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Lagos Nigeria Real Estate Investing – 7 Tips To Purchase Property In Lagos Nigeria by Samson Itoje
Lagos Nigeria real estate investing has potential for high profitability. Some neighbourhoods still deliver as high as 25-30% return on investment year on year compared to the paltry 3-5 percent interest on fixed deposits offered by banks.
So, While property prices are crashing in developed economies, the Lagos Nigeria real estate market has remained largely stable, except for some parts of Lagos Island areas where prices have declined because they were over-priced in the first place.
The truth is this . . . a lot of people already know the value of investing in Nigeria property but they are held back by common misconceptions, fear of the unknown, or unnecessary procrastination.
Bottom line.
These class of people never invest in Lagos Nigeria real estate or real estate anywhere else in Nigeria. And those who eventually do after so much procrastination end up investing far below their capability.
These people watch as time pass them by. Before they know it, they are old and retired and have nothing solid to fall back on.
May that never be your lot!
Use the 7 tips presented below to kick-start your Nigeria property investing and turn that small investment into something overwhelmingly substantial over the next decade.
7 Tips To Successful Nigeria Property Investing
Tip 1: Be Honest About Your Budget
Some clients looking to invest in Nigeria real estate tell the estate agent they have engaged that they have an open budget.
Unfortunately, when the agent presents them with a long list of choice Nigeria property, they are forced to admit that their financial capability is far below the prices of choice property in the list.
To make matters worse, some won’t return the agent’s call again simply to avoid them having to eat their words.
When you are not honest about your budget, you waste valuable time . . . yours and that of the agent. So, state your budget in certain terms and help agents speed up the process of getting you a suitable Lagos Nigeria property or property anywhere else in Nigeria.
Tip 2: Invest Within Your Capability And Do It Right Away
Once you have your budget amount sorted out, you need to avoid a common mistake made by first time home buyers or first time Nigeria Real Estate Investors.
What mistake is that?
Well, when some potential home buyers find they do not have enough to buy their dream property in their dream location, and they do not have the capability to get a real estate loan facility to make up the amount, they then choose to defer investing until they save enough or are qualified to secure a sizable home loan or mortgage facility.
This often turns out to be a big mistake for many.
How?
Well, 12 months down the road, most of these potential investors are unable to account for the money they originally had saved up for the Lagos Nigeria real estate they intended to buy.
Other issues, concerns, or challenges crop up along the way. Soon they discover they have spent a large chunk of the money they originally had on a number of things
. . . things not concrete enough to account for all the money they have spent.
My advice?
Whatever it is you have, buy what it can buy . . . even if it’s half plot of land. That small piece of land will appreciate in value over time.
This is actually a great way to save money.
Tip 3: See The Future – Dive In While It Is Still Cheap
Some remote locations are dead cheap. Ten years later, those same Nigeria property located in those hitherto remote locations may be worth upto four or more times what they cost today.
Why not invest in these low-priced property now so you can reap the rewards, the growth in investment, sometime in the future?
Tip 4: Verify Status of The Property Before You Buy
Tip 4 is pretty simple and straightforward. And it is this . . . DO NOT buy any property without first verifying its status with the state government.
Verification tells you . . .
If you do not verify before you buy, you could end up buying government acquired property or you could end up buying from a fraudster. Either way, you lose.
Tip 5: Pay To The Owner Not Third Parties
Lagos Nigeria real estate owners usually collect the property sale amount themselves.
Of course, the seller’s agent can receive the money on behalf of the owner if there is a document conferring power of attorney on the seller’s agent or if the seller expressly writes to the agent to receive the money on his behalf.
But knowing the way sellers think,
and considering the fact that there are many fraudsters out there, it’s better to insist on paying directly to the owner unless, of course, there is compelling evidence that the seller has authorized his agent to receive the money on his behalf.
If that is true, then the person authorized to receive the money on behalf of the seller must have a ‘power of attorney’ document conferring that responsibility on him.
Tip 6: Complete Document Signing And Hand Over The Day You Make Payment
Once payment is made, receipt is issued and the contract of sale and deed of assignment documents are signed by the seller. This transfers ownership to the buyer.
This should be done the same day the Lagos Nigeria Real Estate Sale deal was completed. There’s no reason not to sign the documents that same day so that the buyer can go home with the documents conferring ownership of the property on him.
Tip 7: Register Your Purchase With The State Government
When you successfully complete a Nigeria property purchase transaction, the next natural thing to do is to register you purchase with the state government.
Remember that the government is not aware of your transaction with the seller who is the owner of the title on that property. So, when you complete the sale transaction, go ahead and register your new purchase with the state government.
The government will then raise a document that officially transfer the title from the seller to you.
This is absolutely essential to secure your Lagos Nigeria real estate investment.
Please take these simple tips seriously. It could make the difference between investing big time in real estate or not. It could make the difference between investing successfully in real estate in Nigeria and having a blissful retirement or a retirement filled with regrets.
Do not procrastinate. Take action right away.
About the Author
Samson Itoje is a Lagos Nigeria Real Estate Agent. He provides free Real Estate Investing Advice online at http://www.lagos-nigeria-real-estate-investing-guide.com. You can get free access to Samson Itoje’s beginners guide to investing at http://www.lagos-nigeria-real-estate-investing-guide.com/beginners-guide-to-investing.html
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