10 KEY TIPS IN ACQUIRING PROPERTY IN CRISIS MOMENTS
By: Bright S. Peterside – SED Properties Limited.
Human Lives is no doubt filled with Socio Economic cum Political crisis that shapes our existence, thus we daily strive to find a means of surviving this crisis without throwing away comfort, decency and life aspiration. Accepting this reality, we try to find means of surviving this multi-faceted crisis by tactically cushioning their effects through proper information.
This Article is inspired by our understanding of the desires of buyers or Potential Clients to acquired landed property for multiple Purposes in face of the prevailing Global Economic Challenge occasioned by the Novel Corona Virus pandemic which has hitherto paused all known major economic activities of man subjecting individuals and households to harsh economic realities.
We have therefore provided below, simple and practical steps that can aid property acquisition in moment of crisis as this.
Enjoy your Read.
- Have A Clear Budget
Budgeting for Land Acquisition here refers to a client practically deciding in reality, the amount of money he intends to conveniently pay to possess a piece of land. Such budget would enable the buyer easily identify available properties that fits into budget. This shall in-turn enable the buyer to plan finances to meet up with payment. Budgeting brings comfort and sets clear purpose and direction for acquisition. The success or failure of your desire to acquire a land property greatly lies on its budgeting.
- Choose A Concise Location
Decide specifically were your property should be located for your convenience. In doing this, consider all necessary factors such, Topography, nearness to Work, Security, Use etc. This will enable you choose appropriate location for your land. Again, choosing a location for your property is key because, location influences the prices of land. Locations differ and prices Is largely determine by the level of development of the area. Hence a clear choice will enable you choose a location suitable for your budget. i.e the Price of Land in Developed areas such as Ikeja, and Banana Island, Lekki in Lagos, Maitama and Asokoro in Abuja etc will surely be higher to a developing Area like Awoyaya and ibeju-lekki areas of Lagos.
- Engaging The Services Of A Consultant/Developer
Another viable means of property acquisition in moments like this, is to engage the services of Consultants in Real Estate i.e Realtors, Agents, Estate Brokers etc or a Developer (Land Owner) within your reach. This usually involve little extra cost, but having them handy to guide you in the process can be highly rewarding,as they shield you from lots of mistakes and excessive financial spending not needed for crisis moment buying. This Consultants regularly bring to your notice all necessary information needed for your acquisitions in line with your budget and location choice. They also notify you of existing deals such as Promos and Distress Sales which you can maximize..
- Take Advantage of Distress Sales and Promos
Another very popular window of opportunity for property acquisition during moments of Crisis is buy-offs from Distress Sellers. A property owner may decide to sales-off properties to enable them meet up with certain financial obligation. Beyond this, it can be occasioned by a change in location of work, residence etc, whatever be the reason, buyers can always cash into this kind of opportunity to acquire a property. Property owners wanting to sell their Properties in a hurry, gives you additional bargaining power. This alones can boast the possibility of your acquisition especially if you possess great bargaining power.
Promos are very popular means through which Real Estate Companies or Developers increase their Sales. These promos usually serve as excellent opportunity to buy a property at little cost. This is because these promos usually feature discounts and other client oriented incentives that encourage patronage from buyers. Though seasonal, they are usually very common during crisis moments were-in, the Companies need to make sales in other to remain in business through constant inflow of cash liquidity. Within this Season, buyers generally have the advantage in a down market, but this, however doesn’t mean you should go into a transaction blind. Such patronage should be after much under-ground finding about the product and seller.
- Search The Internet
Prospective buyers should search the internet for listings and inquire with a realtor or real estate agent. The objective of this research is to know the price range for the area, if it’ suitable with your chosen location,and budget. This research will help you make a reasonable bid and also provide the first inkling, that there is bargaining room for a choice Property.
- Look Out for Cut Prices
When land and other properties are selling at a slow pace, due to an unhealthy economy occasioned by health related crisis as COVD-19, real estate Companies and agent struggle due to inability to make much sales. In such an environment, both agents and firms may be inclined to cut down their property price schedule to get a deal done. Buyers can embrace such price reduction and acquire a Property while it last.
- Consider Property Payment Plans
Another means of actualizing property acquisition during Crisis Moments is to source for payment plans of properties which differs among different companies. Some real estate companies make room for a long term payment plan for buyers with little extra charges though. Usually, such purchasing process will required the buyer to make initial deposits, and continue payment in phases until total payment is Completed i.e, Payment for Classic Royal Estate, Prime Coast Estate and Maple Gardens Estate, all located at Ibeju-Lekki area of Lagos developed by SED Properties Limited has a six months payment plan. This spread payment plans enable the buyer meet up with payment for the property as well as other financial expenses. It is designed to give financial relief to buyers and suitable for all category of income earners.
- Look Out For Affordable Properties In-line With Your Budget
In acquiring a land, your first choice of properties should be that which fits into your budget. This is why budget is key. Identify Properties within the reach of your budget and go for it. This will save lots of Inconvenience. Many Companies exist who sell such affordable properties that suits your budget .i.e SED Properties Limited, a Lagos, Nigeria based Real Estate Company owns Multiple Estate where land products are sold at very affordable prices (Marple Garden Estate,700,000naira Per Plot,Prime Coast Estate,800,000naira per Plots, Classic Royal Estate, 1.5Millionnaira per plot respectively). This very Company Pride itself as that Real Estate Company that sells very affordable Land Products to its clients, making the luxury of land ownership available to all class of Income earning Nigerian citizens.
Often times, all that is required of a buyer is to use the internet to search for Real Estate Companies selling Properties at such prices that befits the budget. Social Media is also another veritable source of such Findings.
- Cross-Check And Confirm Titles And Documents
Buying a land property in moment of crisis is such a big deal to toy with. Hence, we advice you to cross-check titles before purchase. In trying times, sellers may want to upload their land properties because they want to make quick sells and sustain their business. In some cases, the property itself may be entangled in multiple unresolved issues i.e Government Controlled Land, Family Issues / Court litigations, Multiple Sells etc.
For this reason, it always makes sense to make your findings and be sure of Land Property titles. This may also require you getting a lawyer to do a proper research and verification before acquisition.
- Have A Clear Reason For Your Buying
Before buying a property, decide the actual reason for the purchase. i.e immediate or future building purposes, Reselling, letting, Residential, Commercial, Industrial. Mixed Use etc.
Be clear on what you want to do with the property. The reason for this very is simple. For Land Properties, sometimes, some location already boast of high level of development, thus any land acquired in such area can be built on immediately without any hindrance or effects, however, another location may feature different level of development which often leads to land appreciation. Ask yourself some hard questions about why you’re buying the Property.
Summarily, being prepared, organized and relying on developers and trained professionals for guidance can help you acquire a Land Property in the midst of every economic crisis. This principles shared here are universal, hence applicable for any client in any space and time.
In line with above Counseling, SED PROPERTIES LIMITED, reputable Real Estate Company is readily available and would be extremely glad to guild you on this great journey of Property acquisition within this COVID-19 Crisis Period and beyond.
Contact us today!
Send us on EMAIL; Info@sedproperties.ng, Visit our WEBSITE @www.sedproperty.ng or Call our Hotlines: +23408185953330, +23408185953331, +2348185953666 (Whatsapp Only).
You can also follow us on our Social Media Pages using the following Handles
FACEBOOK SED Integrated Services
TWITTER SEDPropertiedLtd @propertysed)
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