3 WAYS NIGERIANS ABROAD MISS REAL ESTATE OPPORTUNITIES.
Investing in Nigeria is good business, especially when it is in real estate. However, many sabotage this by engaging in certain acts that lead to missing out on the great return on investment.
So let’s say that you have saved a good sum and don’t want it seating in a bank. You decide to look back home to invest in rental properties or invest in commercial (hold and sell) value appreciation. One might be too busy to come down to inspect the properties they wish to buy, so they resort to other means.
However, they take certain steps that lead to missing out on great returns on investment. So let’s take a look at some of them.
Some Nigerians come across good land investments and after making all necessary inquiries, still, regress to think if this is a good opportunity or this may not be a good sell.
In a recent post, we discussed the indicators of a good rental market for beginners. It hints on the tenets that make for a good market to invest in real estate.
Overthinking can keep you from investing and in turn, miss great opportunities. This delay might lead to many regrets. Delay can be very detrimental to anything with a future goal.
Advice from the uninformed
Unless he or she works with a real estate firm or is into property management, they will most likely, not have more investment foresight than a realtor. Especially, one from a recognized firm.
Family relatives are not always the best bet when it comes to giving real estate advice but they can come in as a witnesses to a signing or for a double inspection. The world is going virtual. More video conferences and site inspections are conducted online.
So go ahead to speak with an agent to discuss your investment goals. If you don’t feel comfortable with that firm or the agent, move to another to confirm. Test the waters.
For instance, places like Ibeju-Lekki are on the rise for investors. Investors are wild about this, why? Because it is set to become the biggest commercial hub in Africa.
However, a family member might not be informed about the 200,000 jobs to be created when Dangote’s refinery begins operation. And that early investors had bought multiple lands since 2017. Selling a plot now in 2020 will be more than twice the initial investment.
To put simply, family advice is good but not always the first place to seek professional advice especially in real estate.
Delayed Site Inspection
Inspecting a property is always a must for us at Vafiero International. Trust is not enough. It has to be what you want or close to and must meet certain standards.
After preparing and making arrangements, many Nigerians abroad sabotage everything by delay. It is not because inspections cannot hold any longer but you might just have missed the chance to claim the land as another has made payment.
This is why we don’t always encourage one to delay any more than a day to a few weeks on some opportunities.
We advise many Nigerians in the diaspora to consult with a professional company first, but if they feel more comfortable with a family member involved they should still seek the thoughts of a good and recognized real estate firm or broker.
Do you wish to find out the best place to invest short and long term?