If you are interested in venturing into investment property or having a piece of your own real estate and joining the Landlord/Landlady community in Abuja, here are five steps to get you started .
BUYING AN INVESTMENT PROPERTY
There are a handful of things to look out for when purchasing an investment property. Abuja Is filled with so much of these, but one has to apply caution before purchase.
You have to make sure the property you are buying has enough potential to produce a positive cash flow with the current market conditions. You should also take note of the following;Properties with a High Investment return
- Facilities should be in good conditions
- Proximity to city center
- High Security Level
- Good road networks
- Water and Light availability etc
You have to calculate or plan on how much you want to earn to make your purchase worthwhile.
With so many competitors in and around Abuja environment, you have to cut out financial projections for your property making sure to get ready for unexpected expenses that might arise.
Here are some common expenses you may encounter when venturing into real estate: Property and rental income tax
- Maintenance costs
- Insurance for accidents
- Mandatory inspection and registration fees
BE READY TO MOVE-IN
Ensure property is in a good shape to be readily used by prospective tenants. Ensuring the property is in good shape and conditions, sets up an attractive and welcoming environment to people.
Here’s some advice to prepare you:
Fix any problem on the property: broken stairs, railings or equipment should be fixed. Also damaged walls or floors should be replaced.
Keep property clean: keeping the property clean by sweeping, vacuuming and cleaning all surfaces invites a positive outlook on the property and increases value.
PROPER MARKETING FOR PROPERTY
With so many property developers and marketing agents in Abuja, it has become one of the hottest zone for property marketers and real estate managers.
To ensure maximum results in investments, listing and marketing of properties is essential.
Here are some steps to keep you ahead;
- Put up high quality pictures in catalogues and brochures
- Write a convincing rental ad that showcases your strong points and features.
- Be available to prospective buyers through house opening and application filling.
- Make use of a reliable real estate agent.
UNDERSTAND THE LAND LAWS
Abuja like most parts of Nigeria is governed by land laws. This might vary from state to state so it’s important one has a concise knowledge of this before getting a property.
Being familiar with these laws would help prevent legal issues.
An easy way to bypass all these would be to use the services of a real service agent.
We at Brent Housing are here to make the transition from a tenant to a landlord seamless for you.
Contact us now on 09023330000 to get started.