• Thursday, April 18, 2024
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What to consider before investing in property- Realtor

What to consider before investing in property- Realtor

Finding a good or perfect property to buy or invest in is not always easy in Nigeria as there are many factors to consider. Some of these factors, realtors say, are location, price, infrastructure, and security.

According to them, whether an investor or buyer is looking for a commercial or residential property, it is essential to do research in order to make an informed decision.

“When it comes to finding the perfect property in Nigeria, what makes a property perfect for you may differ from what makes it perfect for someone else. There are various subjective factors to consider when determining what makes a property perfect for your needs, lifestyle and, most importantly, your overall plan,” Udo Okonjo, CEO, Fine and Country, explained to BusinessDay.

Okonjo listed location as one of the most important factors to consider when looking for the perfect property in Nigeria. Pointing out that the location of a property affects its value, accessibility, and security.
While looking for a property to rent, buy or invest in, she said, it is essential to choose a location that is well-connected to major roads and highways, as well as public transportation just as the proximity of the property to essential amenities such as schools, hospitals, and shopping centres is also to be considered.

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Another critical factor to consider when looking for property in Nigeria is the price. This is because the cost of property in the country could vary widely depending on the location, size, and quality of the property. “You should set a budget for yourself and stick to it when looking for a property to avoid overspending. It’s also important to compare prices of similar properties in the area to ensure that you’re getting a fair deal,” Okonjo advised.

According to her, infrastructure is another important factor to consider when looking for property, saying that good infrastructure is essential for the comfort and convenience of residents or businesses in the area.
Factors to consider in this respect include access to clean water, electricity, and internet connectivity. Looking out for developments in the area such as new roads, bridges, or airports, as this can increase the value of your property.

Security

For safety of lives and properties, security should be another crucial factor to consider when looking for a property to buy in Nigeria. The buyer or investor should choose a location with a low crime rate and a good security presence.

“You can check the security situation in the area by speaking to local residents or contacting the police. You should also ensure that the property has adequate security features such as CCTV cameras, alarm systems, and secure gates,” Okonjo said.

In terms of determining whether a property is good or perfect, she advised that the buyer or investor should consider the size and layout of the property as these could be essential in determining whether it’s perfect for her.

“The property’s size should be adequate to accommodate your family or business needs, whether you require a large or small space. The layout of the property should also suit your needs and preferences, such as having enough bedrooms, bathrooms, or office space,” she said.