Land Investment Myths
Land investment myths are popular for inducing tension, anxiety, and confusion. Am I too young to invest in property? Are property investments safe? What if the prices fall? Do I need a lot of money to buy a land? These are the kind of questions that cloud our minds when it comes to investing in land. Although these land investment myths are popular they are false. Below are some popular myths and the fact of land investment in Nigeria.
I need a lot of money to buy a land
Over time, this myth has been popular among many Nigerians. The general belief is that land is expensive and can only be acquired by the rich. Although, land acquisition has been a strong part of the investment portfolio of millionaires but this does not make it an exclusive right only the rich can enjoy.
The digital age has made this untrue myth easier to spot. In the past, many held the belief that you need to have several millions of naira to buy a land. However, a reliable property agency has several listings of affordable land on its website.
#Fact 1: You don’t need a lot of money for land investment in Nigeria
Investment in the house interiors is a waste of money
Investment in the interior of a house is a waste of money because it does not add up to the value of a property is another popular myth in real estate. Although, the interiors may not result in a monumental hike, but investors can always expect a decent increase in the price of a well-designed interior layout. However, the interior layout has to be planned logically as overdoing the layout may drive some potential buyers away. It is advisable to stick with the basics.
#Fact 2: Interior layout of the house is important
Land is land. So, why pay higher for some land?
Land value in terms of price differs based on various factors including location of the land, size of land, proximity to access roads and among others. This means that not all land is the same and you need to have all these considerations in mind as you plan to buy land. Buying low and selling high is how people make a profit, but this does not always mean that the cheapest piece of land is the only one with the potential to earn a higher return. In some cases, inexpensive land lacks potential. There may be environmental concerns or any number of other issues that prevent it from having value.
#Fact 3: Land varies in price and value. All lands are not the same.
Land values grow slowly
Another popular myth is that land value is very slow. Growth in the value of land mostly depends on whether the land is prime or not. If the land is far away from residential areas and urban areas, its value will grow very slowly over time, unlike a land that is close to the city. So where you buy land determines how fast its value increases. Location, immigration, economic activities and much more will affect the value of your land.
#Fact 4: Value of a land is not static. Value is affected by market factors in the real estate sector