“If I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper questions to ask”
– Albert Einstein
ASKING THE RIGHT QUESTION
Real Estate Buyers (Investors) more often than not have the lead in a recessive and challenging market but this doesn’t mean they should walk into a transaction inadvertently.
Prospective buyers are expected to search the internet for listings, inquire with a renowned property manager or agent and also check the daily property newsprints to gain insight on a particular location, property type and average asking prices.
www.fineandcountry.ng and Refined Magazine are good sources and many others. As a buyer, one of the objectives when asking questions before investing in Real Estate is to get to know the price range for the location you want to invest; in order to ascertain what is excessive and what is considered low. This investigation will help you make a reasonable bid and also provide the first perception that there is bargaining room on a particular property.
Other questions to ask should border on title, developer history, documentation fees, year of construction, facility management, service charges, transfer of ownership etc.
Subsequently, we will be discussing other important steps to take when considering an investment in Real Estate. These steps will centre on the following touchpoints:
- Getting detailed and organized
- Buy from Motivated sellers
- The Art of negotiating Well & Throughout the Transaction Phase
- Titling: Getting it right