Expert Top 5 Nigeria Real Estate Investing Advice For Safe And Profitable Investment
- Posted by Karo Itoje in Featured, Land Tips and Advice
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By now everyone knows the benefits of investing in the Real estate industry in Nigeria. There’s so much money to be made. However not everyone who invest in Nigeria real estate have a good story to tell. I dare say there are more Nigeria Real estate investors with stories that touch than there are those with inspiring stories. The reason is because many people go into it uninformed. And therefore make mistakes and or invest wrongly.
I created this website with the primary goal to change all that. I’ve written a lot of articles here with a goal to inform and guide Nigeria property investors so that they can achieve their investment goals. But not everyone likes to or have the time to go from one article to the next. So I decided to put together my top 5 Real estate investing advice. And I linked to articles on the website that gives more information on each of the point made for those who want to learn more. Read and use them as a guide as you start and grow your Nigeria Real estate property portfolio.
My Top 5 Nigeria Real Estate Investing Advice
1. Be clear about your Real estate goals.
One of the challenges Real estate investors have is knowing which property to buy since there are so many estates and properties being marketed online. This wouldn’t be the case if you know your purpose for wanting to buy a Real estate.
So why do you want to buy a land? Is it to hold and sell off later? Is it to hold and build later? Is it to build immediately? And if it is to build, then is it to build for the purpose of renting it out and generate rental income or for you and your family to live in?
If it is for a later purpose then you can be looking into areas that are still upcoming in development. They will be cheaper. But if you are buying and holding for the purpose of investing, that is to multiply your money, then you want to make sure that the upcoming area you buy into is proposed for major amenities in the near future, e.g building a connecting bridge to major areas of the state, and building an airport, a commercial hub etc.
But if you are building to build immediately, then know that you will need a lot of millions to buy a plot of land as you will have to buy into already developed areas.
For more information read the following articles:
Why Invest Now In A Land In Ibeju Lekki Lagos Nigeria
Expert Recommend – Best Place To Buy Land Now For High Returns
How To Invest In Lands Around Lekki Free Trade Zone And Cash Out Big
How Ex-President Olusegun Obasanjo Made Over N4Billion In Real Estate
Why Distance Shouldn’t Always Matter When Buying A Land In Lagos
2. Consider the Title on the land or property you want to buy.
Not many people know what Land title is about. So they just go for the cheapest lands. Well, if you don’t pay attention to the title on a land, you can end up losing your money. You’ve probably heard of, read about or seen government demolishing some houses. Well, the title on the land is one of the reasons why such happens.
According to Nigeria land laws, all the land in a state belong to the state government and therefore no one can own a land without the approval of the government. So a Land title tells you whether the land or property has the proper approval of the government. There are also lands that the government have committed for a purpose that can not for any reason be released. There are lands too that the government has shown interest in but not committed, such Lands are tagged as being under Government Acquisition and can be released through a process known as Excision or Ratification.
Lands that have proper titles are safer to buy and therefore more expensive.
For more information read the following articles:
Understanding Land Titles In Nigeria – Is It Safe To Buy Or Not?
Land Investing – What Kind Of Land Is It Safe To Buy? Classes of Lands
Is It Safe To Buy Land In Ibeju Lekki With Its Excision In Process?
3. Buy from a Developer not Omonile.
Omonile lands are cheaper, Yes. But except you have some kind of connections, the security of such lands are not guaranteed. Even when you’re fortunate to get a land that doesn’t later get sold to someone else or claimed by another of their relative, you will have to pay many extra fees. At each level of developing the land, area boys will come to harass your workers and collect money.
For more information read the following articles:
Why Buy Land From Real Estate Company Instead Of Omonile
Top Real Estate Companies In Nigeria Lagos – Best Estate Developers
About Land Statutory Charge And Estate Development Levy
Not all developers are legit yes, and this brings me to my third advice.
4. Work with a Real estate consultant or a trusted property agent.
Going through a real estate consultant can save you from losing money. And point you to the right properties and developers. The testimonials on my website says it all. And you might want to also read How I Saved A Client From Losing N80 Million In A Land Transaction.
Working with a property professional in the capability of a consultant comes with no additional cost.
A Real estate consultant in Nigeria is someone who has partnered with a number of estate developers to become independent consultant for them. So the company pays them commission not you. And whether you work with them or not you still get to pay the same amount for the land or property.
And if you work with them in the capability of an agent, that is private land and properties, then you only pay 5% to them as commission.
For more information read the article:
How I Help Nigerians Abroad Invest Safely And Get High ROI From Land Banking
5. Only pay directly into a developer’s account or the owner of the property.
I don’t care who the person is to you, don’t risk it. With technology the world has become one big village. No matter where in the world you live you can transfer money directly into a company’s account based in Nigeria.
There has been too many sad stories of relatives especially who squandered the money they were sent from abroad to invest in properties. A client told me recently of how he sent N15million to his cousin to pay for a land in Amen estate phase 2 but till now the cousin didn’t pay and didn’t refund the money. Whereas just within a week of consulting with me, I took his parents to go inspect a few lands. They fell in love with Frontier estate and a few days later they made payment directly to the company’s account and got their documents within 48 hours of making payment. That’s how simple it is to buy a land in Nigeria from abroad. This my client is based in London.
For more information read the following articles:
Want To Send Money To A Sibling To Pay For A Land For You? DON’T!
Be Careful When Involving Relatives In Your Real Estate Investments
5 Common Ways That Some Nigerians Abroad Sabotage Their Real Estate Investment Goals
How To Buy A Land In Nigeria From Abroad Without Fear Of Scam
