If you are a hardworking adult Nigerian who is earning some amount of money each month and has always wondered about real estate, then this article is for you. Whether you are interested in owning a home, good office space or simply looking for a great investment vehicle, you need to know one thing. What’s the ‘real’ in real estate?
I have come to realize that most people are discouraged when they think of the possibility of owning property. They dispel the thought of it on the premise that it is outside their possible reach. The truth is that it can be expensive and complicated. And with the fraudulent activities of some shady developers, it’s easy to see why people are even more discouraged. But I wish to reassure you that it is possible for ordinary people like you and me to own property. It’s been done before and you can make it happen for yourself. Yes, it is expensive. Yes, it can be complicated. But it can also be simplified. It can still be affordable. And it is always a good investment. This is the ‘real’ of real estate.
So where do you start?
- Knowledge: It is power, and in the world of real estate this couldn’t be truer. No one goes in knowing everything they need to do and exactly how to. The difference between those who succeed and those who don’t is the knowledge they commit to gaining. Don’t just go off on someone’s say-so. Create your own learning experience. The more knowledge you have, the easier it will be for you to make good and profitable decisions. So, stay informed. Read, ask questions, research, try.
- Mortgage: Don’t rule out the possibility and benefit of getting a mortgage loan. Utilize the opportunity instead. Mortgage makes it easy to acquire a home today. Most mortgage institutions now only require individuals to earn N300,000 per annum or around 28000 per month. With the minimum wage now capped at N30,000, it is very possible for most people to get a mortgage without a lot of difficulties. Just ensure to find a home with a modest cost. But if you’re reading this and you are not earning that much yet, then my next point can help you too.
- The power of saving: Too often people say they don’t have enough to start saving. Or they say they don’t know how to save. But there is power in saving! Put your money in a separate account, or leave it with someone you trust, to avoid temptation. It doesn’t matter how little you can pull out to save. Save what you can afford to save. The difference between 999,999 and 1,000,000 is 1.
- Some risk and some fear: Having some risk and some fear leads you to careful calculation. It’s not a bad thing to take risks but don’t let your appetite for high returns lead to a bad decision. Likewise, being too careful can stop you from seeing just how far you can go. So, strive for a healthy balance, then take action.
- Start with what you have: There’s nothing wrong with starting small if that is what you can afford. Be real and don’t go bankrupt trying to buy a 6 bedroom fully detached duplex with 3 floors. You can start with a one or two bedroom flat. Or a small office space. But don’t ever think that what you have is too small to use. Everyone starts somewhere. Every dream is built.
Owning property doesn’t have to be tricky or confusing. You can get what you want out of the real estate industry in Nigeria. And you don’t need to have loads of money or be a politician. You just need to know what’s the ‘real’ with real estate.