure approvals.

By following the correct procedures and maintaining compliance, property owners and developers can increase the value of their property, avoid legal complications, and contribute to Lagos State’s structured urban growth.

For more insights on property investment, check out our comprehensive guide for real estate investors.