The real estate market is consistently changing. Economic conditions, time frame and so much more. This could make it hard for a new investor to know when to invest and the right time to get started. The longer you wait, the less time you must invest and have your money grow for you. Just remember, due diligence is key.
Investing always requires a lot of research because of the risk that comes with it. However, one of the safest options a person should consider is investing in real estate. Speaking about due diligence, it is a very important aspect of deciding when to invest in real estate or any kind of investment. This means doing your homework before signing on the dotted line, whether you are thinking of buying bare land, two bedrooms detached, Terrance, etc, there are several things you need to do to minimize risk and maximize your return on investment.
According to Sam Shepard, everyone wants a piece of land. it’s the only sure investment. It can never depreciate like a car or a washing machine. The land will only double its value in less than 10years.
What is the most important factor when it comes to investing in real estate? To some, the answer is location, but some other factors are equally important to consider which have a major effect on the long-term profitability of your investment.
For new investors, it can be easy to fall into trap of thinking that there is only one way of making money from real estate, that is buying at a low price right before it booms. For sure, if investing in a property runs in your blood and you have a nose for real estate, there’s good money to be made by timing the market.
The answer is quite simple: you invest when you feel comfortable and well prepared. Chances are, at one point or another, you’ve probably felt anxious about investing in a property at a bad time. That’s great! That means you are taking one of the most important investments seriously. As there is some pertinent information that would guide you on knowing the appropriate time for investment, such that you are aware of the information before buying that house or land especially in Lagos or any part of the world.
Location is king and would continue to be the most important for the profitability in real estate. Location in terms of proximity to certain amenities, medical center, recreation spot, nearness to the market, transportation hub, etc. if such property doesn’t have access to one or more of these common utilities, the property may not be the most ideal for you and that time for investment might not be the appropriate time to invest. Who wants to buy land or a house where the road is bad, or the drainage system is nothing to write home about?
So how can you invest in a property with confidence and at the appropriate time? It’s about getting your facts and finance ducks in a row. That’s why, when your property investing strategy is focused on time in the market, it’s a good time for you to invest if you are completely confident in your finance. Telling you that there isn’t a bad time to invest in real estate is a bit of a cliché and it doesn’t give you the whole picture. The point is that when you’ve got your finances in order, holding property and spending time in the market will make almost any investment a good investment.
Let’s talk about the season. Here in Nigeria, we have the dry and rainy season, and the rainy season is usually the toughest season of the year. we also have harmattan and sunny seasons but rain in Nigeria especially in Lagos is always an issue as flooding becomes residents on our streets and even for some people in their homes.
Let’s say, for instance, that it is compulsory for you to move courtesy of a new job; Sooner or later, you are beginning scouting for apartments to buy or rent. Whether you have a realtor’s number or check out an apartment, one thing you must consider is the “Lagos is a different city” when it’s rainy season.
When it rains in Lagos, the ambiance is different, roads turn into streams, gutter turn into mini lakes, traffic builds, etc. so while making plans to move into a new apartment, you must do right by going for an inspection yourself if you can. During the rainy season, as you go for inspection, you get to feel the area, check out that the street is tarred if the drainage system is working fine, and regular amenities are working perfectly. After you are satisfied with your inspection, your questions are correctly answered, then you can invest; That is the appropriate time for you to invest.
Real Estate investment is a significant investment of time. Fixing up a property isn’t easy as even basic maintenance is a regular task you’ll have to keep up with. You must get to know your local real estate market. The better you know the neighborhood, the location, amenities, etc. the most likely you are to make a smart purchase.
You can get started by going through our website, the leading marketplace in real estate investment. We make investment amazingly easy. You can go through our catalog of homes and lands and click on the ones that might interest you. Each Estate is embedded with important details like current rent, location, and more.