Getting a property (land or house) especially as a first-time home buyer at an ideal price seems too difficult to come by considering financing the purchase, as it’s well known that mortgage is relatively expensive at the moment. Owning a property is also speculative in nature, consciously or not, meaning buyers buy to resell in the future.
So, whenever you’re willing to sell, would it have appreciated to your worthwhile value?
Nigeria’s population below the age of 24 according to CIA is currently over a 100m and millennials are over 50% of that figure, Lagos alone records and influx of over 123,000 young people daily from all over the country which records a median age at actually 17.9 years of age(Wikipedia). In view of that its most likely the first interested buyer is a millennial or rather relatively young person; would they be willing to pay your property’s price tag?
Here are few factors to consider in getting the best of your real estate investment budget.
Estates, high rises and other property development built by popular credible brands naturally adds value to the property built. A good example is The Trump Organisation, they have built a very strong brand, therefore, making his development a bit higher than market value, investing in his projects makes your investment worth it. We also have credible brands in the country like LandWey, Brains & Hammers etc.
Public Facilities of Neighborhood
This talks about the location of the property. Wherever you are willing to buy, how planned and secured is the environment, no wonder properties in well planned, closed communities are relatively more expensive. I don’t see that changing in the nearest future
According to Tayo Odunsi in his book Affordable, he said: “Land is not just a physical resource; it confers a legal right that can be exchanged, in part, for a period of time or as security to obtain capital”. Perfectly defined, is the property bankable? Is the title registered with the relevant government agencies? Get this right!
Compatibility & Finishing
How compatible is the structure or land with the young buyer who is most likely tech-savvy, environment-friendliness conscious even power usage costs. They are naturally not looking out for more rooms but how does it fit into their lifestyle.
Honestly, this can’t be overemphasized, either you are buying a house or land to build it’s very crucial your choice of material is both cost-effective and lasting. A very good example is using wooding walls in the interior instead of cement.
Get a good property consultant:
Now, this is crucial, here is why…. A property consultant would assist you in drafting a financial analysis of how the property is going to be acquired and managed. Before acquisition also he would assist you in skimming the market to get your best deal, negotiate prices and general due-diligence. They also make the first 5 points here not a headache!
Making the right choice now gives you a better value of your property and reduces your vacancy rate.
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