Buying Investment Property Lagos Nigeria - Free Tips For Buying Investment Property
To understand the benefits of buying investment property, you first need to understand what investment property really is.
Yeah, real estate investors are keen on recouping their investment as fast as possible. Therefore, buying investment property . . . buying property with the potential to generate income . . . suit their needs.
However, there are two sides to investment properties. The first is what I have just discussed above . . . the act of buying property with the goal of generating profit from the property.
1. Use the home inspection checklist on this site to very that your investment won't depreciate in value over time
2. Understand the rental price for the area where the property is located
3. Ensure the property is trouble-free and that the title is good
4. Get it at a good price. Good price translates to good payback period. And the payback period is the number of years it takes to recoup your investment. Usually, this should be between 17-25 years.
Free Tips For Buying Nigeria Real Estate For Long Term Investment
Buying investment property with the goal of leaving it to appreciate in value and then selling it at a much higher price in the future translates to buying land.
This concept also pre-supposes that the investor is buying the land very cheap. For this to happen, the investment property will most likely be located at the outskirts of the city where there may or may not be basic facilities like electricity, water, or good network of roads.
Of course, how terribly undeveloped the land is depends on how cheap you want the land to be. And for how long you wish to hold the property before selling.
For example, if you're thinking of buying investment property (in this case, investment land) in an area that has prospects of good selling price in 5 years time, then you will likely look at an area closer to town.
On the other hand, if you're looking at buying for keeps over the next 20 years, then you can go further away from the city and buy dead cheap from the native communities.
Let's summarize the factors you need to consider when buying investment land. They include:
1. The time frame you wish to hold the property before selling off
2. The expected growth in investment over the time frame
3. The price at wish the owner(s) wish to sell
4. The true title holder of the property (the natives or someone who bought from the natives) and
5. The market assessment (or perception) of the neighbourhood, town, or village
Buying investment property is a great way to save money and grow money.
Don't miss an opportunity to invest in Lagos Nigeria real estate when it presents itself. You will need money from that investment someday in the future.
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