5 Real Estate Woes To Avoid In Lagos
Some day ago, we sent a mail to our subscribers about one of our clients that bought a property for her chef as a gift of service. Real estate is a great gift for anyone and it shows the deep thought behind it. Though her chef knew a bit about real estate, how to invest in real estate was quite foreign to her so her boos buying her that gift has helped her avoid a lot of the troubles she might have encountered in the process of trying to invest by herself without enough knowledge.
What if you want to invest directly in real estate for yourself and your loved ones? You may have no one to give you property as a gift but you have us to help you go through the basics of real estate investment and make it blissful. In this article, we’re going to share some of the most important things to look out for and avoid when trying to invest in real estate, especially in Lagos. We will also share some great opportunities for real estate investment in Nigeria.
5 Things To Avoid When Investing In Real Estate In Lagos
- Don’t Skimp On Background Research
Before buying a phone or a laptop, most people will go through several websites and stores checking for the ideal specs that will match their needs and even consider budgets. So why should it be any different when searching for real estate investments. If anything, the research that goes into property investment should be more rigorous. Some of the questions you should always ask as part of your research should also be about the area and location of the property, expected changes in the area, light, water, and weather conditions in the area, road network around the area, drainage system within the road network, etc.
With the abundant number of real estate companies in Nigeria, you should also consider doing your due diligence on the real estate company you are looking to buy from or engage as your agent. Check the credentials and validity of the company, its records and so on. We have everything you need to complete your research on us on our website and if you are looking for a summary of past projects, consider going through the Flinx Realty portfolio.
- Always Go For Physical Inspection
This may perhaps be one of the most obvious steps to take to avoid telling tales of woes after commencing your real estate investment but you’ll be surprised that most people skip out on this. For investors in international locations that still want to invest in properties in Nigeria, you can also send a trusted friend or family member to view the location on your behalf. The most important thing is that you should try as much as possible to get a physical one-on-one view of the location and property that you want to invest in.
When investing in Flinx Realty properties, you can always schedule an inspection and one of our sales reps will take you on a tour of the property.
- Avoid Emotional Buying
Investment is a serious and sensitive financial activity that needs rationality and facts for the best results. Real estate investments should not be any different. Doing your research to find the best location possible and making a well-informed decision on a location that will give you profitable returns is your best bet. Removing emotions and buying with logic will help you to pick a profitable location.
- Check All Documentation
One major problem that new investors face when entering the real estate market in Lagos is ignoring documentation. Keeping track of all the documents needed to take possession of your real estate investment whether it is lease ownership, full ownership, or land ownership is important to the future of your real estate investment.
Documents like Deed Of Lease/Sublease, Deed of Ownership, land documents, and other documents to show that the previous owners, developers, and your agents comply with the set rules for property in that area.
If you are not sure of what documents you need, speak to your agent and you can also confirm with a certified lawyer that is familiar with real estate procedures in Lagos and Nigeria as a whole. To know the documents you’ll get from us when you invest in any of our properties, you can also speak with the team and ask all the questions you need to ask about the documentation processes of our properties.
- Always Have A Budget
Before you even begin making property investments, ensure that you have a budget. It will make it easier to search for properties within your budget. Lots of real estate companies make it possible to pay a deposit to secure the property and then create payment plans for you to complete those payments.
Also, have in mind that you don’t need hundreds of millions to start investing in real estate. With just 1 Million Naira, you can own one of our properties around Lagos.
The Bottom Line
In the end, all you need to do is follow processes and take the precautions listed in the article above. With us, you can enjoy a blissful real estate investment journey.