Real estate investment is one of the most significant drivers of economic growth in Nigeria, and it is a thriving business. This is evident in megacity areas such as Abuja and Lagos, where hundreds of millions of Naira can be made in a single night.
Land flipping is among the strategies for investing in the Nigerian real estate sector. This is particularly ostensible in a big city such as Abuja because there are lots of undeveloped lands. Flipping is certain to generate income for someone that strategically plans and is diligent.
Land flipping is a type of real-estate investment that involves buying lands at a low price and selling at higher prices to make huge profits. This type of real-estate investment is profitable when land buyers buy land in an area that’s rapidly growing. The land is frequently flipped “as it is” with little or no improvements made. Those looking to invest frequently hire estate agents to help them as it is possible to make a lot of money by flipping landed properties.
What are the best ways to earn any profits through land flipping?
You should be able to find land at a low price.
It’s important that you also have access to potentially high-demand, appealing land. This will encourage people to buy the land in the future with ease.
Identifying a land that is potentially high-demand, is perhaps the most crucial. While undeveloped land is a readily available resource, the site of the land dictates its market value.
Vacant land in the wilderness will always be less desirable than vacant land on the outskirts of a thriving metropolitan area. One explanation is that property in city environments is much more valuable because of all the manner it can be used and the income stream it can generate.
In light of this, Abuja and Lagos are the top Nigerian cities to engage in land flipping. This is because there is a high demand for land in these places. These places are experiencing an increase in direct and indirect demand for land that can be utilized for farming, manufacturing, commerce, accommodation, and other purposes.
Abuja is among the best places to buy undeveloped land in Nigeria and, in extension, across the world. There are several reasons for this, the most important of which is that Abuja is the capital of Nigeria, which has Africa’s strongest economy and is also a booming city. This makes Abuja an attractive area to flip land for investment because land values are certain to climb in the short to medium term.
A simple guide to flipping land in Nigeria
- Carry out adequate Research
You’ll need to conduct comprehensive and thorough research in places that are likely to emerge in the coming years or are already developing rapidly such as Lugbe, Kuje, Gwagwalada, Kurudu/Orozo (where a road is constructed to link that part of town to Apo). You’ll pay less for land in less developed areas, but you’ll hang onto that property for a while as development takes place. Remember, if you’re hoping to quickly resell or flip your land, search for major cities where you can successfully flip your property in months instead of years.
As previously stated, the finest land flipping prospects for investment in Nigeria are in Lagos and Abuja. However, the two major cities in Nigeria are certainly very developed, but some areas are still getting established, especially in Abuja. Abuja is being constructed in five phases, the first of which is complete. When development starts in your town, if you own land in phases 2, 3, 4, or 5, you will undoubtedly profit.
Engaging with a real estate professional familiar with the property market in the area you are interested in is a good idea. Real estate professionals have a deep understanding of the top locations to buy in and the ideal land to buy. Additionally, estate consultants are frequently aware of upcoming government infrastructure projects that can raise real estate values in the surrounding area.
- Only purchase land that has been verified.
Once you have secured a land, you must first do your investigation, which includes items like:
- What documentation is the owner in possession of?
- Have you authenticated the land registration to see if the documents are legit?
- Have you conducted surveys and inspections of the property, including the site, area, surroundings, facilities, security, topography, and so forth?
- Have you had an expert land appraisal done to determine its value?
- Make improvements to the land or not.
If your budget allows, you can begin enhancements to the land once you’ve purchased it. You’ll have to think outside the box, clear the terrain, build a footpath to make the land easy to reach, and possibly fence off the perimeter.
If the land doesn’t have access to amenities like electricity or water, you might want to fix that before selling it. Overall, do everything you can to assist any possible buyer in recognizing your land’s market prospects and worth. This will result in a faster flip or sell.
- You should list your property with a real estate firm or agent.
You should advertise your land for sale with a professional estate firm/agent. You’ll have to market your land correctly, taking into account all of the costs of improvements as well as a good profit margin for yourself.
To showcase your land in the nicest plausible way, you and your real estate agent must collaborate. Whether it’s capturing excellent photos, filming with a digital camera, or writing compelling descriptions, we’ve got you covered. The aim is to provide as much detail as possible so that a buyer can feel comfortable buying land from you at the amount you’ve set.
- Sell your property
If you can land a buyer who is interested in purchasing your property, you may close the deal and begin to enjoy your earnings. However, it is critical not to become greedy or overly connected to a chunk of land. You must be satisfied with a tiny but respectable profit.
If you ask too much for your property, it may either take forever to sell, or you may not find a willing buyer. Giving your buyers an offer they can’t reject is the secret to a successful sale.
Finally, the beautiful part of buying Graceview Real Estate Properties is that we will help you resell at a later date with a great return on investment that will favor our clients