One obstacle that keeps many away from investing in real estate is the relatively large capital outlay that’s needed to purchase property. If you’ve only considered buying land or buildings in a major city, you’ll probably think that this applies to other parts of the country. But it doesn’t.
In fact, there are many locations across Nigeria in which the price of real estate is several times less than what you’ll find at the centre of the larger metropolises. And a good number of them in percentage terms. If you’re looking to begin investing in real estate, you should consider checking out those places.
Here, we’ll get you through the steps you can take to find and acquire cheap land in Nigeria.
Investigate Potential Locations
You won’t know what great opportunities exist in real estate until you look for them. Search by asking your contacts, especially persons who you believe are knowledgeable about the industry. Also, hunt for options that are publicized online. A simple web search could turn up something you’ll be interested in.
If you have your ears to the ground, you’ll probably also run into estate developers and marketers informing the public about their offerings and discounts on the radio. Such firms typically have regular advertising slots on local FM stations, so you’re likely to hear them at some point.
Talk To Land Agents
Your average estate agent will know someplace where there’s relatively inexpensive land. So, you should ask them if you’re prospecting for one. Of course, you’d want to engage an agent who sells land in the district you’re considering making a purchase in.
Talk with multiple agents if you can, to get a fair picture of what the market for land is in any particular area. The information you gather from this exercise will prove valuable when you’re weighing and negotiating options (we’ll get to negotiating shortly).
Check Online Listings
These days, land agents list lands for sale on the online property listing websites. This makes their offerings accessible to a much larger audience than they could possibly reach if they simply waited for people to come by their offices. If you’re looking for cheap land for sale, you should check out property listing sites.
One of these sites is the . There, you’ll find a variety of land and buildings for sale. You’ll also find houses for rent as well. And if you’re a real estate agent, you can upload details of your property there, and have potential clients contact you through it.
Determine The Potential For Increase In Value
It is one thing to find cheap land, and quite another to discover low-priced land that could cost much more in future. You should consider this carefully if you intend to buy land that you can sell for a good profit later on.
Locations that fit this description are often on the outskirts of existing and expanding cities. They are a good investment because the demand for them will likely rise significantly as urbanizing development approaches them. As this happens, their prices will increase substantially as well.
Also, look out for places where important industrial establishments are being built. Future employees at those places will need accommodation that’s close to their workplace, and you could provide the land on which their living spaces will be built.
Negotiate For A Lower Price
Even if you’ve found land that’s on the higher end of your budget (or greater), you could still get its owner to sell it to you for a lower price. This will require you to use some smart negotiation skills. But it’ll be somewhat easier if you know the real estate market in the surrounding area well enough.
For example, if a landlord wants you to buy their land for a price that’s much higher than the district’s average, you can refer to your knowledge of the area and have them lower their price. A fair grasp of market conditions will also give you the confidence that’s required to clinch a deal that’s favourable to you.
You don’t need tens of millions of naira to get started with real estate investing. There’s a lot of inexpensive land with high potential that you can begin with if you search carefully enough. Just be sure to do due diligence before taking any funds on them.Featured Image Source: NaijaHouses
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