11/08/2023
Land Banking Secrets
Port Harcourt city was once a bush but today buying a plot here is more than 30 million naira. The secret is Land banking.
The people that bought these lands when it was still bush got it for as low as 500 thousand naira but in less than 10 years are selling it for 30 million naira and above.
Land banking is the most profitable aspect of real estate investment but it has some secrets that make people fail easily.
1) Patience: Land banking needs patience. You may have to wait up to 5 years to achieve your desired result in land banking. Sometimes the development is fast while other times it is slow. But if you got a land that has incredible potential, it will definitely be really huge later.
2) Government approved documentation: People are so eager to buy land that they fail to make inquiries in the documentation of the land. People get duped into signing lease instead of ownership deeds. Some estates do not have government approval, nor registered with the ministry and state government. Such land may be confiscated if situated in a government designated area. So ensure you buy only from the best.
3) Planning: Land banking is a future investment, therefore, it must be well planned. Do not buy a land that is not planned efficiently with layouts which shows the road measurements and drainage . Lack of planning leads to flood and erosion.
4) Compound Interest: In land banking, buy as much as possible because the bigger the plots the higher your capital interest. It is called compound interest. If a plot is 1 million, and you got 12 plots for 12 million. That means that if that land is selling for 20 million a plot, you have used 12 million to make 240 million for that 12 plot instead of just 20 million for one plot. The rich do not joke with compound interest.
Tropicana estate is the right investment that has all these necessary things, it is affordable, it has tremendous potential located close to the city, the Port Harcourt domestic
