Anyone can invest in real estate. Whether you are first time buyers or not.
The problem of economic transitions affects everyone, not just one class.
Yet, a lot of people like you are searching for a more lucrative venture that guarantees security and stability in their finances.
However, let’s see how first-time buyers like you can jump into these opportunities that guarantee financial wealth.
As first time buyers – head to where the population is
For instance, there are numbers big real estate investors look at, maybe you should too.
Okay?
Maybe let me share the secret with you.
When assessing the property market, it is probably worth paying heed and having a glimpse before making that next property investment move.
Why? It’s simple.
If you are to predict the movements in the property market sometimes it’s difficult as you never know when some unexpected event will occur and cause a significant change.
Covid is a prime example, with nobody anticipating the boost it would give the Nigerian property market.
This means, that forecasting is not an exact science, but there are several figures big real estate investors watch to get an idea of where the market may be headed.
That’s population growth.
Why?
Because population growth drives demand for housing, particularly migration.
Take, for instance, Ibeju-Lekki
According to research, the population growth and identified properties in Ibeju-Lekki from 1991-2006 increased by 250% in demand output.
That’s a lot of numbers.
Also, if we are to judge by recent data…
On a development scale?
We can easily say several major initiatives are happening on the Ibeju-Lekki axis right now.
Right?
Talking about:
✅ The Lekki Free Trade Zone
✅ Dangote Refinery
✅ Deep Sea Port
✅ Lekki-Epe International Airport
And the projected Lagos Smart City to mention a few.
Meaning that…
It is anticipated that these initiatives will draw businesses and investors, generate thousands of new jobs, and raise local housing demand.
Right?
Also, a vast economic area, such as the Lekki Free Trade Zone will house several businesses, factories, and industries.
This means the zone will draw a lot of economic activity and generate over 200,000 employees.
By calculation…
Since there will be a greater demand for homes as a result of these developments.
The result?
The local real estate market is anticipated to grow and skyrocket.
It’s just that simple.
Have all the facts
It costs money to be ignorant.
Nigerian real estate is governed by several rules and guidance.
This means you have to keep abreast of market dynamics, industry trends and new policies.
To do this.
You have to seek legal advice about the property that fits your portfolio or seek legal counsel to manage risks and navigate complexity.
The reason is simple…
It helps you gain a competitive edge and be able to adjust to changing market situations with continuous learning.
Because you don’t have time to check the time, so don’t wait until it passes you by.
Explore many facets of real estate investing
When it comes to investing, real estate is a solid choice.
Why?
Because it is an excellent option for long-term growth in addition to having a low connection with the other main asset classes.
In actuality, real estate often appreciates during economic downturns.
Additionally, rental properties will continue to rent even in shaky economic times, unlike equities, which might stop paying dividends during a downturn.
For this reason.
Putting every one of your eggs in one basket might not be the best decision.
The next step?
Diversify your portfolio…
Why did I say so?
The biggest mistake that first-time buyers like you make is they focus on buying a property once and they never buy again.
For example, let’s say you invested in Gemstone 1 estate in Ibeju-Lekki right now or before now.
It doesn’t mean you shouldn’t look at other properties than the brand sells.
Tomorrow, you can decide to invest in Bulverton Estate just to diversify your property portfolio.
Do you know why?
Doing so helps to maximize your possible returns while simultaneously spreading the risk.
It’s a simple maths.
This means, the greater the volume of the properties you buy, the higher your returns over the years.
Seek for those that understand the industry
Anytime you have the opportunity to meet established figures in the industry.
Take the moment to establish connections.
By doing so, you can have access to exclusive relationships and insightful information.
Research the market
Whether you are a seasoned investor or a first-time buyer, before starting your buying journey, the best place to start is by doing some thorough groundwork and research
Researching the real estate market involves more than simply acquiring statistics and industry lingo.
It also entails defining your goals and comprehending the local real estate market to make the best choice possible for your needs.
When starting, it’s critical to know exactly what you want from a location and a property before you begin.
Not that you can’t alter your mind along the way, but having a general idea of what matters most to you will make your buying decision go more quickly.
As property location is the primary factor influencing a first-time buyer’s decision, it’s essential to focus your search on areas that align with your requirements.
Ask yourself questions like? Can I see returns on this property in the next 3 years?
Once you have an idea of the locations and primary factors like returns that are important to you, then it’s a valuable exercise to also explore surrounding areas.
With that, you can easily know whether such property is your ideal needs.