Choosing the best place to buy a property is not as complex as it sounds. There are several things to look out for when buying a house for the first time. It’s not a choice between a nicer house or a better location. NO, IT ISN’T! Both must align. It’s about getting the optimum property in the optimum place.
So, as an intending buyer, among other things, you must consider the best place to buy your desired property to maximize value. Although value may imply comfort and status to a buyer, it may be real estate profit and property appreciation to a real estate investor.
I cannot overemphasize the importance of location in real estate. It makes 70-90% of the difference in real estate investing.
Thus, if you want to succeed in real estate investing, you must know the location factors to consider before buying a house in Nigeria.
Go get a chilled bottle of minerals and popcorn as I highlight some of the most important land and house-hunting tips investors apply in real estate to make a lot of money.
Up-And-Coming Areas
Maitama is a great place to buy land or a house. However, a plot of land there can go for as high as N652 million ($1.8 million). Obviously, not everyone can afford it. That’s why smart real estate consultants advise investors to consider up-and-coming areas like Asokoro 2 and its environments. The opportunities in Asokoro and Maitama have gradually spilled over to these places, and real estate investors there are already smiling. Thus, they are some of the best places to consider when you want to buy a house or a piece of land in Abuja Nigeria.
Why Do You Want to Buy the House or Plot Of Land
Your purpose is another location factor to consider before buying a house in Nigeria. People buy a home or plot of land for residential or commercial/investment purposes.
Those buying for residential purposes should ensure it is close to the vital places they frequent like their workplace, worship center, children’s school, hospital, grocery stores, etc.
While those buying for commercial or investment purposes should ensure it is in a business-booming location.
Proximity To Commercial Hubs
An area you considered the best place to buy a property should be close to a commercial hub. As development further expands to neighbouring communities, the value of your property will rise significantly. The influx of people boosts commercial activities and the resultant high volume of money boosts the value of property and rent.
Government Policy and Restrictions
The government (through its town planning body) sets aside different locations for different purposes. While some areas are set aside for agriculture, others are set aside for schools, roads, bridges, stadiums, industries, etc. These places are government-acquired land. Anyone who invests their money there has thrown it into thin air.