₦airaland Forum

Is EPE A Good Place To Buy Land? By Dennis Isong

For a long time, buying and selling property has been a very profitable investment because the value of land never depreciates and continues to appreciate dependent on the quality of infrastructure in the surrounding area.

Have you recently driven through Lagos' Epe neighborhood?

Have you seen the swarm of commercial activity that runs parallel to that axis? Have you observed that there are a lot of new housing developments in that area? Have you ever wondered what's behind the frantic expansion of these estates over the length and breadth of the New Lagos area?

Epe holds The Future of Lagos in terms of investment, which is no longer a secret. Let’s get to know more about the town, Epe and reasons you should invest in Epe

Where Is Epe Located?

Epe is a town and Local Government Area (LGA) in Lagos State, Nigeria. It’s located on the north bank of the Lekki Lagoon. It is a Yoruba town of 294 rural and 24 semi-urban settlements located near the Lagos lagoon. Epe is famed for its fish market, which thrives on the labor of those whose livelihoods are dependent on the lagoon – and the fish that reside there.
There is no supreme ruler in the area because there are two primary groups, each with its own monarch. Within the same town, these are the Eko Epe and Ijebu Epe communities.

The Epe district of Lagos, Nigeria is home to notable higher education institutions such as Lagos State University, Yaba College of Technology, Michael Otedola College of Primary Education, and Pan-Atlantic University.

Lagos State Government constructed a sculpture of two huge fish at a traffic junction at the entrance to Epe from the Lekki-Epe Expressway.

Why You Should Invest In Epe

DEVELOPMENT

Why do you think there are so many new estates being sold in almost every area of Epe? This is because of the new development going on in the area. Epe is the future of Lagos, after all and it’s seen by the activities in the area. It is for this same reason that it has been dubbed "The New Smart City." Epe has also been dubbed the "Dubai of Africa."Due to the surge of industrial growth. Just like Dubai many years ago was formerly considered a wasteland, a land of no economic value, but 15 years later it has become a land with the highest return on property investment.

In few years to come, Epe Town will see a massive influx of numerous big-time investors from all over the world. This is also the same reason, it is being projected to become the next great investment haven, similar to Dubai. For instance, in the year 2012, the price of a full of land in Epe was 270,000. Today 9 years later, in 2021 the price has increased drastically to well over 1,650,000 per plot.

LAND APPRECIATION
Due to the various projects being put in place by both the government of Lagos state and individuals, these make Epe a better place to invest now because once the projects finally start, there will be a massive increase in the price of land in Epe.

HUB OF INDUSTRIALIZATION
There are ongoing major industries being set-up in the area of Epe. Just like it states, industrialization brings about development of an area, thus leading to land appreciation in that area. We have some of these developments such as the Lekki Free trade zone ,the sea port, airport, the refinery and others being built in the ibeju lekki which is close to Epe. NOTE: Ibeju lekki and Epe share border.

Let’s find out more about what the Free Trade Zone is about. FTZ(free-trade zone) is a unique project being set up in Epe/Ibeju Lekki for a major upliftment in the economy. It is a geographical area in which commodities may be landed, kept, handled, manufactured, or reconfigured, and re-exported under strict customs regulations and are normally duty-free.

The majority of free trade zones are built near major seaports, international airports, and national borders—areas with numerous geographic advantages for trade. And Lekki Free trade zone is just 15 minutes away from Epe, thus setting the town up for a huge turn around in its economy and development.

Therefore, we understand what the free trade zone implies and who it will attract, as well as the influence it will have on land prices in the surrounding areas.

HUB OF DIFFERENT MAJOR ACTIVITIES

Epe is quickly becoming a hub for a variety of activities. The governor of Lagos State, Babajide Sanwo-Olu, recently inaugurated a 100-bed Mother and Child Hospital in Epe, and with the present expansion of the 6-lane roadways in the first phase of the project from Eleko Junction to Epe Junction, land values are expected to rise. This is an excellent moment to invest because demand is increasing and prices are skyrocketing.

This is your chance to take advantage of any Epe Offers while the costs are still reasonable.

POPULAR AREAS IN EPE
Epe has so many popular you’ll love to go for tourism or fun activities, they include;
The popular Awolowo Museum, it was created to remember the historical activity that occurred long time ago. There’s also the Epe Mangrove, this is a cool and relaxing place to aid reduce stress after a long week. Also, we’ve the famous Epe Fish Market, Eko Tourist Beach Resort, Alaro City, Epe Recreation Center and others. The popular Pan Atlantic University is also located close to Epe.

In conclusion, Epe town has shown to be a hotspot for large-scale capital investment and rapid property appreciation in the near future.Therefore, the best time to invest in Epe is now because in years to come, the selling price for that same land will have a 200% return on investment.


Dennis Isong Helps Individuals Invest Right In Real Estate.For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng or Whatsapp/Call +2348164741041

My Name is Dennis Isong and I am a Real Estate Professional. For Reading this article to this point, I have a GIFT for YOU. DOWNLOAD FOR FREE MY NEW BOOK TITLED:Bamboozled By Some Real Estate Companies “How Some Real Estate Companies Trick You Into Buying Low-Value and Over-Priced Estate And How You Can Flip The Table in Your Favour & Enjoy Risk Free Maximum Returns Anytime,Any day”

CLICK HERE TO DOWNLOAD HERE IT FOR FREE
https://landproperty.ng/free

The information in this book will help you to pick the right kind of property and nobody can trick you to buy what you do not want. This book is very concise, it was done deliberately so you can pick it up and finish reading in few minutes.

Dennis Isong: Is It Wise To Build Your First House In The Village?

Everyone wishes to live in their ideal home. Even if you’re ready to construct your own, you may be unsure where to begin. That’s because there are several elements and options to consider before beginning the process of building one. Each aspect of your new home, including privacy, placement, style, and most importantly location must be meticulously planned. If you’re thinking of building your dream house anytime soon, there are a few things to keep in mind right now.

Let’s start with the definition of a house according to google, “a building for human habitation, especially one that consists of a ground floor and one or more upper storeys.” And that’ll lead us to our discussion. Should I build my first house in the village? In this article, we’ll be revealing some details on where you should build your first house even though it’ll be an open space to be filled by you.

YOUR FINANCIAL CAPACITY
Once you’re financially capable to an extent, it’s uttermost best to get your ideal house of your own. This brings more financial freedom to the occupant over years, reduces stress/tension and other unnecessary condition on yourself. No more disturbance of monthly/yearly rent of an apartment from the landlord/lady.


WHY YOU SHOULD BUILD YOUR HOUSE
There are many important reasons why you should build your house, who knows – hopefully this article could provide you with the necessary aim to build a dream home for your family. Let’s take a look at some of our reasons;

Comfortability: The comfort that comes with having your own house is second to none. It saves one from so much trouble from Landlord, like getting quit notice from your landlord, not allowing your pet in the compound, closing and opening of the entrance gate at a particular time. It’ll surely save you from what we call “Landlord or Landlady Wahala.”
Investment Aim: For a better investment purpose, it’s very advisable to set up your own house, if possible, build for renting as well because when it comes to housing, Nigeria is severely undersupplied. As a result, there is more demand than supply, and it does not appear that this situation will change anytime soon. Only 100,000 of the 700,000 homes that need to be built each year are being built. Building a house now is one of the safest investments you can make because of scarcity.
In most cases, the value of a house doubles practically immediately after it is built. Only a few investments can guarantee such a high rate of return. Unlike cars, a house is a valuable asset that appreciates year after year and may be used as collateral for loans.

Saving Cost: Building your own house can save you a lost of fund. For instance;Consider the following scenario: A three-bedroom flat in Lagos’ Ogba-Ikeja-Ojodu neighborhood costs around 1.2 – 1.5 million naira now, and in ten years, you’ll have paid 12/15 million naira (assuming there is no increase in rent). If you are still living in the same property after 10 to 15 years, you will most likely have to assume the post of caretaker and will be providing new renters orientation on how to live in the new place.
Alternatively, for 15 million Naira, you can construct a three-bedroom bungalow (plus land) in Mowe/Magboro/Akute/Epe area, or even Ibeju-Lekki axis. In ten years, your neighborhood will be more inhabited, and your home might be worth up to 20 – 25 million Naira.

WHERE YOU SHOULD BUILD YOUR FIRST HOUSE
There are necessary things to consider before setting up your first house. These options can make or mar your financial plan. They include;

Location:It’s one of the most important considerations to make when building your ideal home. After all, you’ll need a plot of land to build your new home on. Before you buy a house, check sure the location is good for you. Take into account the location’s security as well as its proximity to amenities such as hospitals, schools, shops, and churches. As a result, your life in that location will be more comfortable and secure.
Return on Investment (ROI):But if you build a home in an unsecure,secluded and undeveloped area, for example, you may not be able to regain your investment if you try to sell the property. As a result, think about the security, accessibility and ROI of the neighborhood when purchasing the land and building a house.
Your Plan for future:This part includes your plan on where to reside, where you plan to reside is the best place to build your first house. At least it’ll take off the burden of monthly or yearly rent and save cost.
BENEFIT OF BUILDING YOUR FIRST HOUSE IN THE RIGHT LOCATION
Financial Freedom: Building your house in the right location will save you a lot of cost. It serves as a great investment to bring your other dreams to reality because it can serve as a rental property for as long as you want. Thus, bringing a financial freedom to the investor/owner of the property. For example, building your first house in a develop state like Lagos and using the proceeds to start up your next housing project in the less important area but you think it’s necessary to build a house in the area like your village.

In conclusion, because of the amount of work required, constructing a house or residence in Nigeria is a massive project. It is one of the most significant accomplishments in one’s life. But building your first house depends on your financial goal. Many people have no financial objectives. It’s tough to know what your priorities are if you don’t have clear and compelling financial goals. Someone else will impose their priorities on you if you don’t know what they are. You will major in minors and be locked in the rat race if you don’t know what matters most to you.

Some people have the financial means to construct anything they want, wherever they want. They are not in any financial difficulty. They may have gotten their finances to get to this point and are not digging themselves a financial hole.So, setting up their first house in the village may not be a problem but if you’re unlike them, make your choice wisely.

Dennis Isong Helps Individuals Invest Right In Real Estate.For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng or Whatsapp/Call +2348164741041

For more information Call/Whatsapp me on 2348164741041/ 2348028667565.

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How to Tap Into the Multi Million Naira Short Let Real Estate Market By Dennis Isong


For a long time, most investors were hesitant to enter the real estate sector due to the low yield associated with the widely used annual rent policy. This practice, which dates back to the early 1990s, has become a long-standing tradition in the Nigerian rent chronology.

However, some property experts’ adoption of the short-term rental market has reawakened an enlightenment that seemed lost during those years of long-term monthly and yearly rental practice. The revelation was that short-term property rental is more profitable than the traditional long-term real estate market pattern. Most land dealers opposed this paradigm shift and some property practitioners labeled it a “risky involvement.” Nonetheless, what exactly is the short-term rental real estate market? Is it profitable?

The Lucrative Nature of the Nigerian Real Estate Sector

Nigeria, the acclaimed “Giant of Africa,” has Africa’s largest real estate market. The
real estate sector have attracted over $523 million investment .Despite how good these statistics appear, the value of ROI remains less than 3% across the country. This figure reflects the increasing risk in the industry.

However, despite the risks, real estate is generally promising and profitable. Property investors, according to experts, have a good chance of recouping around 17% of their initial investment. And this can rise to 20%, with the lowest expected income estimated to be around 15%.

Naira Depreciation & Real Estate

Currently, the Nigerian Naira is losing the forex war against the US Dollar, and this has impacted the net income of most property businessmen. This negative movement is a two-edged sword however, carrying both positives and negatives. Positively, as long as the property is kept in good condition, the value will not be affected in the long run, making the profit somewhat illiquid.

On the other hand, naira depreciation is a source of concern for most real estate investors because it is one of the primary causes of profit vulnerability, which may result in losses.Most of the time, the percentage gain in profits equates to the naira depreciation, leaving investors in a profit neutral zone.

These unfavorable circumstances have stifled the growth of the real estate market, but the arrival of the property short let movement has signaled the start of a new era in the sector.

What is Short Let Real Estate Market all About?


The short-term rental market is a modern rental pattern in which landowners place house residents on a daily basis. It was discovered by Shortlethomes and has since been adopted by many real estate players due to its profitability and promising future. Many factors influence the market’s rising fame, one of which is the average yield associated with a long-term rental agreement.

Nonetheless, this short-term rental agreement contains a few exceptions and limitations. As things currently stand, the Naira value depreciation rate is 15%, and the only way to make meaningful gains in the short let market is to accommodate at least 50% residents.Furthermore, international investors are unlikely to make tangible profits if they invest in the local community.

The cost of building materials also plays a significant role in short-term rental, as it is responsible for the majority of earnings drop. Nonetheless, with short-term rental property, a 40 percent yield can be obtained and maintained, as opposed to the 15 percent – 20 percent yield obtained in the long-term rental market.

Tapping into the multi-million naira short Let Rental Market

Though the short-term rental market is expensive in terms of construction materials, the revenue generated over a short period of time makes the investment worthwhile. Many property practitioners have made millions of Naira in rental income and recovered their capital costs in a short period of time thanks to good management.

However, a 50 percent occupancy rate should be attained at the very least because anything less than this figure will most likely not generate good dividends. To achieve these goals, good management, effective marketing, and quality assurance all play important roles.

Drivers of the Short Let Market
The short-term rental of real estate is yet another competitive accommodation service provider added to the brisk rental market. It competes with hotels, motels, and guest houses, among others, and has generally acceptable regulations.

The lack of regulation in accommodation service rental like hotels is a strong indicator that it is not yet safe and will most likely continue in the same manner. Furthermore, some people are unaware of the trend and thus unfortunately choose hotels for short-term lodging.

Most short-term players have devised methods to generate additional revenue in order to gain a competitive advantage and raise awareness. Show nights, party villas, baby showers, marriage events, child dedications, spas, bridal showers, birthdays, and other art celebrations are examples of these. Apart from the short-term earnings from daily profits, these events can generate additional income amounting to millions of naira. The reason for this is that Nigeria’s recreational market is currently one of the most profitable and viable in the country.

Setting Up a Short Let property Business

The short-term rental business, like any other, is funded. The amount of capital required will be determined by the size of the building and the market price of construction materials.

A real estate investors who choose large, high-quality apartments will profit more than those who choose medium-sized buildings with modest home appliances. The location is another important factor that influences its profitability. Short-term rental investments in downtown and cities will yield higher returns than those in rural and sub-urban areas.

Conclusion
The options for renting, leasing, and buying in the short-term rental market promise to open up new financial opportunities for investors. This enticing and expanding multi-million dollar market has grown in popularity, and events are predicting that it will soon be in par with lodgings, motels, hotels, etc. Some short-term investors have added recreational activities to the game, but the catch is that you must achieve at least a 50% occupancy rate to generate millions in this market.


My Name is Dennis Isong and I am a Real Estate Professional. For Reading this article to this point, I have a GIFT for YOU. DOWNLOAD FOR FREE MY NEW BOOK TITLED:Bamboozled By Some Real Estate Companies “How Some Real Estate Companies Trick You Into Buying Low-Value and Over-Priced Estate And How You Can Flip The Table in Your Favour & Enjoy Risk Free Maximum Returns Anytime,Any day”

CLICK HERE TO DOWNLOAD HERE IT FOR FREE https://landproperty.ng/free

The information in this book will help you to pick the right kind of property and nobody can trick you to buy what you do not want. This book is very concise, it was done deliberately so you can pick it up and finish reading in few minutes.

k0yyes:
Ok

How to Buy Property Very Cheap Using Offplan Strategy By Dennis Isong

Rising building material costs, Naira depreciation, and a low Return on Investment (ROI) are some of the factors influencing the high cost of a new home in Nigeria. Because of these unfavorable conditions, the real estate market has become expensive and unappealing to most investors.

However, the introduction of the offplan buying strategy has ushered in a low-cost payment option in which developers sell off their apartments to real estate investors before they are finished. It is most common in major cities such as Lagos, Abuja, Ibadan, and Port Harcourt, where there are dozens of commercial and residential apartments.This investment plan has some appealing features, but what exactly is it all about, and are there any risks involved? If so, how does one go about doing so? This post will go over these and other important aspects of the offplan strategy.

WHAT IS OFFPLAN INVESTMENT?
Offplan investment, also known as off-plan buying, occurs when a developer sells a house while it is still under construction for a variety of reasons ranging from finance to location. This purchasing strategy is typically initiated when the building is diagrammatically represented on paper for review and analysis. If an investor sees the plan and likes the nature of the investment, the developer will then give in to the option of selling the property.

Unfinished homes, like other unfinished projects, have varying finishing levels, which affects their prices. Individuals who purchase a home through this channel early on will typically pay less than those who do not. In short, this investment strategy primarily allows investors to direct when and how the project proceeds, while also protecting against high costs.

THE BENEFITS OF THE OFFPLAN INVESTMENT
The sole reason why investors use the offplan buying strategy is to save money. It is, without a doubt, the cheapest way to buy a house, but it comes at the expense of the investor’s convenience and risk. When an agreement is reached between the property owner and the prospective homeowner, the involved individual will be denied the right to move into the house immediately, which can be disheartening at times. They are also more vulnerable due to the uncertainty surrounding the home’s completion date.Given the aforementioned factors, the home will be sold at a low price because both parties stand to benefit equally. Furthermore, this purchasing method allows investors to choose the type of housing materials to be used, such as tiles, kitchen design, bathroom layout, interior structures, and appliances, among other things.

PROFITING FROM AN OFFPLAN INVESTMENT STRATEGY
The profitability of an offplan purchase method is enormous, and this attracts investors. There are two ways to accomplish this: the Buy & Hold method and the installment method.

Buyers who use the buy and hold method primarily profit from bonuses earned after purchasing and holding the home for a set period of time. Property experts recommend this method because it is less risky and provides guaranteed earnings. Because of the rapid growth of real estate in these areas, it is ideal in states such as Lagos and the FCT. The simple truth is that using the buy and hold strategy can save a home buyer up to 50% off the cost.

The instalment method, on the other hand, allows prospective home buyers to purchase homes in installments. First, the prospective buyer must deposit a sum of money known as the down payment. Additional payments are made as the project reaches certain milestones, depending on the terms and conditions of the agreement. To better understand this, consider the various stages of offplan investment.

STAGES OF OFFPLAN INVESTMENT
There are different offplan prices for each of its four phases. The following are the various stages of the offplan investment:

PHASE ONE

This is the time when the developer and the rest of the project team have yet to begin work. The construction site has not yet been accessed during this stage, which is the most recent. Investors who purchase the house at this time stand to save between 60 and 80 percent off the asking price. In addition, the buyer determines the project’s direction and collaborates with the engineers.

PHASE TWO

The second phase begins after the foundation has been laid and the laying of blocks has begun. Here, the project is still in its early stages, as the developer has not yet invested significantly in it. At this point, the buyer will have purchased the home and may have received a 45 percent – 60 percent discount. Nonetheless, because the foundation has already been laid, the buyer will not be able to dictate how the plan will proceed.

PHASE THREE

The third stage occurs when the home’s finishing is nearly complete. During this stage, developers attempt to deck, make arrangements for doors and windows, furnish the toilet and rooms, and so on. Buying a house at this stage will be more expensive, but it will still be a good investment. The buyer has a good chance of earning a 25 percent – 45 percent discount, and the quality of fittings, household appliances, and other home accessories is also determined.

PHASE FOUR

The final stage is when the house is finished. It is still being sold as an offplan investment at this time, but the price will be high. In this case, the buyer may not receive a discount of up to 5%.

Buyers are advised to follow the process with due diligence, regardless of whether it is the final stage. There are some fees involved in this process, including the reservation fee, which is usually compulsory. However, because of the dubious nature of human beings, it is best for homebuyers to hire their respective lawyers for proper legal documentation. When the buyer-to-seller agreement is successful, the keys are handed over to the homebuyer, and the transaction is completed.

BOTTOM LINE
The offplan property investment method is a safe, profitable, and cost-effective way to buy a home. In contrast to the traditional one-time off purchasing strategy, this strategy can save up to 70% off and generate a return on investment of more than 100%. It is a smart and innovative way to invest in the real estate sector.

My Name is Dennis Isong and I am a Real Estate Professional. For Reading this article to this point, I have a GIFT for YOU. DOWNLOAD FOR FREE MY NEW BOOK TITLED:Bamboozled By Some Real Estate Companies “How Some Real Estate Companies Trick You Into Buying Low-Value and Over-Priced Estate And How You Can Flip The Table in Your Favour & Enjoy Risk Free Maximum Returns Anytime,Any day”

CLICK HERE TO DOWNLOAD HERE IT FOR FREE https://landproperty.ng/free

The information in this book will help you to pick the right kind of property and nobody can trick you to buy what you do not want. This book is very concise, it was done deliberately so you can pick it up and finish reading in few minutes.

anthonyuncle:
nice one.

mortgage in this country is not well publicized

The high cost of housing has become a source of concern for most real estate investors. This scenario, combined with the rising cost of building materials, has pushed many home buyers to look for a cheaper alternative to acquire homes at a discounted rate.

This low-cost property acquisition option is available in pre-launch, launching or introduction, and post-launch prices. These prices are the result of a home’s various discount variations as it is completed in stages.

Essentially, purchasing a home early on is less expensive than doing so later on, when the price is bound to rise.

Ways to Spot Home Discounts

As a real estate professional I know the process of looking for a home to buy is typically difficult, and most property investors are unable to execute this house haunting flawlessly.

But some property investment companies, both public and private, do advertise their home-for-sale products in newspapers, magazines, and publications.

Furthermore, real estate online sites are another way to find good deals on property in Nigeria. In rare cases, you may have the opportunity to meet the developer while the home is being built. A deal can be finalized at this point, but you must act quickly because the longer you wait, the higher the price becomes.One of the easy way is to connect to a realtor because some of these realtors usually get first class information from developers before the public know

Pre-launch and Early Bid


There is no better time to get the best deal on a home than during its pre-launch phase. During this early stage, homebuyers typically receive a 15% to 25% discount, which may be higher or lower depending on the scope and cost of the house project.

However, available slots during this time are limited, and it is always a time for property companies to assess the general public’s reaction to the project.

In addition, when a homebuyer expresses an interest in purchasing a home during this stage, the real estate company rewards the person for taking a risk by lowering the building’s purchase price.

This is one of the primary reasons why home prices are currently appealing. All of this is done to compensate customers who have different reasons for purchasing the home. One of the reasons could be that the buyer is in the property marketing business, wants to buy them as resident apartments, or wants to lease them. Following the goodwill customers, company begins to generate cash flow through bookings, reservations, and deals.

Launching or Introduction Phase

This is the stage at which the developer sells the house to a prospective buyer at a formal event. At this point, the brokers, who act as middlemen in the marketing chain, make the necessary arrangements and are tasked with ensuring that an agreement is reached between the company and the buyer. Also during this stage, most real estate agencies offer discounts ranging from 10% to 17%; however, for smaller projects, the home discount may reach 20%.

This is an important phase because it marks the time when the terms and conditions of the home are agreed upon. Legal actions are also carried out in accordance with the law, as both the company and the client will sign the contract papers in the presence of their respective legal representatives.
Once everything is in order, both the homebuyer and the property agency can set a date for the building’s official transfer of ownership. Meanwhile, because the house is not yet finished at this point, there is some execution risk. If things go wrong, the homebuyer will be refunded in full or depending on the agreement, which is when the role of a legal practitioner comes into play; but this is a rare occurrence. Nonetheless, demand is targeted at this point, and homebuyers are rewarded with discounts for their time, patience, and risk.


Post-Launch Phase

This is the stage at which the developer completes the home project and presents it in marketable ready-made form. During the post-launch phase, the house is open to the public and the price is set.

This is due to the fact that the home has been completed and is well furnished, so the risk involved in this stage is minimal. Regardless, legal counsel is involved because there are instances where the real estate agency may wish to take advantage of the buyer.

This is also the time when the property will be advertised in newspapers and on television for marketing purposes.

Risk Analysis


Risk is an inherent component of all businesses, including real estate. Early investments in real estate are more risky than later ones, and they are also heavily discounted.

When an investor takes a risk by placing an early bid on a home project during its pre-launch phase, he or she will almost certainly be rewarded with a discount. Many homebuyers are hesitant to purchase a home at this early stage due to concerns about some unfavorable factors. Those who can muster the courage to invest in such circumstances are the prepared risk-takers.

However, as a project progresses, the risk involved decreases. Buyers are less risk-averse at this stage because the sole purpose of the house-building project will be revealed to the general public.

In fact, property experts advise homebuyers to seek the advice and services of a professional real estate advisor before purchasing a home during its pre-launch phase. This is done for evaluation purposes, and it also protects investors from being duped. Nonetheless, adhering to the proper legal and formal procedures will ensure that risks are minimized.

Two important documents used to verify the genuineness of the seller are:

Intimation of Disapproval (IOD) Papers: This contains information about the developer's different approvals by responsible government authorities;


Commencement Certificate (CC): This document authorizes the developer to start work on the home construction project.

Conclusion

Using the pre-launch strategy to purchase a property is a better way to save money on real estate investment. Though it is more risky than buying it ready-made that is why you need a real estate professional to advice.The reasonable discount involved is too tempting and enticing for most real estate businessmen to resist. Furthermore, property investors who use this home buying method stand a good chance of saving up to 25% of their investment. When combined with its growing trend, the real estate sector may undergo a paradigm shift, and this development may continue to thrive into the near future.


My Name is Dennis Isong and I am a Real Estate Professional. For Reading this article to this point, I have a GIFT for YOU. DOWNLOAD FOR FREE MY NEW BOOK TITLED:Bamboozled By Some Real Estate Companies “How Some Real Estate Companies Trick You Into Buying Low-Value and Over-Priced Estate And How You Can Flip The Table in Your Favour & Enjoy Risk Free Maximum Returns Anytime,Any day”

CLICK HERE TO DOWNLOAD HERE IT FOR FREE https://landproperty.ng/free


The information in this book will help you to pick the right kind of property and nobody can trick you to buy what you do not want. This book is very concise, it was done deliberately so you can pick it up and finish reading in few minutes.

If you've come across this article, then you're probably planning to own a house, trying to find the best mortgage offer or perhaps you are curious to know the top Five mortgage institution in Nigeria. If you ever fall among any of these categories, then relax, you are in the right place as I have taken my time to research some of the best mortgage Institutions in Nigeria.

Many people are often time faced with the challenges of buying or building a house and because owning a property such as this requires having a huge amount of money which may take a long time to save up, then Mortgage services is put into consideration. Mortgage institutions are primarily known for the provision of real estate loan facilities and collects payments back in installments which typically attract interest. The installment may be done monthly, quarterly or yearly basis depending on the packages and or the Mortgage institution.



So, below are the Top Five Mortgage Institutions in Nigeria with guides on how to acquire their mortgage packages:

1. FBN Mortgages

FBN Mortages formally called Nigeria Building Society (NBS) was established in 1956 and is the oldest Mortagage bank in Nigeria. The institution is dedicated and act as an effective vehicle to offer wide range of real estate and mortagage financing solution to all segments of the Nigeria population. With focus on delivering the best Mortages solutions to typify the dominance of it parent ( First Bank) in the Financial service industry, FBN Mortgages stand out to be among the best Mortages institution in Nigeria. If you're looking for mortgage loan with the best rates in Nigeria, then FBN Mortagage is ideal because they offer quality service and has helped many to acquire their dream homes.



2. Platinum Mortgage Bank LTD

Incorporated with the corporate affairs commission in 1992, PMB Ltd is one of the major primary mortagage finance in Nigeria providing loans and homes ownership services. The bank was once known as Platinum Home Investment and Mortgage Ltd with Headquarters in Lagos, authorized by CBN and the FMB of Nigeria under decree No 24 of 1991 decree No 53 respectively. The institution was recapitalized into a primary mortagage institution with more impressive and Innovative products, services, and indispensable professional management. With over 25yrs of operational history and experience, platinum Mortgage Bank is arguably among the top mortagage institutions in Nigeria hitherto.



3. Abbey Mortagage Bank

Abbey is an accreditated mortagage bank for the National Housing Funding (NHF) on-lending facilities which act as an effective vehicle for offering various Mortages and investment services to individuals and corporate organization. The institution offer services ranging from Popular Savings, Fixed Savings Account,EasySave, Home Account,KidSave, EasySave Plus, Children Savings etc so, If you want a more interesting and satisfying products or services order than mortgaging, you can go for Abbey Mortgage Bank. e.g the kidzSave. The KidzSave is a product with upto 5% returns that enable you secure the future for your children. You can save a minimum of #1000 monthy for your children until they turn 18. The bank is also one of the seven national non- aligned primary mortagage bank, authorized by the CBN and FMBN and therefore are ideal.

4. FirstTrust Mortgage Bank Plc

FirstTrust Mortgage Bank emerge as a result of merger with TrustBond Mortagage Bank PLC in 2019. The merged entities has a long history as far back as 2003. The institution has a strong capital base and assets of over N20billion and are dedicated to serve the financial needs of Nigerians in terms of Mortages loan services. They are one of the best Mortagage institution in Nigeria because they make it possible for people to gain stability through home ownership thereby contributing to the country’s development. FirstTrust Mortgage Bank PLC hope to achieve it's purpose by going "beyond the regular delivery of mortgage and real estate financial services leveraging disruptive technology and our people".



5. Federal Mortgage Bank of Nigeria

Federal Mortagage Bank facilitates the ownership of homes among Nigerians through mortgage financing. The mortgage institution operates as profit oriented bank, and its committed to serve customers throughout Nigeria. The company recently signed a strategic partnership agreement with FHF Nigeria to deepen the provision of affordable housing to customers throughout Nigeria. It may also interest you to know that this mortgage institution has long being in existence and in fact the oldest of them all, it was established during the regime of olusegun obasanjo in 1956 to replaced the Nigeria Building Society. It is regarded as the highest mortgage financing institution in Nigeria and controls and regulates all primary mortgage institutions in the country.The mortgage is ideal because of its exclusive vision of being the most preferred mortgage institution offering affordable access to home ownership.

Why own your own house?

A significant consideration to look at is the COVID19 pandemic which lit the real estate market like rockets. Earlier this year, home prices rose rapidly in comparison to 15 years ago; The boom is expected to continue for the next months atleast. Home can loose value but it doesn't happen often which is why it is considered one of the most long term valuable asset to invest in. Mortgaging can help you build equity over the years; your equity continue to grow as you pay down your mortgage which overtime goes down to the loan rather than the interest.

Buying real estate is a big purchase and requires your time considering options to fit your budget, mortgaging helps you keep your cash reserve. It is always a good idea to have some extra cash for emergency. Lastly, you have much greater privacy; you own the property so you can decide to renovate ( a benefit renters don't enjoy) or even rent it out to earn more money.









Conclusion

"Owning a house is a gateway to Long term and short term success" but this doesn't come without costs and limitations. If you're aiming to own a house before retirement, you're thinking in the right direction and can achieve your dreams mortgaging.

There are many institutions that offer quality loans to acquire houses and other real estate in Nigeria. But the above mentioned, offer affordable Mortages rate and are certified to carry out the practice.

My Name is Dennis Isong and I am a Real Estate Professional. For Reading this article to this point, I have a GIFT for YOU. DOWNLOAD FOR FREE MY NEW BOOK TITLED:Bamboozled By Some Real Estate Companies “How Some Real Estate Companies Trick You Into Buying Low-Value and Over-Priced Estate And How You Can Flip The Table in Your Favour & Enjoy Risk Free Maximum Returns Anytime,Any day”

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The information in this book will help you to pick the right kind of property and nobody can trick you to buy what you do not want. This book is very concise, it was done deliberately so you can pick it up and finish reading in few minutes.

Paying more than the actual rent is a real estate scam carried out by some Nigerian property owners.

This usually occurs when you are renewing your lease or moving into a new apartment. In the former situation, an overcharge on the annual cost of an apartment may easily be challenged; but, in the later case, there is a good likelihood that you will continue to pay the inflated rates without discovering the truth. Most landlords rarely return the housing price to its original worth, and once this price is declared normal, the chances of getting it back are small.

Furthermore, while the price of rentals in Nigeria is at the discretion of the landlord, prospective lodgers should exercise caution before entering into any binding arrangement. But how do you tell whether your landlord is overcharging you for rent? What steps can you take to avoid being a victim? These and other pertinent questions are addressed further below.

Factors For Determining an Overcharged House Rent

There are several pointers of overcharged rent and most of them are largely dependent on environmental factors. Spotting homes with high renting costs nowadays is a difficult call but not impossible. Fortunately, you don't need to be a certified real estate professional like Dennis Isong to be able to decode the common signs of this fraudulent scheme. Here are some indicators of overcharged house rent:

Hiked Rent

Most landlords in Nigeria frequently raise the cost of rent for a variety of reasons ranging from finance to area. Once your flat rent has been raised, it is your responsibility to investigate the reason for the increase and decide whether it was worthwhile.

For example, if a building is valued at N40,000 per year and the figures increase the following year as a result of multiple notable upgrades, it is prudent to comply.

However, if the restored apartment fails to meet the expected standard that comes with such a high cost, you should begin negotiating with the building's owner.

You should also meet your co-tenants and learn about their current rent. This will allow you to determine whether or not the rent increase applies exclusively to you. Furthermore, most property owners would consider making a compromise with pleasant tenants, which is where your lifestyle comes into play.

On the other hand, if you're a prospective landlord, it's best to talk to your neighbors about the rental rates in that region. You'll have a clear financial picture before meeting with the landlord to negotiate.

Location of the building

Buildings in economically and commercially important areas are typically more expensive than those in less marketing-relevant locales. This is one of the reasons why apartments in Lagos and other major cities are more expensive than those in less developed areas.
Furthermore, Lagos City is home to a large number of both Nigerian and foreign landlords, but the rent they pay is not regulated, making it volatile. These renters choose their desired dwelling location depending on their monthly income, and the higher the rent, the better. As a result, rental prices on the Mainland differ from those on the Island, and vice versa.

So, being overcharged on accommodation in areas that are less economically superior can be avoided provided you have a knowledge of rent trends in that region.


Infrastructural Amenities

The quality of infrastructural amenities offered in a location has an impact on rental prices. Buildings in areas with good road networks, steady energy supply, clean water, standard schools, a robust security setup, and an adequate waste disposal system, among other things, are generally more expensive than those in areas with fewer of these services.

Industrial Relevance
When a region attracts a number of manufacturing enterprises, the cost of renting in that area tends to rise. This is due to the fact that the existence of industrial institutions attracts a huge market force to a region. This aspect is mostly driven by people's desire for a better quality of life, and in Nigeria, places that can afford these companies typically have a rental advantage over others that cannot.

Furthermore, living near an industrial region allows you to have easy access to basic amenities while saving money on transportation. If you live in a community with fewer industrial start-ups, it's best to assess the rental before signing an agreement.

Quality of the Apartment
Often, the condition of an apartment speaks louder than a formal bargain. Buildings with adequate ventilation, tiled flooring, plenty of space, a modernized bathroom and toilet, a closet, and other apartment facilities are often more expensive. As a result, you should weigh the content of the apartment in advance; this way, you'll know whether it's worth your patronage or not.

Furthermore, the quality of dwellings varies according to geography. It's typical to discover well-decorated flats in thriving towns and cities, which pulls most aesthete people from rural to urban areas. As a result, the prevalence of this movement is a primary cause of overcrowding, which impacts the cost of housing.

Type of Home

There are several types of apartments, and the higher their rents are, the better they are in terms of scope. As a result, renting a one-bedroom apartment is less expensive than renting a two-bedroom, three-bedroom, and so on.

More specifically, self-contained residences are better suited to families than individuals; nonetheless, renters have no restrictions on their options. If you choose to live in a one-bedroom apartment, you should be aware of its rental value; the same goes for other sorts of structures. Even if you are more interested in luxury, make an effort to learn about the costs of renting well-furnished residences. The reason for this is that it is more difficult to identify an overcharge on costly flats than on their more cheap counterparts.

Bottom Line

Knowing when you're being overcharged for rent is a valuable skill to have. Accommodation is already one of an individual's significant expenses, thus the addition of rental fraud to the scenario adds to the financial harm.

Cases of rent overcharges are common in Nigeria's large cities, so if you plan on relocating to an apartment in one of these regions, be mindful of the bargain you negotiate with any lessor. This article explained the various hints to assist you in determining an overcharged rent.

My Name is Dennis Isong and I am a Real Estate Professional.

For Reading this article to this point, I have a GIFT for YOU. 

DOWNLOAD FOR FREE MY NEW BOOK TITLED:Bamboozled By Some Real Estate Companies “How Some Real Estate Companies Trick You Into Buying Low-Value and Over-Priced Estate And How You Can Flip The Table in Your Favour & Enjoy Risk Free Maximum Returns Anytime,Any day” 

CLICK HERE TO DOWNLOAD HERE IT FOR FREE https://landproperty.ng/free The information in this book will help you to pick the right kind of property and nobody can trick you to buy what you do not want. This book is very concise, it was done deliberately so you can pick it up and finish reading in few minutes.

chinonsoso:
You call 7million naira affordable for this country. Nawa o
The person wey post the advert obviously cannot afford the piece not land.
Oga carry your land for sell for yahoo boys abeg.