5 Beginner Tips To Begin Your Real Estate Investment Journey In Nigeria
The potential to get lost in a world filled with lot information is high. This is the reason it is best to find a trusted source to learn about real estate investment with the simplicity and fact to get you started.
Below is a simplified guide to starting your journey into owning real estate investment in Nigeria.
- Identifying your purpose
One of the ways to achieve any set objective is to identify the reason for the objective. In this case, various Real Estate Investment choices could be made and they vary depending on your choice and financial capabilities.
For example, the type of investment a salary earner with a net income of £5000 per month with many responsibilities can undertake is quite different from that of another salary owner of £5000 without many responsibilities.
So, what options are available that you may think about when deciding on your objective?
- Land flipping
- House ownership
- Estate development
- Commercial centers
These and many more, just to mention a few. Start creating a list of objectives and let’s execute them for you. There’s a popular quote “when you fail to plan, you plan to fail”. It’s still a fact. Having a plan in place makes it easier to create strategies that will deliver the results.
Real Estate Investment isn’t just any investment option out there, it requires an understanding of what you want to achieve, how you want to go about it, and what strategies you want to put in place.
Do you have a 5-year plan to own an estate? Do you have a 3-year plan to buy land, build a house and lease or rent it out? Is your idea just about obtaining lands on the cheap and selling at the first sign of it peaking? This has to be clearly stated out before you jump on that horse.
- Legal backing
Don’t make any form of investment, especially in the Real Estate sector without getting a legal tender that proves your ownership. It’s one thing to legally purchase land or house; it’s another thing to be able to prove one’s ownership of the investment.
An important rule of thumbs is to always have a legal team that’s always presenting you with your papers promptly after making such investments. We take care of these things at Firstlead Properties. You can always count on our legal team.
- Capital
Ideas and plans can only get you very far, once you lack the financial resources to execute your ideas, you can kiss your plan goodbye. Many at times, very brilliant ideas and plans have died prematurely because of limited finances. So it’s vital to get this part right.
First, you need to have a personal source of income – either salaries, commission, ROI from other investment or savings targeted for investing.
You can also get capital from friends and families that are looking into investing in the real estate sector.
Obtaining loans may be a way to go, nonetheless you need to do the maths and be ready to bear the risks in case an unforeseen situation comes up.
Also Real Estate Investments makes more profit as a long-term investment and you need to aware that the longer the tenor of the loans, the more debt being incurred, this could be counter-productive in allowing such investment reach its full potential due to the need to want to repay the loan.
Another means is to find partnership deals that can take the load off your shoulders, many are out there with the money but lack the information you’re privy to or the available times to ensure its fruition, all you have to do is identifying such people and make a partnership deal that suits both parties.
- Perseverance
When you get started on Real Estate Investment, be ready to play the long game. As it’s often said, “Real Estate Investment is a marathon, not a sprint”. So if you intend to make the most of your investment, you have to wait to see it reach its maturity point before you start getting your sizable returns on investment.
At FirstleadNG, our goal is to make your journey to owning Real Estate Investment a seamless and completely free of worry and stress.
We’re dedicated to helping you achieve all your objectives. Get in touch with us today and be rest assured, your investment is in safe hands.
