Real estate investment can be one of the best investment if you know how to do it right. But if you don’t know how to do it right, it can be the worst investment and you may end up losing your life savings. To help prevent you from being a victim of this ordeal, we will be discussing the biggest mistakes most new real estate investors make in Nigeria.
If you live in Nigeria; especially Lagos state, you must have come across one or two persons who has either been a victim of land scam, land grabbers. These are some of the pitfalls in real estate investment and most investors who fall victim of these pitfalls, do so as a result of mistakes which we will discuss in this article. So without further Ado, let’s dive in.
Biggest mistakes people make when investing in real estate in Nigeria
Thinking You Will Get Rich Quick
On of the biggest mistake most real estate investors make is investing with the hope of getting rich quick. This may be true in other forms of investment, but in real estate, there is no such thing as get rich quick. Of course you will make a lot of money with real estate, but it take time because It’s a long-term investment.
So if you are looking to a get rich quick investment, real estate is not for you.
Lack of due diligence
Another big mistake in real estate is lack of due diligence. due diligence includes running a detailed background check on the property you wish to purchase. Most times, lack of diligence is caused by trust- when you trust people a lot. That is why this ordeal is very common among family members.
Lack of due diligence is the reason people end up buying properties from fraudulent companies, falling victim to a single property been sold and resold to multiple individuals, buying properties with fake titles and documents etc. Always resolve to do your due diligence before signing that cheque and if you don’t know how to go about it, consult an expert. And this brings us to the next mistake…
Hiring/Consulting The Wrong People
Hiring wrong people is very close to lack of due diligence. When you want to consult anybody be it a real estate expert or not, you have be very careful because there are a lot of self acclaimed experts in the field who know nothing about real estate investment. If you hire such person, I’m sorry to say, you are doomed and your money is gone because he will advice you wrongly. Have you heard the saying “blind leading the blind”, that is exactly what this is.
You will both fall into a ditch because he wouldn’t know how to carry out due diligence before investing. But if you use an expert with track records, your investment is sure going to be a success. Never underestimate the value or the guidance of a real estate expert while investing or buying a real estate portfolio.
Real estate is the best investment in Nigeria if you know who to do it right. And to do it right, you need to avoid the mistakes discussed above and most importantly, consult a credible real estate expert before making investing. For proper guideline on how to invest in real estate for maximum profit, contact us @Bethel realtors & Mgt limited on 090… or visit our head office Suites 201 & 202 Akord shopping mall Bogije, Ibeju-lekki. Lagos state.