5 Real Estate Investing Tips for Beginners

July 21, 2022, 9:31 pm Blog Investment Tips Seen: 3599
5 Real Estate Investing Tips for Beginners
There are primarily two ways to invest in real estate in Nigeria. We talked to Abiodun Adisa, also known as Abi Adisa, founder and managing director of Oridun Capital Management, an alternative asset manager investing primarily in a select group of early-stage, rapidly expanding proptech companies. He said that you can either buy an existing home or piece of land, or you can build one from scratch.

In this post, we'll examine both approaches and offer advice on how to make your investments profitable.

This article offers advice to international investors who want to start a business in Nigeria and launch a real estate brokerage or property management firm as well as Nigerians who want to engage in real estate domestically.

Here are some pointers on how to efficiently invest in Nigerian real estate:

Everything revolves around the location.
Whatever type of real estate you're searching for, it's critical to consider where you want to reside.

Whatever type of real estate you're searching for, it's critical to consider where you want to reside.

If you need a cheap place to live but don't want to put a strain on your commute time or money, look for locations that aren't seeing much expansion or development.

When considering location, you should also consider price; regions with greater housing expenses may offer superior amenities and entertainment opportunities, but they may be out of reach for your budget.

Different Types of Properties
It's crucial to become familiar with various property kinds as you start researching investment homes to determine which ones would be ideal for you.

Although you’ll likely make your first several acquisitions as single-family homes or apartments, there are also duplexes, triplexes, and fourplexes available.

As you manage larger facilities, keep in mind that you need to use more caution. Avoid becoming overly ambitious too soon to save yourself from headaches.

Check for Value-Affecting Factors
You've probably heard that location, location, location is everything in real estate. If you're considering investing in real estate, you should be aware of the various factors that can affect a property's value.

For instance, it's crucial to know whether the property has additional square footage or is close to public transportation.

Your chances of success greatly rise the more investigation you conduct before buying a specific property.

Locate the Best Agent
You could be astonished by the number of real estate agents in any Nigerian metropolis, such as Lagos. Begin by asking friends and relatives for suggestions to ensure you pick a good one.

Then, before making your final decision, conduct some research: visit agency websites and study internet reviews.

When interviewing potential agents, ask them about their experience and customer service; if they appear reluctant or doubtful, go on to the next candidate.

Insurance
Every real estate investment involves some level of risk. However, you can reduce those risks by properly insuring your investment.

Speak with an insurance agent about obtaining coverage for your new property, which will ensure that your investments are protected in the event of a disaster, such as a fire, water, or theft. Don't forget about liability and owner insurance.

Owner's coverage protects against building damage, whereas liability insurance protects against claims resulting from slip-and-fall accidents or tenant injuries on your property.

Conclusion
Once you've found a real estate agent in Nigeria, it's time to begin looking for houses and conducting extensive research before making a purchase.

Only then can you take benefit of all that Nigerian real estate investments have to offer in terms of supposedly low-risk, high-reward. Best wishes!
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About the Author: Eze Saviour
Eze Saviour
ppn editor