Real estate is a very lucrative form of investment for the right investor or buyer. However, it takes a level of expertise to know the exact parameters to look out for, when acquiring a property. Real estate in Nigeria requires extra caution, and It is often advisable to get a real estate consultant involved to help you make the right decision. This will help you achieve your investment objectives, and get a massive return on investment. Here are 5 parameters you should look out for, before you buy;
- Verify the authenticity of the seller: To be sure you are not being defrauded into buying a stolen property, it is best to verify the authenticity of the seller. Be sure that person or developer has a good portfolio, and you have good legal protection when making this transaction, to ensure your financial safety.
- Ensure there’s proper documentation: Ensure the proper documentation of your property is in place to verify the information given to you about the property. Documents like; Certificate of Occupancy, Deed of assignment, Survey plan, receipts and payment, and power of attorney (if applicable), should be made available.
- Location, Price and Size : These are crucial metrics to check before purchasing a property. The location is important for accessibility and commuting to work, services and facilities. It also determines the security and safety of the area. The price of the property is important to check before making a purchase. Assess that you are getting a good value for your money. Also ensure that it falls within your budget, so you can afford associated costs that may arise. The size and layout of a property determine its suitability for your needs and lifestyle. Checking the size of the property helps ensure that it meets your space requirements and preferences.
- Capital Growth: For investors looking to invest in a property, the growth potential of a property needs to be assessed before making a purchase. In prime cities like Lagos and Abuja, the returns on investment are higher. Alternatively, you can purchase properties for cheap in emerging neighborhoods ahead of the competitive demand. Remember, the key is to buy property and wait, not wait to buy.
- Inspect the Property: To ensure that you are getting your money’s worth, it is important to physically assess the land, home or commercial space you are buying. This provides more clarity of the said property, and will tailor your decisions on how best to manage the property.
These parameters mentioned will help tailor your choice in getting an ideal property that suits your needs. To be sure of the best properties, you can acquire from Jemras Homes, as we’ve got all types of real estate properties to meet your needs. Remember that real estate is a very lucrative venture if done the right way, so thread carefully and seek insights from professionals where necessary.