Investing in real estate has been established to be a top tier wealth builder all over the world. As an investment plan, it has enabled so many investors to diversify their portfolios, reach their financial goals and it continues to serve as a retirement plan for so many people all over the world.
There are no hard and fast rules to investing in real estate. The most successful real estate investors will say they have mostly relied on a hunch to invest. Real estate investing doesn’t come with a fixed set of rules for success. However, there are things you can hold at the back of your mind to increase your chances of success.
In this article, I share a few tips that intending investors in the real estate sector should have at their fingertips to enhance their success.
- Define your Goals
Understand what you want to achieve from your investment. If you can’t see the big picture, you won’t be able to understand the inner workings that give life to the larger frame. This does not only apply to only real estate. It applies to any form of investment you intend to undertake.
- Evaluate your Finances
It isn’t enough to wake up and say “I want to be an investor”. We all want to be called investors, but do your finances support your investment goals?
While you may be ready emotionally, physically, and spiritually to take the plunge into real estate, your bank account might be singing a different tune. You need to look at your position from a financial standpoint compared to your desired goals.
A proper analysis of this will help you create a sustainable model that will ensure the consistency of your activity.
- Research
Don’t dive headlong into the deep waters of real estate. Carry out detailed research. For anything you want to invest in, be fully aware of the pros and the cons. Know the area, scalability of the property, environmental factors, potential of the area, etc. You also have to stay abreast of trends in the sector to know when the prices are right to buy and what type of asset to invest in (selling is rarely advised except if you are a developer).
- Location is the key
No matter the type of real estate asset you want to invest in, to achieve success, your focus must be on where the property is situated. Naturally, areas with high population density are an attractive proposition for most investors. Look out for areas with high population density, that are developing and have an assortment of basic amenities within the neighbourhood.
- Speak to a professional for expert advice
Even veteran real estate practitioners regularly seek advice from experts on real estate related matters so why shouldn’t you? Get expert advice and ensure you transact with only certified real estate companies or agents.
As you set out to begin your investment journey, understand that it is a business. Don’t invest for the sake of putting funds aside but to make a profit. Your success will depend on your patience and desire to achieve your goals.
It is pretty straightforward once you understand the principles of investment, economics, and risks associated with the sector. Note, “straightforward doesn’t translate to “easy.” If you make a mistake, the consequences can range from minor inconveniences to major disasters.
Afriland Properties Plc is a property management, investment, and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments. We bring innovation to the real estate sector in Nigeria and other African countries by drawing on experience, new competencies, and technology to achieve continuous improvement in service delivery to our clientele.
Let us walk hand in hand with you on your real estate journey, offering expert advice and providing you with the best deals all through the way.
Contact us:
Website: www.afrilandproperties.com
Email: business.development@afrilandproperties.com
Or Call
Boye: 08038335722
Chika:08033199436
Gladys:08033634460
