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CRITICAL FACTORS TO CONSIDER WHEN DECIDING TO BUY REAL ESTATE FOR PRIVATE RESIDENCE OR INVESTMENT IN NIGERIA.

Good morning members of this Forum. Once again l am Dr M. I. Okoro, the Principal Partner/ CEO of M. I. Okoro & Associates, a trieving firm od Estate Surveyors & Valuers, Property Consultant and Marketing Agents. God Has blessed me a lot in my profession that l feel that the best l could do to Almighty God in appreciation for his kindness and blessing to mě is to share my wealth of knowledge in real estate information. This l have done in the past through AM Express Real Estate today on NTA Network for many years ago. I believe that,that singular effort touched some lives positively and they were able to make a well informed decision when deciding on real estate investment. Today again, that envegalism in real estate information diseminating continues, who knows, you could benefit from it. Today our topic is as above indicated.
Now,let me ask you, where do you live? How did you find yourself there? Are you happy still living there? Even if you are happy because you cannot help to relocate, is your family? Then why do you want to relocate after many years living in this unfortunate location. It is easier to move if you are a tenant than a landlord or landlady. Having a HOUSE of your own is like marrying a wife you love with Children. It is not always very easy to sever the relationship. In the case of House ownership, it is not always very easy to leave your house and relocate. Now you that got that HOUSE as your office or business arena, are you too happy with that your location? Is your business moving very well ,then why are you complaining even though it is not easy for you to relocate because you have tied down all your money in the first choice you have made. Now listen, we are going to reason together in attempting to solve the problems we have created in making that bad choice of House ownership or as a tenant, in the process, we would have addressed the CRITICAL FACTORS TO CONSIDER WHEN DECIDING TO BUY REAL ESTATE FOR PRIVATE RESIDENCE OR INVESTMENT IN NIGERIA.

Here we go

No1) Location.

In all considerations, whether you are buying the REAL ESTATE for private residential, or offices, business center of any type, or for investment of any type or even whether you are deciding to go and live with that your Auncle or Sisters or brothers, location is no one consideration because if you get the location right, you will be happy person throughout your life time and when you die you must rest in peace!! Can l tell you the benefits of good location?

a) When you get a good location, you are guarranteed regular rental and Capital appreciation. That is no matter how much you call on rental, people must pay for it and after many years of renting it out and you want to sell the house, you will sell at very high value. That is one of the advantages of good location.

b) If you are in good location, most of the times,your house will be occupied if it is a rented building.

c) If you are in good location, your family will be very happy and you will live a prosperious life. See, every big man or big woman like to live in good location at all cost, so if you are lucky to be in good location, there are a lot of advantages. For instance, compare the location of a house in Ikoyi, Lekki phase one and axis upto Ibeju Lekki, Victoria Island, Ikeja GRA and other premium locations . Now also consider Oshodi, Ajegunle, Ajamgbadi, Orile to mention but a few bad locations. Do you think that Dangote, Jimmy Ovia, Tony Elumelu, Senator Ahmed Bola Tinubu or even High Chief Elkanah Mowarin will ever go to live in Oshodi, Orile, Ajegunle, Ajamgbadi, satelitetowm. The asnwer is Capital No. See where they live, Ikoyi, Victoria Island, Lekki, Ikeja GRA and other premium locations. If you are blessed to live in any of this beautiful locations, your and family will mingle with the rich and everything will be well for them.

d) In every good location, government take good care of such areas by creating good road, pipe borne water, etc. This is not the case with other bad locations areas.

2) Acquisition Cost

Another important CRITICAL FACTORS TO CONSIDER WHEN DECIDING TO BUY REAL ESTATE FOR PRIVATE RESIDENCE OR INVESTMENT IN NIGERIA is cost of acquisition . The cost of buying land or HOUSE in a good location is always very expensive compared with the cost of buying houses in bad locations. Whatever is the case, when buying houses, please always go for the best location no matter the cost of buying such houses. If you do not have enough money now,try to grow that money and eventually go for the good location because nothing good in this world comes easy.

3) CHARACTER OF THE NEIGHBORHOOD

Any time fortune smiles at you and you want to buy or rent a house please go for good location and in doing so,you must research for the character of the NEIGHBOURHOOD . How does the place look like. If it is where they build Bacha as a house and nobody cares, you will see it and it is a signál that all is not well, if the area is not well planned, please run for your dear life. Check also if it is a hideout for criminals, then never you go there because one day,you must be a victim.

4) ZONING AREA.

When deciding on real estate investment or personal use,please demand to know the original zoning of the area. For instance, government has zone every area in Lagos or in a City you live. It could be zoned for residential, commercial, recreational, Shools, Churches, Industrial, etc. If you go and buy land or HOUSE zoned for commercial or industrial for residential purpose, you will lose that money . That is bad investment. Always consult Estate Surveyors & Valuers to help you out.

5) CERTIFICATE OF OCCUPANCY

NEVER you buy any land without Č of O . Make sure you consult a profesionál Estate Surveyors & Valuers to help you out whatever you want to buy so that the house will have a title document. It is important and essential.

We shall continue from here next time but if need further clarifications pls call M. I. Okoro & Associates, Estate Surveyors & Valuers, Property Consultant. 35 Ademola Street, Ikoyi Lagos, 08033065629, 08184120415 ,miokoroandassociates@gmail.com

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