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1. Understand the Nature of the Property

Investors want to get the best value for their money. And this often translates to the best return on their investment. With this in mind, you want to evaluate the potential growth in investment in a particular area before you throw your hard earned money at it. Growth range is between 5%-30%. Why get less when you can get more? Choose your investment location wisely.

2. Research Who is Selling

Always keep the following questions in mind: “Who is the owner of the property?” “Who is selling the property? Is it the owner, the owner’s wife, son, daughter, or someone else?” “Who’s name appears in the documents? Is it the current owner or the previous owner?” “What liabilities currently exist on the property?”

3. Verify the True Owner

Before you buy a plot of land or a completed building, be sure to conduct what is called a “search” on the property. This is the process of verifying from the state government if the property in question is within government acquired properties or not and whether there are any pending litigation or other issues on the property. The bureau of lands of Lagos state is responsible for all land related matters in Lagos state. It also has office in Government secretariat Alausa Ikeja Lagos Nigeria.

4. Make Payment and Collate the Right Documentation

Pay the property amount to the property owner, then collect the (a) purchase receipt (b) the contract of sales (c) the building plan (d) originals of other relevant documents in possession of the previous owner

5. File the Documentation for Your New Purchase With the State Government

It’s important to do this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O (certificate of Occupancy), you’ve got Governor’s consent for it which is great. If it does not, then you start processing your C of O as soon as possible.

6. Appoint An Estate Agent to Help Manage the Property

You safeguard your investment when you do this especially if you live outside Lagos Nigeria or overseas. Folks who have invested big time in Lagos Nigeria real estate have found that it has been one of the wisest decisions they made in their lifetime.

The post 6 Key Steps to Take When Buying a House or Land Property in Nigeria appeared first on 9japroperty.

However, it is also important to know when to sell. While it might be desirable to buy and hold forever, that may not be the wisest and most practical position to take in all situations. You could lose more by holding on to what you should let go off. Understanding this delicate scenario could save you millions and could make you millions. Lack of this knowledge could also cost you dearly.

When you decide to enter the investment arena, one realises that nothing is absolutely certain. There are several factors that are outside the full control of every investor that could positively or negatively affect the value of your investment or the likely outcome. When expected and unexpected factors favour your investment, you do not need too much analysis to decide what to do. You can decide to hold on to the investment longer and watch it gain more value. You can also decide to access the value appreciation fully or partially.

Most experienced investors engage in regular evaluation of their property portfolio in line with their goals as well as available information. They know that sometimes they need to sell off bad property purchases or those performing below expectation in order to channel more resources to those investments with better possibilities. There could be new facts that could reshape an investor’s opinion of a property investment. For instance, government policies or projects could help boost the prospects of an area.

One common ground for selling properties is when it is a bad purchase in the first instance and you decide it is better to let go .Yet this is not an automatic indicator of when to sell since some bad purchases are better managed by patience rather than haste.

In letting go too soon, you may incur more losses but in holding on a little longer you might even turn a loss into a gain. For instance, if you bought a property during a peak period that was followed by a slowdown in growth, it may be more pragmatic to wait a while for the prices to pick up a little rather than sell in a panic.

Real estate investment can be very forgiving if you have the patience to wait especially when you have bought the right location. In cases where you bought the right property at the right location but bought at a much higher price than its value if you can wait for a few years the property will eventually appreciate beyond the initial purchase price. It is also possible that you might have entered the real estate investment cycle just before property prices dropped, if you can hang in a little longer the season will change.

There are times when the issues may be a fundamental one such as buying a property in the wrong location or buying the wrong property. An example of this occurred when an investor bought a building with the intention of renovating it and then flipping it only to discover that the property had major structural problems that go beyond renovation.

The only way forward was to demolish the entire building and rebuild .This comes at a significantly higher cost than earlier budgeted. The investor had to make a decision between letting go and investing more.

There are times when the cost of holding on to a property comes too high or is resulting in a loss to the investor. This reminds me of the unfortunate experience of an investor whose large rental property was not yielding any income to him not because he lacked tenants but because the tenants choose not to pay him rent for several years. The property was a source of continuous stress to him due to management issues. After changing from one agent to the other he eventually got tired of having such a challenge and decided to sell the property.

Unfortunately, most investors are caught napping in the midst of action. They either hold on indefinitely to all kinds of properties or they dilly-dally on selling until the right time passes by. There are times that some once in a lifetime opportunities come by to make above market value profit if you sense the timing and respond accordingly.

This is especially true during times of rapid property boom. Wise investors use such times to maximise returns on strategic investments and reposition themselves for the future. In summary, there is really no hard and fast rule as to when you absolutely must sell. It all depends on a combination of your goals, information and that sometimes elusive thing called opportunity.

PUNCH.

The post When to sell a property appeared first on 9japroperty.

Pre-Screen

Before you allow anyone into your property, you should always pre-screen them. Not only can this help increase your safety, it can also help you from wasting time showing the property to people who are not qualified to rent or buy it. Pre-screening could be as simple as asking some qualifying questions over the phone. Examples of valid questions to ask over the phone include:

What is your name?
What is the best phone number to contact you?
Why are you moving?
When would you expect to move-in?
How many people will be living in the property?
What is your monthly income?
It is important that you ask every prospect the same qualifying questions and that you do not ask anything that is considered discriminatory under the Fair Housing Act.

You could also have the applicant fill out a pre-screening application form, which would basically include the same types of questions you would ask over the phone. The applicant could email or fax the application back to you. If an applicant seems hesitant or unwilling to answer these simple questions, they are not someone you will want to show the property to.

Daylight Is Your Best Friend

If possible, you should show the property when it is still light out. Granted, many people will only be able to see the property after they get off of work, which is usually after 5 or 6 P.M., which may or may not still be light out depending on the time of the year and the part of the country you live in. You should be OK showing the property at these times because neighbors should be around or also getting home from work.

You should definitely avoid showings at odd hours, such as at 10 P.M. at night. During any showing you should keep all curtains and shades open to help deter any criminal or suspicious behavior.

Don’t Give Your Last Name

You should not give prospective tenants or buyers your full name. They could use it to try and impersonate you or could easily use the internet to find out a lot of personal information about you. Simply using a first name with a buyer or tenants is more than acceptable until you are signing actual contracts with them.

Hide All Mail/Important Documents

When showing property, you should make sure all mail and important documents are out of sight. You do not want to tempt anyone to look through or even steal your documents.

Leave the Flashy Car at Home

Whether you have one dollar in the bank or one million, your personal wealth is no one’s business but your own. When showing property, you want to leave the flashy jewelry and cars at home. People with ill intentions are looking for these signs of wealth. You should also keep the bare minimum in your wallet. Do not carry around every credit card you own or excessive amounts of cash.

Never Leave Them Unattended

When showing property, never leave the prospective buyer or renter in the property unattended. This is especially true if the property is currently occupied because there will be objects and documents that can easily be stolen. You can give the people viewing the property space to walk around so they do not feel like you are smothering them, but you should always have them within eyesight.

Secure the Property After the Viewing

If the individuals open an exterior window or door, make sure you lock it after them. It can be easy to overlook this, but it is a very simple way for the prospective buyer or renter to gain access to the property at a later time if they have intentions of stealing from the property.

Program 911 into Your Cell Phone

You should always make sure your cell phone is fully charged before a showing. Secondly, you should have 911 programmed into your phone. If anything goes wrong, this will help save you valuable seconds.

Trust Your Gut

Finally, if something does not seem right, you should trust your instinct. If five grown men show up to look at a one bedroom apartment wearing gloves in the middle of summer, something is probably a little off.

The post SAFETY TIPS WHEN SHOWING PROPERTY appeared first on 9japroperty.

Before you allow anyone into your property, you should always pre-screen them. Not only can this help increase your safety, it can also help you from wasting time showing the property to people who are not qualified to rent or buy it. Pre-screening could be as simple as asking some qualifying questions over the phone. Examples of valid questions to ask over the phone include:
What is your name?
What is the best phone number to contact you?
Why are you moving?
When would you expect to move-in?
How many people will be living in the property?
What is your monthly income?
It is important that you ask every prospect the same qualifying questions and that you do not ask anything that is considered discriminatory under the Fair Housing Act.You could also have the applicant fill out a pre-screening application form, which would basically include the same types of questions you would ask over the phone. The applicant could email or fax the application back to you. If an applicant seems hesitant or unwilling to answer these simple questions, they are not someone you will want to show the property to Daylight Is Your Best Friend

If possible, you should show the property when it is still light out. Granted, many people will only be able to see the property after they get off of work, which is usually after 5 or 6 P.M., which may or may not still be light out depending on the time of the year and the part of the country you live in. You should be OK showing the property at these times because neighbors should be around or also getting home from work.You should definitely avoid showings at odd hours, such as at 10 P.M. at night. During any showing you should keep all curtains and shades open to help deter any criminal or suspicious behavior.
Don’t Give Your Last Name

You should not give prospective tenants or buyers your full name. They could use it to try and impersonate you or could easily use the internet to find out a lot of personal information about you. Simply using a first name with a buyer or tenants is more than acceptable until you are signing actual contracts with them.
Hide All Mail/Important Documents

When showing property, you should make sure all mail and important documents are out of sight. You do not want to tempt anyone to look through or even steal your documents.
Leave the Flashy Car at Home

Whether you have one dollar in the bank or one million, your personal wealth is no one’s business but your own. When showing property, you want to leave the flashy jewelry and cars at home. People with ill intentions are looking for these signs of wealth. You should also keep the bare minimum in your wallet. Do not carry around every credit card you own or excessive amounts of cash.
Never Leave Them Unattended

When showing property, never leave the prospective buyer or renter in the property unattended. This is especially true if the property is currently occupied because there will be objects and documents that can easily be stolen. You can give the people viewing the property space to walk around so they do not feel like you are smothering them, but you should always have them within eyesight.
Secure the Property After the Viewing

If the individuals open an exterior window or door, make sure you lock it after them. It can be easy to overlook this, but it is a very simple way for the prospective buyer or renter to gain access to the property at a later time if they have intentions of stealing from the property.
Program 911 into Your Cell Phone

You should always make sure your cell phone is fully charged before a showing. Secondly, you should have 911 programmed into your phone. If anything goes wrong, this will help save you valuable seconds.
Trust Your Gut

Finally, if something does not seem right, you should trust your instinct. If five grown men show up to look at a one bedroom apartment wearing gloves in the middle of summer, something is probably a little off.

The post Safety Tips When Showing Property appeared first on 9japroperty.

Pre-Screen

Before you allow anyone into your property, you should always pre-screen them. Not only can this help increase your safety, it can also help you from wasting time showing the property to people who are not qualified to rent or buy it. Pre-screening could be as simple as asking some qualifying questions over the phone. Examples of valid questions to ask over the phone include:

What is your name?
What is the best phone number to contact you?
Why are you moving?
When would you expect to move-in?
How many people will be living in the property?
What is your monthly income?
It is important that you ask every prospect the same qualifying questions and that you do not ask anything that is considered discriminatory under the Fair Housing Act.

You could also have the applicant fill out a pre-screening application form, which would basically include the same types of questions you would ask over the phone. The applicant could email or fax the application back to you. If an applicant seems hesitant or unwilling to answer these simple questions, they are not someone you will want to show the property to.

Daylight Is Your Best Friend

If possible, you should show the property when it is still light out. Granted, many people will only be able to see the property after they get off of work, which is usually after 5 or 6 P.M., which may or may not still be light out depending on the time of the year and the part of the country you live in. You should be OK showing the property at these times because neighbors should be around or also getting home from work.

You should definitely avoid showings at odd hours, such as at 10 P.M. at night. During any showing you should keep all curtains and shades open to help deter any criminal or suspicious behavior.

Don’t Give Your Last Name

You should not give prospective tenants or buyers your full name. They could use it to try and impersonate you or could easily use the internet to find out a lot of personal information about you. Simply using a first name with a buyer or tenants is more than acceptable until you are signing actual contracts with them.

Hide All Mail/Important Documents

When showing property, you should make sure all mail and important documents are out of sight. You do not want to tempt anyone to look through or even steal your documents.

Leave the Flashy Car at Home

Whether you have one dollar in the bank or one million, your personal wealth is no one’s business but your own. When showing property, you want to leave the flashy jewelry and cars at home. People with ill intentions are looking for these signs of wealth. You should also keep the bare minimum in your wallet. Do not carry around every credit card you own or excessive amounts of cash.

Never Leave Them Unattended

When showing property, never leave the prospective buyer or renter in the property unattended. This is especially true if the property is currently occupied because there will be objects and documents that can easily be stolen. You can give the people viewing the property space to walk around so they do not feel like you are smothering them, but you should always have them within eyesight.

Secure the Property After the Viewing

If the individuals open an exterior window or door, make sure you lock it after them. It can be easy to overlook this, but it is a very simple way for the prospective buyer or renter to gain access to the property at a later time if they have intentions of stealing from the property.

Program 911 into Your Cell Phone

You should always make sure your cell phone is fully charged before a showing. Secondly, you should have 911 programmed into your phone. If anything goes wrong, this will help save you valuable seconds.

Trust Your Gut

Finally, if something does not seem right, you should trust your instinct. If five grown men show up to look at a one bedroom apartment wearing gloves in the middle of summer, something is probably a little off.

The post Safety Tips When Showing Property appeared first on 9japroperty.

Pre-Screen

Before you allow anyone into your property, you should always pre-screen them. Not only can this help increase your safety, it can also help you from wasting time showing the property to people who are not qualified to rent or buy it. Pre-screening could be as simple as asking some qualifying questions over the phone. Examples of valid questions to ask over the phone include:

What is your name?
What is the best phone number to contact you?
Why are you moving?
When would you expect to move-in?
How many people will be living in the property?
What is your monthly income?
It is important that you ask every prospect the same qualifying questions and that you do not ask anything that is considered discriminatory under the Fair Housing Act.

You could also have the applicant fill out a pre-screening application form, which would basically include the same types of questions you would ask over the phone. The applicant could email or fax the application back to you. If an applicant seems hesitant or unwilling to answer these simple questions, they are not someone you will want to show the property to.

Daylight Is Your Best Friend

If possible, you should show the property when it is still light out. Granted, many people will only be able to see the property after they get off of work, which is usually after 5 or 6 P.M., which may or may not still be light out depending on the time of the year and the part of the country you live in. You should be OK showing the property at these times because neighbors should be around or also getting home from work.

You should definitely avoid showings at odd hours, such as at 10 P.M. at night. During any showing you should keep all curtains and shades open to help deter any criminal or suspicious behavior.

Don’t Give Your Last Name

You should not give prospective tenants or buyers your full name. They could use it to try and impersonate you or could easily use the internet to find out a lot of personal information about you. Simply using a first name with a buyer or tenants is more than acceptable until you are signing actual contracts with them.

Hide All Mail/Important Documents

When showing property, you should make sure all mail and important documents are out of sight. You do not want to tempt anyone to look through or even steal your documents.

Leave the Flashy Car at Home

Whether you have one dollar in the bank or one million, your personal wealth is no one’s business but your own. When showing property, you want to leave the flashy jewelry and cars at home. People with ill intentions are looking for these signs of wealth. You should also keep the bare minimum in your wallet. Do not carry around every credit card you own or excessive amounts of cash.

Never Leave Them Unattended

When showing property, never leave the prospective buyer or renter in the property unattended. This is especially true if the property is currently occupied because there will be objects and documents that can easily be stolen. You can give the people viewing the property space to walk around so they do not feel like you are smothering them, but you should always have them within eyesight.

Secure the Property After the Viewing

If the individuals open an exterior window or door, make sure you lock it after them. It can be easy to overlook this, but it is a very simple way for the prospective buyer or renter to gain access to the property at a later time if they have intentions of stealing from the property.

Program 911 into Your Cell Phone

You should always make sure your cell phone is fully charged before a showing. Secondly, you should have 911 programmed into your phone. If anything goes wrong, this will help save you valuable seconds.

Trust Your Gut

Finally, if something does not seem right, you should trust your instinct. If five grown men show up to look at a one bedroom apartment wearing gloves in the middle of summer, something is probably a little off.

The post Safety Tips When Showing Property appeared first on 9japroperty.