Chairman, Address Properties Limited, Chief Simeon Nnakwe has revealed the keys to making huge profits in real estate. Nnakwe who emphatically said it could be a very lucrative venture; however, warned that it requires careful planning and execution.
He noted 10 key diligences.
“Research the market” he said. “Before investing in any property, research the market thoroughly to understand the trends and dynamics of the local real estate industry. Define your investment strategy and goals to determine the type of real estate that aligns with them.”
According to Nnakwe, you may choose to invest in rental properties, commercial real estate or house flipping. After that, he said “Create and set a budget. Ensure that you have the financial capacity to cover all the expenses, including the purchase price, closing costs, repairs, and maintenance.
“Location is a crucial factor that determines the value of a property. Invest in properties that are in desirable neighborhoods with good infrastructure and access to amenities.
“Consult with a real estate professional, such as a broker or agent, who can guide you through the investment process and provide valuable insights.
“Hire a qualified inspector to evaluate the property thoroughly before purchasing it to identify any potential issues that could affect its value.
“Renovating a property can increase its value and attract higher rents or a better resale price. Focus on renovations that add value and appeal to potential tenants or buyers.
“Real estate investment is a long-term strategy. Plan for the future and consider the potential long-term appreciation of the property.
“Manage your finances carefully, keep track of all expenses, and ensure that you have enough cash flow to cover all expenses related to the investment.
“Stay informed about the latest trends, regulations, and opportunities in the real estate market to make informed investment decisions.”
