Real estate investment ranks number three among the top investments to make money in Nigeria. As a result, there has been an increase in the purchasing and selling of properties in Nigeria.
However, there have been cases of fraud, people experiencing loss when they invest in real estate in Nigeria; they have even gone as far as bringing up theories that real estate investment is a scam in Nigeria.
Well, their opinions did not stop experts who have meticulously mastered the art of real estate investment and making a fortune out of it. Real estate investment is one of the businesses you should consider. It is one of the longest-standing industries in Nigeria. This article is designed to encourage and guide you on real estate investment in Nigeria.
What is Real Estate Investment?
Real Estate is a property consisting of land and the buildings on it. The land can have natural resources: water, minerals, good soil, etc.
Real Estate Investment is the purchase, management, or sale of real estate to make a profit.
Real Estate Investment In Nigeria
Real Estate Investment in Nigeria is a lucrative and profitable business. It’s one of the major businesses attracting local and foreign investors. Here are some factors to consider when considering real estate investment in Nigeria.
The land value in Nigeria increases or decreases depending on the location, and most lands derive their specific value from their location. This is one of the most important factors when considering buying a property or land. Therefore, location in real estate can’t be over-emphasized.
Property on the highway has more value than one in a remote area. The reason is structures and industries situated on the highway would attract much traffic, which means an increase in income.
Do Your Own Research (DYOR)
Before investing in any real estate in Nigeria, go on Google to research real estate online sites. Asking experts with real estate management experience would go a long way.
It would help you make minimal mistakes, and they would be able to guide you through your investment journey. Ensure the real estate company has traceable track records of success and integrity. Don’t be in a hurry to acquire any asset; take your time doing proper investigations and asking questions.
The truth is, if you don’t take your time doing this, you might spend more than the money you used to acquire the land and sort out things you could have avoided.
Decide on what aspect you want to invest
Real estate investment has different sectors depending on your purpose for investing, some of which are Residential, industrial, retail, commercial, REITs, etc. Your drive and goal would determine what area you want to invest.
For a newbie who wants to earn cash within a short time, starting with a sector that doesn’t have a long-term investment plan would be wise. Start with the commercial sectors so you can earn instant cash before considering a long-term investment plan.
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In real estate investment, try to look beyond the present economic condition and circumstance. Try your best to picture improvement and changes that will occur soon. You can sell properties bought in thousands in millions and billions within two years or more. Being myopic in your plans is something you should avoid.
Consultations can help in this area too.
Most people run away from real estate investment because they believe it’s only for influential and wealthy people. Capital can be raised in many ways, including loans from banks, savings, payment plans, etc. Take advantage of these methods and start something.
Payment plans allow you to pay in instalments; you would spend some percentage of the money and then pay the remaining in bits. One amusing thing is Banks give loans easily to real estate investors due to the interest rate, so finance isn’t a problem in real estate investment.
Why Should You Invest in Real Estate In Nigeria?
Depending on the location, you can sell properties and land bought in thousands in millions, even billions. So location is vital in appreciation.
Passive Source of Income
One of the beautiful things about real estate investment is that you can have it as a side hustle. Sometimes, you don’t need to open an office. All you have to do is to build structure and flexibility. In real estate, there are active and passive investments. Active investment requires more of your time and resources, while passive investment can be made per time. So, passive investment can easily manoeuvre real estate in your schedule plan.
All you have to do is to locate your audience wherever they might be, and don’t stop talking about what you do. Consistency is key!
Stable Source of Income
Real estate is barely affected by an economic crisis. Investment in real estate guarantees you continuous cash flow hence financial stability.
A real estate property makes you eligible for loans from banks and institutions because it’s an asset.
The risk involved in real estate investment is low. Once protocols and procedures are followed, the chances for property or asset loss are minimal. Another thing is that an insurance policy too can be used to protect your asset from any loss.
Real estate investment in Nigeria is one of the best and safest investments, and the future benefits are mouth-watering. Minimal risk is involved, and capital is sure not a problem.
With real estate investment, your future’s financial stability is sure and secure.
Networking is a great way to excel in real estate management. Join our Whatsapp Community, where you can have conversations with like-minded people.
- Jennifer is a blogger and life coach,who loves travelling, photography and nature. She is a philanthropist who is passionate about helping people grow and wants to be an inspiration for their growth.