Investing in the real estate business in Nigeria, is one way to create a steady source of income and a path to creating generational wealth . The real estate sector is currently a booming sector in the country at the moment irrespective of the economic situation.
Firstly,before you go into this business, it is important to make sure you carry out your research and learn everything there is to learn about the business.
What’s Real Estate
A real estate business is one that involves managing, owing, renting out or sales of houses for the sole purpose of making profits.
Whether you are buying an already owned property or building from the scratch, here are some important steps to take before investing into real estate business;
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1. Do your Research
The first thing to do when going into real estate business is to do your research properly. Make sure you get all the information you need. It is important to know and understand what the business entails. You can find information online, on search engines like Google.
2.Pick a sector to venture into
There are different sectors in the real estate business, they include office property, industrial property, retail centres and residential units. If your goal is to get quick returns or long term ones, do your research properly to decide which is best for you.
3. Get your finances
You can get loans from financial institutions or from families and friends. When approaching any financial institution for loan, make sure you have a feasible plan and the necessary documents required.
4. Get a trustworthy agent
There are tonnes of agents in the country at the moment, it is important to find trustworthy ones. When you meet an agent, run a background check on them if possible check for reviews about them online. Do not work with anyone who seems not trustworthy.
The acquisition stage begins with a pre contract stage .It helps you discover the nature of the property, the physical condition of land or properties, whether it’s government owned or not. After all investigations has been carried out and all satisfactions are met, you can then legally purchase the property
6. Get Insurance
Find an insurance company to get coverage for properties. Make a research on different insurance companies available and decide on the one most suitable for you to work with.
7. Register your business
Register your business with the corporate affairs commission(CAC) and get a certificate of incorporation.
The real estate business is a lucrative business sector, like every other sector, it can be tedious for a first timer. With the right guidance and hard work it will pay off in the long run. Feel free to share this article