The real estate market in Nigeria has enjoyed generous attention, owing to its tremendous growth over the last decade.
Since real estate investment is not a concept that many people are versed in, as expected, false information has originated and is being shared amongst members of the public.
Already, the real estate market is quite competitive. And as a result, rookie mistakes arising from myths could be expensive in the long run.
In today’s post, we will be discussing some common myths about real estate. Also, we will take a step further to debunk them by providing accurate information on each subject matter.
Let’s dive in.
Myth 1: Real Estate Investment Equals Easy Money
You may have heard that investing in real estate is a quick and easy way to access wealth. Consequently, anyone who invests in real estate has signed up for a lifetime of wealth.
Unfortunately, this is not entirely true.
Investing in real estate requires knowledge, experience and/or professional guidance.
There are countless real estate investors who have lost their resources to investments that went wrong. In a previous post, we examined some common errors that first time investors make in real estate.
Real estate investment only equals wealth when done right. Interestingly, we have done the bulk of the work for you, and our investment advisors are willing to walk you through the process and guide you on your journey to a profitable real estate investment.
Myth 2: Everything is Negotiable
This is another common misconception in the real estate industry.
And as a result, many investors have missed out on fantastic investment opportunities owing to this belief.
It is worthy of note to reinforce at this point that the real estate industry is highly competitive. Consequently, the possibility of making worthy profits from investments is cordially tied to the ability of investors to spot fantastic opportunities and make good use of them real quick.
In other words, timing is very crucial.
Good negotiation skills could come in handy and serve as a useful tool in helping you secure the best deals. However, the belief that everything can be negotiated could be the singular reason you miss out on fantastic investment opportunities.
Myth 3: Investment Advisors are overrated and expensive.
Having examined the first myth about real estate investments, do you still think investment advisors are overrated?
An investment advisor could just be the difference between a profitable real estate investment and a bad investment.
As Red Adair rightly observes, if you think it’s expensive to hire a professional, wait until you hire an amateur!
Interestingly, the good news is that you have the privilege of enjoying FREE investment advisory services with Hall7 Real Estate.
Our team of excellent professionals are willing to guide you in ensuring that you make a profitable investment. Click here to get started.
Myth 4: All developers are the same
Have you also heard that all real estate developers are quite the same?
Unfortunately, this false information seems to be spreading real fast while leaving a negative impact and creating false impressions in the minds of investors and aspiring investors.
Every real estate development company is unique in its own right.
To experience the uniqueness of development companies in relation to your needs, we encourage investors to commit time to research.
For instance, Hall7 Real Estate is known for quality off-plan developments, as well as innovative architectural designs.
Consequently, Hall7 Real Estate is a perfect choice for investors who are particularly interested in quality, as well as other factors that influence property appreciation.
Myth 5: The Investment Process is Entangled and Overwhelming
Investing in real estate could be herculean and overwhelming, especially when you do not seem to be familiar with the processes.
Why then do we consider this statement a myth?
Well, we believe that the experience that investors have when investing in real estate is relative because it is totally dependent on your choice of development company.
For instance, at Hall7 Real Estate, our investment advisors are available and willing to guide you through your investment journey to ensure that you enjoy a seamless investment experience.
Like aforementioned, we have done the bulk of the work for you, and we are simply waiting to walk you through the process.
Myth 6: Properties take a Long Time to Appreciate
As always, we believe that every real estate investment is unique. And as such, the duration of appreciation for every property is relative.
For example, we have watched one of our developments experience a 100% return on investment in less than 7years. And in one of our previous posts, we discussed some factors that influence property appreciation.
In essence, your choice of property to invest in is what determines the duration of its appreciation.
We understand the factors that influence property appreciation and we are careful enough to ensure that our developments are optimized to generate huge returns within the shortest possible time.
Click here to view some of our projects
Myth 7: Off-plan Properties are High-risk Investments
Off-plan investments may be considered risky because of the fact that investors subscribe to not-yet-existing projects based on trust in the developer and so on.
However, the belief that off-plan investments are high-risk is not totally true. Especially after careful consideration of some basic facts.
To begin with, the risk level of any off-plan investment is subject to the track record of the developer. Having said that, it is expected that investors commit time to researching the developer they decide to invest with.
Off-plan investments remain one of the most fantastic investment options in real estate. And we highly recommend that you invest in off-plan properties.
Click here to view some of our off-plan projects.
In today’s post, we have highlighted and debunked some of the most common myths about real estate investments.
What other real estate myths would you like us to discuss?
Kindly leave us a comment and we’ll provide you with an answer.