By Dennis Isong
As we step into the new year, many individuals are contemplating their property goals for 2024.
Whether it is acquiring a new home, investing in real estate, or diversifying one's portfolio, setting clear objectives and adopting effective strategies is key.
In this article, we will explore various approaches to achieving your property goals and provide actionable insights to make your aspirations a reality.
1. Identify your motivation: what is your 'why'?
Understanding the motivation behind your property goals is crucial. Are you buying for your child's future, considering the resale potential, aiming to generate rental income, or planning for short-term leasing?
Clearly defining your purpose will help you tailor your approach and make informed decisions throughout the process.
Below are a few examples:
A. BUY FOR YOUR CHILD'S FUTURE
Investing in a property to provide for your child's future is a long-term strategy. Choose a location with growth potential and consider factors such as proximity to schools, amenities, and future development plans.
B. buy and resell later (land banking)
Land banking involves purchasing land with the expectation of selling it at a higher price in the future. Conduct thorough research on areas with potential for future development and appreciate in value.
C. BUY, BUILD, AND RENT
For those looking to generate rental income, consider buying a property, developing it, and renting it out. This strategy requires a careful analysis of the rental market and an understanding of tenant preferences in your chosen location.
D. BUY FOR SHORT-TERM RENTAL
Capitalise on the growing trend of short-term rentals by investing in properties that cater to this market. Popular tourist destinations or areas with high demand for short stays can be lucrative.
E. BUY AND BUILD
If you have a vision for a specific type of property, consider purchasing a suitable plot and constructing a custom home. This approach allows you to tailor the property to your preferences.
F. BUY FOR COMMERCIAL PURPOSE
Explore opportunities for commercial real estate, such as retail spaces, offices, or warehouses. Identify the type of commercial property that aligns with your goals and has the potential for steady returns.
2. SET SPECIFIC GOALS, LOCATION MATTERS
When setting property goals, specificity is key. Choose a location that aligns with your objectives. Consider areas that are making headlines or undergoing significant development, as these often present excellent investment opportunities.
3. BUDGETING STRATEGIES
A. Set the 25% Rule: Allocate a portion of your income – around 25% – for property-related expenses.
B. Set a Timeline: Establish a realistic timeline for achieving your property goals. This will help you stay focused and accountable throughout the process.
4. EMOTION-FREE DECISION-MAKING
Real estate transactions can be emotionally charged. It's essential to detach emotionally from the process, especially when negotiating. Stay objective, stick to your budget, and make decisions based on careful analysis rather than emotions.
5. NEGOTIATE WISELY
A. Bulk Purchases: If considering bulk purchases, negotiate strategically to secure favourable terms. Bulk buying typically provides opportunities for discounts and added perks.
B. Utilise Payment Plans: Explore payment plans offered by sellers or developers. This can make the acquisition more manageable and align with your financial capabilities.
6. REALTOR RELATIONSHIPS
Building a positive relationship with a realtor can be instrumental in achieving your property goals. Realtors have valuable market insights, and negotiation skills, and can guide you through the complexities of real estate transactions.
CONCLUSION
Achieving your property goals in 2024 requires a combination of strategic planning, informed decision-making, and a clear understanding of your objectives.
Whether you are buying for your child's future, investing in land banking, or venturing into commercial real estate, these strategies can guide you towards success.
By setting specific goals, budgeting wisely, and leveraging professional relationships, you can turn your property aspirations into tangible achievements.
*Dennis Isong is a top realtor in Lagos. He helps Nigerians in the diaspora to own property in Lagos, Nigeria, stress-free. For questions, WhatsApp/Call 2348164741041*
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