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Lagos real estate trends: What you need to know.

Lagos is a burgeoning real estate market with varying opportunities and return on investment levels in the different market segments. The residential segment holds the ace, which explains why investors, both domestic and foreign, are playing big in that market. In some parts of this city, property values can appreciate by up to 10 percent annually, especially in rapidly developing zones. However, in more stable areas, the appreciation rate tends to hover around 3 percent and 5 percent, contributing to the overall average. Residential properties typically appreciate by 4 percent to 6 percent annually, but it is a different kettle of fish for rental properties where returns are more attractive, ranging from 6 percent to 8 percent annually. They make the market even more appealing for those seeking rental income and also encouraging more investment in residential properties. Student housing is even more attractive. According to Abayomi Onasanya, CEO, Student Accommod8, returns on purpose-...
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Understanding VDL: A critical Concept in Real Estate

VDL refers to the intrinsic value of land that is suitable for development, taking into account various factors such as zoning regulations, location, and market conditions. It serves as a benchmark for real estate professionals when assessing the potential profitability of land investments. By understanding VDL, stakeholders can make informed decisions on purchasing, selling, or developing properties. This concept is particularly relevant in urbanized areas where land scarcity drives up competition and necessitates careful valuation to maximize returns. The Definition of VDL in Property Valuation In property valuation, VDL is often defined as the difference between the anticipated sale price of a developed property and the costs associated with its development, including construction, financing, and permitting. This value essentially signifies how much an investor should be willing to pay for a parcel of land, considering the expected future income it can generate. VDL is not static;...
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Realtor's Advice to Homebuyers and Sellers: Tips for a Successful Real Estate Journey.

Whether you’re buying or selling a property, navigating the real estate market can be both exciting and overwhelming. As a realtor, I’ve seen firsthand how important it is for clients to be well-informed and prepared for the journey ahead. Whether you're a first-time buyer or a seasoned seller, here are some key pieces of advice to help you make the most of your real estate experience For Homebuyers: Make Smart Decisions with Confidence 1. Know Your Budget: Before you even start looking at properties, it’s essential to have a clear understanding of your budget. This includes not only your down payment but also monthly mortgage payments, property taxes, insurance, and maintenance costs. I recommend getting pre-approved for a mortgage to determine exactly how much you can afford. This will give you a solid foundation and prevent you from wasting time on properties that are outside your financial reach. 2. Location, Location, Location: While the condition and features of a...
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How To Become A First Time Property Owner In Nigeria Without Falling Victim To Fraud.

How To Become A First Time Property Owner In Nigeria Without Falling Victim To Fraud. Property ownership is a wise investment in Nigeria. The idea of having one can be very gratifying, and it may even make you feel somewhat secure. However, if you are conned, this reality could be destroyed. There are those who want to break your heart by defrauding you. However, if you bear the following in mind, you can prevent this. 1. Do your research:  In no way is the concept of property ownership inappropriate. It's fantastic, and it's even better if you've made the decision to make it happen. Never hasten the process of buying the house you want in everything you undertake. Don't let emotions or excitement compromise your judgment. Relax and thoroughly investigate the situation before you commit. Be slow to seize any chance that presents itself or seems good.  Do your research because the scammer who is trying to swindle you is not joking around. Such a perso...
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The Tenant's Guide to Relocating: Smoothly Transitioning to a New Home.

Introduction :  Moving to a new home is often an exciting yet overwhelming experience. Whether you're relocating due to a job change, seeking a change of scenery, or simply upgrading your living situation, it's crucial to plan and prepare for a successful transition. As a tenant, there are specific considerations and steps to take to ensure a smooth relocation process. In this blog post, we'll provide you with a comprehensive guide to help you navigate through the intricacies of moving and make your transition as seamless as possible. Evaluate your reasons for relocating: Before embarking on the moving process, take some time to reflect on your reasons for relocating. Are you moving for better job prospects, a more desirable location, or to downsize or upgrade your living space? Understanding your motivations will help you make informed decisions throughout the moving journey. Notify your landlord : Inform your landlord or property management company about your decisio...
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Navigating Love and Real Estate: A Realtor's Journey.

Navigating Love and Real Estate: A Realtor's Journey. Being a realtor in a committed relationship with real estate often means juggling two passions that intertwine both professionally and personally. The life of a real estate professional is demanding, and when your partner is part of the same industry, the dynamics can be both rewarding and challenging. Embracing a Shared Passion: For many realtors, the allure of real estate isn't just a career choice; it's a calling. The excitement of finding the perfect property, helping clients navigate complex transactions, and witnessing the joy of someone finding their dream home can be intoxicating. When a realtor is romantically involved with another real estate professional, there's an innate understanding and shared enthusiasm for the industry's intricacies. Balancing Work and Personal Life: However, the love for real estate often means unpredictable schedules, late-night client calls, and weekends devoted to showings. B...
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The Role of Emotional Intelligence in Real Estate Negotiations

In the high-stakes world of real estate, negotiations are key. Whether you’re a buyer, seller, agent, or investor, success often hinges on your ability to navigate complex interpersonal dynamics. While market knowledge and financial acumen are essential, there is another often overlooked skill that can make or break a deal: emotional intelligence (EI). Emotional intelligence—the ability to recognize, understand, manage, and influence emotions—plays a pivotal role in real estate negotiations. Here’s how mastering EI can give you a distinct edge when it comes to closing deals and building lasting relationships. 1.  Building Trust and Rapport Negotiations in real estate are more than just transactions; they are conversations built on trust. When emotions run high, especially in personal transactions like selling a family home, EI helps you build rapport with the other party. By showing empathy and understanding their emotional motivations—whether it’s excitement, anxiety, or stress—yo...
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