Location is one of the first and most important factors to consider when looking to acquire new properties. But that's not all that there is to real estate investment. In this post, we'll share practical and effective tips to help you.
What is considered Prime Real Estate?
Prime real estate property equates to the most desirable, and sometimes most expensive, property in a defined location. Properties or pieces of land that are considered “prime” real estate vary from location to location because it simply refers to what is most desirable in a specific area. For example in a waterside town/area, prime real estate would be located by the sea/ocean. In the city center, prime real estate could mean a building with all important services and facilities nearby.
Important Factors to Consider When Looking For Real Estate to Purchase:
Location is one of the first and most important factors to consider when looking to acquire new properties. You have to consider the property’s proximity to amenities, green space, scenic views, and the neighborhood's status factor when evaluating residential properties. You should also consider its closeness to markets, warehouses, transport hubs, highways, and also easy access to major and back roads. Another key thing to look into when considering property location is the mid-to-long-term view, regarding how the area is expected to evolve over the investment/development period. For example, today’s peaceful open land at the back of a residential building could someday become a noisy manufacturing facility, diminishing its value. Thoroughly review the ownership and intended usage of the immediate areas where you plan to invest. You should make it a point to inquire from your agent about the possible plans for that particular area. Another way to collect information about the prospects of the vicinity of the property you are considering investing in is to contact the local government or other public agencies in charge of zoning and urban planning. This will give you access to the long-term area planning and help you decide if it's favorable or unfavorable to you.
Investment Purpose is also another important thing to consider because it dictates the specific type of property you buy and the size because with the low liquidity and high-value investment in real estate now, a lack of clarity on purpose may lead to unexpected results, including financial distress. You need to know if you’re buying a particular property for:
Self-use: Here you will save money on rent and have the benefit of self-utilization, while also having your property appreciate.
Lease: This offers regular income and long-term value appreciation from your property. However, you also need to consider the temperament involved in being a landlord as you would have to handle possible disputes and legal issues, manage tenants, repair work, etc.
Sell (short-term): You acquire your property and re-sell almost immediately for a profit. This generally yields quick, small to medium profit.
Sell (long-term): This is generally focused on property value appreciation over a long period. You acquire your property and either build or leave it to appreciate and then sell it after a long period. This offers alternatives to complement long-term goals, such as retirement.
Evertop Realties Limited can talk you through any of this and even more. We have the best from a vast range of properties in very good locations. We are here to help you find the right property for you to invest in, for whatever purposes. We have landed properties in:
GRANDVILLE PARK ESTATE AGBARA-ATAN PHASE 1 & 2, located at Agbara-Atan/Ota Axis, Ogun State, Nigeria.
PEACEVILLE GARDENS, SIMAWA, situated at Simawa, behind the New Auditorium, Redemption Camp, Ogun State, Nigeria.
GEMSTONE ESTATE, EWEKORO, located at Itori, Ewekoro, Ogun State, Nigeria.
ISHERI PALMS ESTATE is located at Isheri North, near Ojodu-Berger, Lagos State, Nigeria.
GRANDVILLE PARK, LEKKI-AJAH, located at Lekki-Ajah, Lagos State, Nigeria.
LIGHTHOUSE PARK, IBEJU-LEKKI, located at Ibeju-Lekki, Lagos State, Nigeria.
PALMSVILLE ESTATE, located at Ibeju-Lekki, Lagos State, Nigeria.
BROOKLYN ROYAL COURT, located at Ibeju-Lekki, Lagos State, Nigeria.
LIGHTHOUSE PARK, located at Agbowa/Imota, Ikorodu, Lagos State, Nigeria.
LIGHTHOUSE PARK & GARDENS, located at Isiu-Ikorodu, Lagos State, Nigeria.
AQUARIA GRAND ESTATE, situated at Epe, behind Augustine University, Lagos State, Nigeria.
UNITED ESTATE, located at Ologuneru, Ibadan, Oyo State, Nigeria.
EMINENT VIEW VIP ESTATE, located at Awka, Anambra State, Nigeria.
If you would like further information, kindly contact us via email or phone call.