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|Here Are 7 Things You Can Do To Successfully Invest In Abuja’s Real Estate by Gpraiz: 12:04am On Jun 10|
1. Do your Research
With any investment portfolio, you want to enter, research is the first important step to take if you want to succeed in the property market. You can find relevant information about real estate at various Nigerian property websites like Brent Housing, and also on mass media platforms. You can as well talk to professionals in the real estate industry so that they can give you critical insight into how investment in the real estate industry works.
Though information about Abuja real estate is not abundant, some effort on your part to get it in the places I have mentioned can help you understand how it works and know how to go about it.
2. Decide on a specific property market
There are many sectors in the real estate industry, you can choose one of them based on what you want to achieve. There are industrial properties, office buildings, residential units, and retail centers. Whichever you select to go into, you need to understand that it might take some time for the results to come, so a lot of patience on your part is important.
3. Find an online real estate investing platform
Advances in collaboration and risk management have provided investors with online platforms where they can find real estate developers to finance projects with less financial commitments on their part.
An online real estate investing platform will help you as an investor connect with real estate developers that want to finance projects through debt or equity. You will pay a fee as an investor on the platform, and if your project gets picked you will receive significant monthly or quarterly distributions from the investing platform because of your higher-risk involvement in the project.
The rising ease of conducting business using the internet, coupled with these online real estate investing platforms will help you find people who can lend or fund projects that would be mutually beneficial to you and the lender. However, you need to prepare a feasibility study that is detailed and meticulous, also you should carry out an engaging marketing campaign to attract the lenders and developers.
4. Become a Landlord
You can invest in the Abuja real estate industry by becoming a landlord.
If you have the capital to build a house, maintain it, and manage tenants that live in it then you can certainly invest in real estate.
Owning a property that is for rent with tenants living in them can give you regular income. And since landed properties generally appreciate the value of your house increases from what it was before, then you can increase the price of rent as it reflects the increase in the value of the house.
It is important that you keep a high maintenance policy of your house and even upgrade the design and structure to move with the times. This will keep its face value and give you extra incentive to increase your rent.
5. Decide on where and how you will get financing
The real estate industry runs on a lot of financing, so it is important to know where you can get funds to finance your projects. If you have the capital, then by all means support yourself. But if you don’t have funds you can source from friends and family. If these options don’t materialize then you need to find a financial institution that can lend to you.
With all the potential sources where you can get capital for your project, you need to have a plan that will guide every decision you make along the way. This plan needs to be viable and realistic. And when you are starting with real estate don’t get overly ambitious in your plans, it is always prudent to start with a project you can manage well before moving to higher projects.
6. Flip a house
Flipping is a strategy practiced by people who want to make a profit as soon as possible out of a property.
You can buy a property that is defaced and restore it at the soonest time. After which you put it up for resale at a price higher than the price you bought it for.
The success of this investment depends on the level of renovations needed, the location of the property, and the market conditions prevailing at the time of the resale.
Choosing this kind of real estate investment can be tricky and you need to really know what you are doing so that you do not lose. You need to be sure of things like the cost of renovations you have to make before buying the property, the taxes you will pay during the period it is yours and the insurance.
To get a full breakdown of what you would spend if you acquire the property on a ‘fix and flip’ basis, bring in a contractor to give you a full assessment of the expenses. When these expenses are added to the resale price of the house plus your profit for time and resources, and the property price does not go above market value then you know you will gain from the ‘flip’.
7. Know the laws of housing
Every Nigerian has a right to own a property. But this is subject to the 1978 Land Use Act that gives all state governments the authority over lands in their borders. This is the same with Abuja, if you want to own land or a landed property in the FCT you need to go through the ministry of the FCT and fulfill some requirements after which a certificate of occupancy will be issued to you for a specific land.
When this process is completed then you are free to build, sell, or develop the land as you see fit.
If you choose to enter the real estate industry, you need to invest where it would serve you well. Since every investment requires time and resources and you have either or both to give, you can make a lot of gains in the Abuja real estate market.
To sell your home or land Fast call 08068028655.
The same go if you want to invest in real estate 08068028655.
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