Buying a Property (Land) is one of the biggest financial decisions that most of us will make in our lifetimes. And yet it’s often a decision in which the person with the most knowledge about what makes the most sense gets overlooked: You
There’s a simple way to fix this problem. All it takes is a piece of paper, a pencil and some time. So if you’re struggling with this decision to buy, take a minute to think through these questions and write down the answers, because I suspect you’ll need to refer back to them the next time somebody decides to share what he thinks will happen with property market in Lagos Island. This list is not meant to be prescriptive. It is meant to get you thinking about something other than forecasts and guesses.
▪ Can you afford it, and do you have enough saved for a down payment?
▪ Can you qualify for a loan?
▪ How long do you plan to own the property? There’s some debate about the minimum time you should hold on to a landed property for it to be worthwhile. It matter less than five years, it appreciates daily.
▪ What guess are you making about Property prices and having a property in Lagos Island?
It is a painful reality that the one variable that makes a huge difference in this decision would make you wake up to see that you have been left behind by other smart investors.
The answers to these questions will depend on you and your individual situation. And that’s the point.
Hopefully, it’s clear now how ridiculous it is to invest in Lagos now based on some stranger’s advice.
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