Most property investors find a major stumbling block when being offered a property, they tend to ask “is this the right property?”. Unlike other forms of investments, acquiring the right property can turn out with high profit returns, whereas acquiring the wrong property can be a total waste of money and time.
Steps to acquiring the right property
Knowing the right property to invest on depends on a lot of factors, with experience and professional expertise playing a major role. Most people tend to rush into acquiring a property, solely because it’s cheap, although the cost of a property might determine the percentage of the profit.
Investing heavily in a property, can still turn up far higher profit percentage, than a cheaper one, as long as you invested in acquiring the right property. So how do I know which is the right property do invest on?, how do I know the property I’ve acquired already is the right property?.
- Consult a professional property agency: your first step before acquiring a property is to consult a professional property agency, for assessment and valuation. You will know if it’s the right property to invest in, if the property is genuine and the market value of the property.
- Always meet the actual owners: whenever you wish to acquire a property, demand to meet the actual and real owners, the property might be sold by an agency or broker, but before payment always confirm and meet the actual person or people who are signing as seller(s).
- Do your findings: if you consult a professional agency, one of their tasks, will be to perform a background check on the offered property. Some of the checks will be verification of the rightful owners, proper investigation of those offering to sell, collection and verification of available documents etc.
- Hire a lawyer: keep all agreements in black and white, signed and sealed by your legal representative, or better still both parties’ legal representatives.
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Tips for acquiring the right property
You have to do the following to get the most of an acquired property:
- Understand timing: Your timing is very important in real estate, especially when it comes to property acquisition and disposal, when you acquire the right property and dispose it at the wrong time, it will reduce the profit drastically. Most properties that yield high returns, where acquired by a smart investor when it was still crude, then disposed for sell or rent when it has appreciated enough. Any slight delay or rush in acquiring or disposing a property can reduce your returns on the investment.
- Get the right location: a property situated in a strategic location can increase the returns when you decide to dispose. When you consult professional property agents, these professionals will assess the property based on the current level of development of the location. But the right properties are those situated in a location with potential for rapid development in the nearest future.
- Acquire a properly documented property: safeguard and secure your investment by buying from estate management companies, or if possible directly from the government. When you buy from the right source, they will handover proper documents on the property and future encumbrances wouldn’t surface after payment and hand over.
- Get your property registered: before you acquire properties, check if these properties lack one or more documents. Always take the extra step to obtain these documents, especially those related to government registration e.g. C of O, registered survey etc.
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How to maximize returns on an acquired property
Initially, people acquired properties to have assets and to increase their net worth. Nowadays, acquiring the right property can be very lucrative, but you have to be able to
- Identify the right property.
- Acquire at the right amount.
- Make some needful developments on the property.
- Finally, at the right time you place it for sell, lease or rent.
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Consult our property assessment team for any property you are offered, let us evaluate and assess the property for you. If you need a property at any location, view our different offers or learn about our housing scheme and let us build for you.