02/06/2022
One of the Hot Topics in Nigeria today is - Real Estate as Safe Investment
But is there really something such as “Safe investments”? And what does one have to do to ensure the safety of investment?
About 6 weeks ago, I decided to plunge into this topic and this post is a synopsis of what you should know if you want to invest in Real Estate.
There are 5 important things to do before you invest in Real Estate.
1. Research
This is the first step to knowing exactly what you are getting into. It is advisable to make findings as regards to your needs or desires of what you will want to make of a property you choose to buy or invest in.
2. Find your Niche
Niche in this context refers to two things
A) Find what works for you.
Would you like to manage your property yourself or would you prefer to run it through the Real Estate Investment Trusts (REITs) and be in the background?
B)What is the focus?
Depending on how fast you would want returns, the options of an industrial, residential and retail unit are available to choose from. What would you like to focus on?
3. Get the details right
You want to be sure you are getting into bed with the right people. I always say to anyone who cares to listen - Avoiding the cost of getting it right would always amount to a greater cost in making it right. In other words, - Penny wise pounds foolish. Consult a lawyer and/or the right agent to make sure your property is legit. It would hurt more to make it right than it will to get it right in the first place.
4. Identify the ‘Money Spot’ of the Real Estate Market
Buying or Investing in a property in the heart of town may be pricey as regards to your budget but buying in surrounding areas of the heart of town is always a smarter move. Why? Because they would appreciate fast. The areas may not be fully developed yet but look out for infrastructure like laid-out connecting tarred routes, highways etc. These would boost the appreciation of properties within that area in 5-10 years.
5. Look ahead
In line with my previous point, be in search of rapidly expanding urban areas because these are the places with capability to put millions in your pocket in a couple of years down the line. Also, if you are looking for something substantial to pass down to offspring, this is one good option.
Real estate is definitely one of the safest investments one can make in 2022 with the large number of fraudulent schemes available. This is one with guaranteed returns and safety of the Capital as landed properties do not develop wings and fly away.
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