IIt’s so easy to dream and to keep on dreaming about investing in property in Lagos, Nigeria and achieving your real estate dreams. To some people, the thought of Real Estate is mega, huge, too big to even contemplate. Yet every day, somebody somewhere in the world is buying a piece of real estate – people like you and I! There is so much to choose from: commercial real estate to residential buildings, land, shops, agricultural/farm lands etc. I was even offered parking lots of a highbrow project offshore recently, what a surprise right? Trust me, it was for me too. From the dozens of landed properties presented to you, what factors should guide your choice of real estate investment? What are the critical criteria that should be on your checklist? Here is a smart guide to achieving your real estate dreams:
- PURPOSE – To what end are you making this investment decision? If you are seeking a solution to what Nigerians call “Landlord wahala” then your mission is to find a suitably priced piece of land to start building on or an apartment to buy. There are many other purposes you could require real estate for. I’ll be taking this up in my next article – 7 Ways to Deploy Your Real Estate Assets.
- LOCATION – this may undoubtedly be the most important factor of all, I refer to it as the 3 in 1 criterion for your real estate investment, which means it could read as location, location, location! What neighbourhood is ideal? Is it fast growing? Any major developments coming up? How accessible is it and more importantly, who else is in the neighbourhood? Another point I will be shining a beam on is the possibility of you having a global asset acquisition plan- be a citizen of the world, be international, not just local.
- SECURITY – Knock, knock, who’s there? Nearly got you off guard, right? Security is the most important factor for your continued peace of mind. A gated estate or a shopping mall will offer some relative security and should be high on your list. You must also study the physical environment as a huge monitor Lizard ( looking more like an alligator!) came visiting a friend’s family at breakfast from the swamp behind their highbrow abode one morning. No need to ask me if they re-located, “with alacrity” is not even strong enough to describe their exit.
- OWNERSHIP – “Caveat Emptor” (Let the buyer beware) is the advice from our learned friends. Truth be told, the real estate industry has recorded its fair share of scammers. You must go even beyond the extra mile to ascertain that the names and faces offering you the property are the genuine owners. Their address should be known and antecedents checked. Documents verified and social investigation done as well. It is also essential that property be inspected- what if it is off plan, I hear you say? Ask for the approved layout or building plan, the nature of services, facilities etc. this will give you an idea.
That’s it! Your short and smart guide to achieving your real estate investment dreams. So, what steps are you taking right now? Drop a comment or send me an email on [email protected] and let me know what else you need to know about real estate investment in a fast developing area of Lagos or contact me on my Social Media channels http://www.twitter.com/fayowilliams
Till you hear from me again, Be Awesome!