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How Some Nigerians Abroad Who Want To Buy A Land In Lagos Nigeria Ruin Their Real Estate Investment Goals…And How You Can Avoid It

Are you a Nigerian Abroad who want to buy a land in Lagos Nigeria and you want to get it right ? then read this article

You have hustled so hard for your money, and being away from your country, you are maybe just too busy or maybe less informed about the process on how to partake in other investment opportunity and you just don’t welcome the idea of leaving your money in a foreign country for too long.

I am very sure that you can relate to that scenario.

So as a smart Nigerian which you are, you have practically decided to buy a land in Lagos Nigeria. But you practically don’t have an idea of how to go about it and you decided to run it your own way.

However, your own way of purchasing landed property in Nigeria, might somehow at the end of the day destroy your investment goal in a twinkle of an eye, even before you knowing it, Which is why I have decided to write this article to you today on some simple and common ways some Nigerians who stay abroad may be ruining their real estate investment journey and how you should avoid it.

Now See the 4 Basic Ways You May Be Sabotaging Your Real Estate Investment Goals…

1. I Will Buy When I Come To Nigeria

Now one of the top response I normally get from people who stay abroad is ”I will buy when I visit”

You see, one thing you have to understand is that real estate wait for no man. In developing areas like Ibeju Lekki, the rate at which properties appreciates is just so fast that if you delay a minute, you may happen to buy that same property times two of the old price.

And I don’t think anyone will prefer that.

Now, property appreciates because of some factors and development is practically one of them.

In simple terms, the more development that happens on a land, the higher the price.

A practical example is Amen Estate Phase 2 which gone up from Twelve Million Naira (N12m) in early 2018, and then June 2019, was selling for Fifteen Million Naira (N15m).

So now assuming you’ve practically wanted to make investment in Amen Estate Phase 2 in 2018 when it was still selling for Twelve Million Naira (N12m) but you decided not to buy it until when you come down to Nigeria in 2019, you would buy at the rate of Fifteen Million Naira (N15m)

This is an additional increase cost of Three Million Naira (N3m). meanwhile, if you would have purchase it in 2018 then by the time you visit Nigeria for inspection of it, your property would have appreciated by a whopping Three Million Naira (N3m)

So when you decide to purchase property by the time you visit Nigeria, you may actually be paying more.

2. Someone Will Inspect For Me

Yes, there is nothing wrong with this, you aren’t in the country to physically inspect the property you developed interest in buying, right? So therefore the next option is to ask a friend or relative to go inspect the property on your behalf.

In as much as nothing is wrong with this fact, you may actually be ruining your property acquisition process, if serious care isn’t taken.

Firstly, since your friend or relative isn’t the one purchasing it, they won’t have serious interest in it and may take them forever for them to be available for the inspection.

Secondly, a lot of people leave the decision for the person who is doing the inspection for them. In most cases, this actually ruin their real estate investment goals. Because only you in person know and understand the reason why you want to buy the property, but your friend or relative doesn’t know.

Your purpose for buying the property might be for investment because of a certain development in that area, but your friend might get there and tell you it is too far, and afterwards, your next decision will be based on the feedback you get from them.

So now, what is the solution to this problem?

You have your reasons and purpose for buying a particular property, don’t let someone else make a dictation for you.

Their job is just for them to go and see if the property actually exist or not, and then make a confirmation if all that you’ve been told about the property is actually correct.

You see, we are in the information technology age, and personally I use this tech several times to ease property acquisition. Therefore you can inspect a particular property without you having to be there in person.

For the record, plenty of my real estate clients are those who stay abroad, and many of them never did physical inspection before proceeding with payments.

Personally, here is how I help people who stay abroad through their property purchase without physical inspection in just 5 simple steps:

1.We choose a particular time that is convenient enough for us and I will go to the property to do a live video call.

Most of the times I will do a live video of the neighborhood for some who made request for it.

2. Then, together we will choose a desired spot on the estate layout. This is the spot that will be allocated to them.

3. Then they proceed with the payment process

4. I will also proceed with their land documents. Now at this very stage , I do send the documents to those that made request for it, while some direct their friends or their relatives to pick up for them. And some prefer I should keep it for them till when they visit.

5. And on the very day of physical allocation of plots, their friends/relatives represent them. Some, I will have to represent them with a live video for them to see the process live.

With the internet, there is a guarantee that things will be done easily for you, yet still, you have to be very careful with this method in order not to fall a prey to fraud.

If it is this option you are going for, feel very free to talk to me, I will sure put you throughout the whole property process.

You can as well ask a friend or a relative to go inspection on your behalf, and as well get me do the live video at the same time.

Now take note of this…

The most important aspect is making sure you send someone who has the same investment foresight or view for the inspection.

With the internet, there is a guarantee that things will be done easily for you, yet still, you have to be very careful with this method in order not to fall a prey to fraud.

If it is this option you are going for, feel very free to talk to me, I will sure put you throughout the whole property process.

You can as well ask a friend or a relative to go inspection on your behalf, and as well get me do the live video at the same time.

Now take note of this…

The most important aspect is making sure you send someone who has the same investment foresight or view for the inspection.

3. My Friend or Relative Has the Final Say

Well, I believe it is very normal and right to trust a friend or relative, especially the one which you have bestowed the duty to inspect a property on for you here in Nigeria.

Yes, I totally agree with that, but here comes the big question…

Do they have the same investment foresight or view as you do?

Do they know the purpose of your buying?

In the past, I have met clients who requested that their friends or relatives go with me for the inspection, and at the end of each inspection, negative feedback was given. While some clients will open up to me, some will not.

Now of those few that happen to open up, distance’ andprone to flood’ did top the feedback.

Why there is nothing wrong with this type of feedback, you accepting and get your purchasing decision based on it is what I don’t seem understand.

Like… As in, are they the one buying the property or you?

`Prone to flood’? most people on their reasoning will think that someday water will wipe out the whole Lagos island and boom, they’ll base their inspection on that.

I sure believe that you might have done your good research on the particular property, in an instance, you were being told that the property is about an hour drive from Ajah and you’ve known that too well already.

Then someone you sent to inspect is coming from Iyana Ipaja (Lagos mainland)

At this point the persons’ distance will be tripled and the person might actually be judging from his/her own view telling you it is too far.

Too far from where exactly?

Not to mention that some friends or relatives wants to eat your money.

Also secondly, aside from the distance, the person may not actually have the same level of foresight or view like you do have. He/she may not also have the idea or know the actual reason why you are buying the property.

The person might get to the site and see bushes, instead of having the view of the goldmine which is about to explode, which will surely shoot up property value in the area.

Now you basing your buying decision in that kind of a negative feedback might deprive the chance of owning a very good real estate deal.

Believe me when I say many has lost good opportunity because of such reasoning and up till now, they are still regretting it.

But when once you find an honest realtor who can go extra miles for you, ask all questions and see everything you wish to see, then you can weigh your friend’s feedback with your realtor’s and make an informed decision.

4. Pay Through a Friend or Relative

With a great experience…

Many people make this very mistake while purchasing for real estate in Nigeria.

For some definite reasons, some intending real estate investors find it very hard to trust the property seller.

Well, this is actually Nigeria and I can relate with you.

Also at the same time, I’m not saying that you shouldn’t trust your brother or sister, or your close friend for that matter, but you sending money to a third party for a property purchase may be one the fastest way of losing your money.

Or except if you are buying the property directly from the family, then it is fine.

But if you happen to be dealing with a trusted estate company or developer, I will advice you be smart and wise enough by making the payments directly to the company’s corporate bank account.

And if you can’t transfer from abroad, and you don’t also have a Naira account that you can pay from, you can do well by using financial services like Wave, WorldRemit or TransferWise to send money to Nigeria easily.

When you handle transactions yourself, you will be able to keep proof of payments, and also, avoid losing your money.

All being brought to conclusion, do your best and diligent research on that property that you intend to purchase, hear clearly from your representatives and your real estate consultant before parting away with your hard earned money and you will be safe…

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