The Real Estate sector in the Nigeria has changed compared to what was obtainable about 2 or 3 decades ago.
Since the last decade, the sector has been fairly settled and the worries Nigerians in Diaspora have drastically reduced due to introduction of technology and verified professionals correcting differ anomalies in the sector.
Here are some of assumptions that inhibit Nigerians living abroad from making Real estate investments in the country.
- Insecurity Surrounding Real Estate Investment:
This is the biggest obstacle to convincing the majority of Nigerians living abroad from investing due to past experiences that still feels fresh each time the subject of real estate investment is mentioned.
Thanks to the stricter measures in place and the advent of real estate companies like Firstlead Properties, investors have nothing to worry about other than, state the location of their investment and all the process would be carried out by our team, you make payments and you’ll receive your complete documents as evidence of investment.
The issue of ‘omo-onile’ (land grabbers) has been eradicated by Firstlead Properties and strict land laws are put in place which stipulates severe capital punishments for any of them caught terrorizing investors. Once the property has been chosen and papers have been presented to you, you have nothing else to worry about.
- That Presence Matters:
In as much as this sentiment is valid, it’s important to note that some of these landed properties are only available for a short while, usually, most get sold in a few days or weeks.
Once a property is available, the advice is to quickly key into and buy unless you’re certain you’ll be in the country in days, it’s better to buy quickly, get your papers and if need be, get a family member in the country to inspect and be your eyes and ears – we have a seamless and due process to take your contact around an inspect the properties.
This is not in a bid to just make sales and place you under pressure but it’s due to the need to be time conscious when investing in the real estate sector.
- Quick Fixes:
It’s important to note that if you’re looking for an investment to deliver quick cash immediately after investment, you should try another investment option because landed properties take a bit of time to start giving returns on investment (ROI).
As the popular quote says “real estate investment isn’t a sprint, it’s a marathon”. There are instances where landed properties can give you a 200% ROI in the space of 18-24 months, that isn’t impossible.
Usually, real estate is generational wealth which will continue to yield returns 2 or 3 generations after the initial investment was made. So it’s always best to plan for the future.
- Houses are Cheap:
Compared to what’s obtainable abroad, it might be cheaper in price, yet the value is huge. Take note, when making your plans to invest, there is the continuous infrastructural, industrial, and communal developments that put the country on the world map as one of the fastest-growing economies.
This has a cascade effect on commercialization and attracts foreign countries to take a position, subsequently, the factors of production, which include land will appreciate in value.
Either it seems cheap or expensive now; it is a wise decision to invest in real estate. When the country finally moves from a developing nation to a developed nation, imagine the change in the cost of living.
So, contrary to the belief that houses are on cheap, they aren’t, unless they’re located in remote, rural communities that have less likelihood of industrialization.
- Investing Big, Gets Quick Results And Returns:
No, this isn’t necessarily so. Unless the area is currently undergoing a developmental explosion, the likelihood of making any real returns is the same as the one buying in small quantities.
That’s not to say do not buy in large quantities, do this if you have the resources for tomorrow when the community has experienced its full phase of development, you’ll be a major player in the community, dictating the price, subsequently, the return on investment (ROI) would be exponential.
There’s this general belief amongst Nigerians living abroad that they need to build a house in their village as proof of wealth and to have reasons to go back to their roots.
Thinking about this form a commerce point of view, if there’s no potential for the village to develop and be a commercial hub, the house would merely represent aesthetic value, no profits or returns to be obtained from such investment.
The best practice is to obtain a property in a place that has the potential of developing fast and becoming a commercial center that’ll attract investors, such that the value of your investment would multiply quickly.
An example is Ibeju-Lekki in Lagos state, due to the refinery and other potential commercial centers to spring up there, those who bought lands there about 5-10 years ago when it was cheap would be reaping the benefits of their brilliant choice now.
- That Family Members Can Play The Role of Agencies:
This has been a mistake for many Nigerians living abroad because most of the issues that have already been resolved with the advent of real estate agencies cannot be resolved when using family members.
There’s usually the problem of communal land disputes, bureaucracy at government level when obtaining some necessary documents and the kind of organization and structure put in place at Firstlead Properties makes it possible to complete your transactions in short durations of time while navigating past all the potential bottlenecks.
At FirstleadNG, it’s our goal to deliver first-class services to ensure prompt execution of your investment without a burden on your budget.