.png)
A Beginner’s Guide To Investing In Lagos City’s Real Estate
practically infinite source of passiveThe first is investing in rental properties. A rental property is any property that rather than being outrightly sold is occupied by a tenant who pays the owner an agreed amount after a stipulated amount of time. A rental property can be either commercial or residential and this opens an even larger world of opportunities for the moreambitious landlords. Renting in itself seems like a hassle at first glance due to the number of variables that could arise as well as the prospect of having to deal with most times; individuals generally unknown to you but beyond this, it presents a income. Anyone who has a solid grasp on making money knows that passive income is heads and shoulders the best source of cash flow for any investor as it’s the kind that keeps on giving with the major worry one would have in this case being regular maintenance and updates.This allows you as an investor to have a monthly or yearly flow of cash with little to no effort on your part provided you’ve done some necessary work in quality assurance of your property, gotten some decent tenants, and have a reliable property management firm giving you regular updates on the state of things.
The next is a bit trickier and usually requires a good deal of patience as well as in-depth knowledge of the market.Land flipping which is in its easiest explanation is buying a piece of land and waiting for the value of the land to appreciate overtime to sell it as soon as the value takes a rise as it usually does. It’s a lot like stocks in which it can become a hoping and waiting game with the main aim to buy high and sell low. It’sadvisable that you never on any account try to rush this process or try to manipulate things in this method of investment as anything other than waiting for land to shoot up in value naturally is very illegal and could leave you losing way more than just your land. It’s also a necessity to keep an eye on land in areas that are rapidlydeveloping. Within a couple of months or even years, you’ll be getting back many times your initial investment.
The last way for this guide is very different from the rest. With rental properties needing a good number of units to get a large return and land flipping needing a lot of time, the last way which is property development requiresa lot of capital. Other than the cost of actually developing the property in question, a lot of money is spent on hiring professionals, labor, and equipment needed to properly actualize whatever dreams you’ve created for your desired development. Property development in Lagos usually takes the form of housing estates which is in its best form; a gated community full of serviced high-quality houses and world-class amenities. If you’re looking for the fulfillment of providing homes for the people of Lagos as well as turning a massive profit, then Property Development is the route to go. However ensure that you do a decent amount of research on the market value of the properties you’re hoping to develop, ensure you have a solid grasp on the present needs of individuals in the area and finally you have a reliable source of capital that can last well beyond the project’s timeline to avoid running into any unforeseen hiccups.
Foluso Oyebanjo is a realtor, digital marketer and well-versed writer. His extensive experience in the world of marketing allows him to serve as a creative supervisor and assistant to clients from all walks of life and nationalities.He currently resides in Lagos, Nigeria where he works as a realtor and provides marketing solutions to developersand homeowners while providing real estate advice and consultation to anyone interested in investing in his home city.
MORE BY THIS AUTHORDreamscape is a Real Estate Company that focuses on marketing luxury properties in Nigeria
.png)
.png)
.png)
.png)