Real Estate is the basis of wealth and guarantees huge returns on investment; therefore every person who invests in real estate adopts the surest and safest method of becoming wealthy.
However, this involves huge capital outlay that investors require proper guidance of experienced and versatile professionals to ensure safe, secured and profitable investments.
How to Invest in real Estate in Nigeria
To many, buying a piece of land in Nigeria seems harder than climbing Mount Kilimanjaro or Sinai, well it is not as hard as that. Owning a home or a piece of land in one of the choicest cities in the country like Lagos, and the likes can be time-consuming and expensive investment so you have to be extra careful.
You need to know what to look out for in every land purchase and investment also the buying process as well before you settle on any.
Take your seat and read on how to invest in real estate without losing your hard earned money
1. Prepare your budget
Before you set out to buy a land in any city in Nigeria, you need to have a budget.
A lot of people set out to get real estate without properly setting out money or knowing exactly what then can afford. Land purchase might be the biggest purchase of your life so it is not the same as buying a dress or a new phone. Without a budget, you might end up buying on impulse, and sometimes spend more than necessary. From legal fees to agency fees and other documentations one needs to understand the process.
2. Understand the nature of the land
Buying a land translates into you investing in real estate’s irrespective, if the land is for personal use. As an investor, you want to get the best value for your money and that often translates to the best return on investment.
Before purchasing any property or land in Nigeria, you want to evaluate the potential growth in investment in a particular area before you throw your hard earned money at it. You need to choose the type of property and location wisely.
3. Research properties and get a consultant
It is not compulsory you hire the services of a consultant before going out to look for properties but using one will definitely help you a lot.
@ Covenant Property Consult we have trained professionals and can use their wealth of knowledge, skills and experience to help you buy the best property.
4. Make thorough search and compare.
When you find a land that catches your fancy and you can afford same, ensure you visit the property and inspect same. It is sometimes necessary to do the inspection with someone who is knowledgeable and experienced in land quality.
5. Verify the documents
If you are confident with the land, you need to confirm the documents on the land is authentic and also verify that the documents were complete. Verification is a very important thing as it confirms the validity of your purchase and saves you from fraudsters or any future heartache with the government.
6. Make payment and collect all receipts and documents
With everything in place, you should make all payments regarding the land.
After making payment, make all efforts to collect every related receipt forms, documents required for land purchase in Nigeria include the deed of assignment, contract of sale, letter of allocation, purchase receipt, e.t.c.
7. File your new purchase with the state government but in our case we take that as our responsibility
This step is important as it legally makes you the new owner of the property. If the property already has a C of O (certificate of Occupancy), you will get Governor’s consent in your personal name if need be, which is great.
We hope on a mutually beneficial business relationship with you.
Covenant property consult