Real estate investing sounds exciting… until you sit down with your calculator and bank balance, and reality starts doing push-ups in front of you.
You want to invest. You’ve seen people turn real estate into wealth. Maybe you’ve even watched a friend buy a rental apartment and start cashing out yearly. But here you are, wondering: “Where do I even begin with. Budgeting?”
Let’s break it down together.
1. Start With What You Can Actually Afford
You don’t need ₦100 million to get started. Seriously. Many Nigerians are entering the market with as little as ₦1 million through flexible payment plans, land banking, syndication, or joint ventures.
Begin by asking:
- How much do I have in savings?
- How much can I set aside monthly without going broke?
- Can I access a cooperative loan, mortgage, or family support?
Your budget should never be based on vibes. Be brutally honest with your pocket.
2. Research, Research, Research
Now that you know what you can spend, it’s time to figure out where and what you should buy.
A one bed apartment in Yaba? A land in Ibeju Lekki? A co- investment in a new development in Lekki using syndication?
Look for areas with:
- Growing infrastructure
- Upcoming developments (estates, schools, malls)
- Realistic entry prices for your budget
Sites like www.babajideokusaga.com can help you compare prices and locations quickly.
3. Factor In the Hidden Costs
Buying property isn’t just about the sale price. There are extras, some expected costs.
These may include:
- Legal fee
- Agency fee
- Land Surveying and documentation
- Development levies
- Title registration (especially for land)
Put aside at least 10–15% extra of your budget for these costs. Better safe than sorry.
4. Think Long-Term, Not Just Initial Cost
That “cheap” land may seem like a steal, but what’s the long game? Will it appreciate? Is it prone to flooding? Is it near future development?
It’s smarter to pay ₦50 million for land that will double in 3 years and more than ₦25 million for land that stays stagnant.
5. Explore Payment Plans
Many developers and investment programs now offer instalment plans some as low as ₦50k/month. It’s one of the best things to happen to young or first-time investors.
But be smart:
- Read the fine print.
- Ask about default penalties.
- Understand when you’ll get your documents.
6. Start Small, But Start
Don’t wait until you can afford a mansion in Lekki. Even a small plot in a developing area is a powerful starting point.
Real estate wealth builds brick by brick. Your first investment won’t be your last.
Budgeting for your first property may feel overwhelming, but with a clear plan, a realistic budget, and the right partner , it becomes doable and even exciting.
You’re not just buying land or a house. You’re buying into a future of security, income, and freedom. That’s a big deal.
Babajide Okusaga & Co are Chartered Surveyors and Real Estate Consultants with expertise in Agency, Investment, Management, and Syndication (AIMS). We are known for being client-focused and results-driven, aiming to connect clients with their specific real estate needs such as Investments, Sales, Letting, Joint Ventures, and Partnerships.
We dedicate time and energy to ensure clients’ satisfaction by helping them find the best-suited real estate solutions. Whether it’s leasing office space, financing a first home, purchasing a new factory, or managing an investment portfolio, Babajide Okusaga & Co caters to the considerations of corporate entities, individuals, and High Net Worth Individuals (HNIs).
Contact 02013423872 for Enquiries.
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