Land flipping is a sort of real-estate investment that entails purchasing land at a cheap cost and then reselling it for a larger profit.
When landowners purchase land in a fast-rising location, this form of real-estate investment pays off. In some cases, in just a few months or years, you might profit up to 200 percent on your investment.
Here are a few reasons why Land flipping can be an awesome way to reap profits:
- Land appreciates.
- It can be easy to sell land.
- The competition is low.
- Land is an easy asset to manage.
- The cost of maintaining Land is low.
- Land appreciates
When opposed to other types of investments such as crypto or equities, the value of land does not change over time. Land value may ideally increase day by day because, in Lagos, for example, the value of Land can grow by up to 30% in a year (depending on location).
In just five years, the cost of land in some places on the island of Lagos, such as Lekki, has increased by over 200 percent. Isn’t that just mind-blowing?
- It can be easy to sell land
When it comes to land, there isn’t much need for special effects photographs or a lot of advertising before selling the land. The most you have to do is purchase or advertise a property in a rapidly expanding region and wait for buyers to clog your phone lines with calls.
Land can be resold without the assistance of a realtor. You may either finalize the sale from the comfort of your own home by using one of the various websites or platforms accessible or meet with the buyer one-on-one.
- The competition is low
Purchasing land avoids the intense rivalry that every other property on the market faces. You can also make your own decisions as a land investor.
- Land is an easy asset to manage
Dealing with tenants, tax concerns, and other challenges involved with maintaining buildings are some of the drawbacks of other types of real-estate investments, such as rental properties.
We’re all aware of the pressures that property owners endure in dealing with renters, the government, and other stakeholders.
Flipping lands eliminated all of these possibilities, which makes Land an easier asset to manage.
- The cost of maintaining a land is low
Unlike other types of real estate investments, land requires very little upkeep.
You would have to remodel buildings regularly to keep them in good shape. Land, on the other hand, can be left laying bare for years without costing much in care and yet increasing in value.
Land flipping is an excellent business for those with little start-up funds who wish to make a lot of money in a short period.
Clues to Help You make Huge Profits from Land Flipping in Nigeria
- Conduct thorough research and identify areas that are rapidly emerging, have the potential to develop in the future or are already developed. Certain locations mature faster than others, depending on their location and economic viability.
- Ensure the seller is the legal owner of the property and has all of the necessary land documents, such as a Certificate of Occupancy or a Governor’s Consent.
- If you’ve found the right piece of property in an excellent location, get to work on it. Create a trail or get a surveyor to map the area and write a fantastic description of the location, emphasizing the benefits to persuade a possible buyer to buy.
- If you are unable to write effectively, hire professionals in the subject and then promote on the web using the various social media sites and other methods available.
- Avoid the urge to become emotionally connected to any property so that you can easily sell it to someone else. Never forget that this is a business, and your goal is to make a profit.
Choosing the most beneficial location is crucial to making money from land flipping. People, as we previously stated, tend to put off crucial tasks such as investing in emerging areas while other people, prefer to wait until the location has gained in value and become more expensive before investing.
What distinguishes a clever land flipper is the ability to spot high-potential places and purchase land when prices are still cheap.
So now that you know how land flipping in Nigeria works, are you willing to try it out as a form of investment?