REAL ESTATE INVESTMENT MISTAKES TO AVOID AS AN INVESTOR
If you’re just getting started in Abuja real estate investment, don’t expect to become an expert overnight.
Many new investors understand the benefits of owning real estate but don’t have millions of naira in the bank to help them get started.
At Brent Housing, we offer numerous opportunities for you to get into real estate investment in Nigeria without breaking the bank.
Yes, it is true that you can make money buying and selling properties and at Brent Housing we offer you an endless list of options for investment opportunities. However, it takes knowledge, determination, and skill to thrive in this industry. It also helps to know some of the classic mistakes that others make while getting into Abuja real estate investment to help you avoid making them too.
Here’s a look at some of these mistakes;
FAILING TO MAKE A PLAN
The last thing you want to do is to make a real estate investment decision without deciding beforehand what you intend to do with it. When there’s a hot market, it can be hard to resist buying frenzy, but it’s important that you do. Before getting into the thick of the Abuja real estate investment, it is important to decide on an investment strategy and what type of house you are looking for. Also, figure out your purchase plan and then look for properties that fit your criteria and budget.
SKIMPING ON RESEARCH
Before buying a car or a phone, most people compare different models, ask a lot of questions and try to determine whether or not the purchase they are considering is worth the price. The due diligence that goes into making an Abuja real estate investment should be even more rigorous. Not only does it make sense to ask a lot of questions about the property, but you should also inquire about the area where it is located.
Some questions important in making real estate investment decisions include;
- Is the property near a commercial site, or will long-term construction be happening in the near future?
- Does the house have a foundation or permit issue that needs addressing?
- Why is the homeowner selling?
- What is in the house and what must be replaced?
- How much did the previous owners pay for the home and when?
FORGETTING THAT ALL REAL ESTATE IS LOCAL
You need to learn about the local market in order to make purchase decisions that are likely to help you turn a profit on your real estate investment. That means drilling down on land values, home values, levels of inventory, supply and demand issues, and more. Developing a feel for these parameters will help you decide whether or not to buy a particular property that comes up for sale.
OVERPAYING ON REAL ESTATE DEALS
Searching for the right house can be time-consuming and frustrating. When prospective buyers finally find a house that actually meets their needs and wants, they are naturally anxious to have the seller accept their bid. The problem with being anxious is that anxious buyers tend to overbid on properties.
To find out whether or not your dream real estate investment has a too high price tag. Start by searching what other similar homes in the area have sold for in recent months. A real estate broker should be able to provide this information with ease.
The bottom line is that if real estate investment was easy everyone would be doing it. Fortunately, many of the struggles investors endure can be avoided with due diligence and proper planning. This is why at Brent Housing, your real estate investment success is our priority, with offers and products that help you make the best investment decisions.
Join us today to learn more about Brent Housing.
