Home Blog Real Estate Real Estate Trends: Your Guide To Smart Property Leasing

Real Estate Trends: Your Guide To Smart Property Leasing

Over the past month, we have been talking about how to invest your money in real estate. We have juxtaposed different investment options and concluded that real estate investment is one of the most innovative money choices. 

Today, we want to highlight one of the long-term investment strategies in Real Estate: Property leasing. According to Collins Dictionary, property leasing is “a legal agreement by which the owner of a building, a piece of land, or something such as a car and allows someone else to use it for some time in return for money”. 

As a savvy investor looking to lease a property in the bustling city of Lagos, Nigeria, we must understand first that Lagos stands as a vibrant economic hub in Nigeria, and opportunities to grow your money abound. 

Consider this your rule book for property leasing in Lagos because we will walk you through a step-by-step procedure for investing smartly in properties. 

Step 1: Define Your Objectives

Before embarking on your leasing journey, take the time to define your objectives and investment criteria clearly. What kind of property are you looking to lease and why? There are different kinds of properties in Lagos and intelligent ways to invest in such properties. If you want to invest in a property for ShortLets, lease one in places like Ikeja and environs. If you are looking for a property for hostel accommodations, look around Yaba and environs. 

If you are looking for office space, look around Ikoyi and its environs. It’s important to ask questions and conduct a survey to see what kinds of properties are most profitable in different areas. 

Additionally, consider accessibility, security, and proximity to amenities. Understanding your investment goals will streamline the property search process and ensure alignment with your financial objectives.

Step 2: Conduct Thorough Market Research

Now that you know why you want to consider property leasing, it’s time to conduct comprehensive market research to identify viable leasing opportunities. 

Explore different neighbourhoods, assess market trends, and consider factors such as proximity to amenities, transportation networks, and demography.

Step 3: Engage with Real Estate Companies 

Many investors have tried to explore the waters of Real Estate without agents but have become frustrated. The benefits of engaging reputable real estate companies like BO Properties cannot be underestimated. 

At BO Properties, we have professionals who possess intimate knowledge of local neighbourhoods, market trends, and regulatory requirements, allowing us to streamline your property search process and negotiate favourable lease terms on your behalf. We can also assist with legal documentation and property inspections. 

When investing in real estate, engaging with licensed companies like BO properties with a proven track record in the real estate market is important. 

Step 4: Do your Due Diligence 

Schedule viewings with the landlord or their representative once you’ve identified potential properties that align with your investment goals. The time of viewing is to conduct thorough investigations and ask questions. It is essential to thoroughly evaluate the property’s condition, amenities, and any potential issues that may require attention or repair. If available, investors can visit properties with their legal representatives, who will help check the property history and charges. 

Investors can also ask the property company to help them provide a good property lawyer who can represent them. The legal representative will ensure that due diligence is done to verify the legal status of the property, such as reviewing the property titles, land-use permits, environmental assessments, and zoning regulations. 

Step 5: Negotiate the Lease Terms

Have you selected your desired property? It’s time to negotiate the terms of the lease with the landlord. Key factors to look out for when negotiating the lease terms include the rental cost, lease duration, maintenance responsibilities and other conditions. The services of a legal representative may also be required during negotiations to ensure that investors understand the terms and conditions before committing to the purchase.

 Discuss the terms with the landlord and come to a mutual agreement. Upon reaching a mutual agreement, execute the lease agreement using Nigerian legal formalities, secure your rights as a lessee, and establish a solid foundation for a successful leasing venture.

Step 6: Document the process 

Property companies require different documentation, so it is essential to understand what information the company needs. Typically, documentation includes proof of identity, income verification (if applicable), and any other documents requested by the landlord or the agent. Additionally, you may need to obtain relevant permits or licences depending on the intended use of the leased property.

Once documentation is complete, carefully review the lease agreement to ensure that all the negotiated terms and conditions are accurately reflected with the help of a legal counsel. When you’re satisfied with the terms, proceed to sign the lease agreement, making sure to retain a copy for your records. Afterwards, you can pay the security/maintenance fee and rent. 

Step 7: Manage the property

One way to keep making money as a property investor is to maintain the property. Property maintenance ensures value. After payment is made, your responsibilities as an investor begin. Ensure you retain the property in good condition, promptly address any repairs or maintenance issues, and comply with all applicable laws and regulations.

If you rent the property to tenants, establish a positive relationship through clear communication and responsiveness to their needs. Also, enforce the terms of your agreements with them to ensure they leave the property in the best condition possible. 

Step 8: Renew Or Terminate Your Lease

As the lease term approaches its end, you’ll have the option to renew the lease or terminate it. If you wish to renew, discuss the terms with the landlord well in advance. If terminating the lease, ensure that you provide proper notice as stipulated in the agreement and prepare for the property’s handover by the terms.

As an investor, leasing a property in Lagos, Nigeria, can be rewarding, but it requires diligence, thorough research, and adherence to the established procedures. Consider this step-by-step guide in your rule book for investing in a property. 

Are you ready to take the next step? Contact us to explore our range of investment options, from Estellar’s Short Lets, Self-Cons, and hostels to Primero’s Shops and stores, and Queens Court’s hostels. With BO properties, you’ll never miss out on property investment opportunities.

Enjoyed reading this? Subscribe to our newsletter for exclusive content on real estate trends.

Add comment

Sign Up to receive the latest Updates and News

19 Funmilayo OnaronkeAkoka, Yaba, Lagos
Follow our social media
© 2024 boproperties - Real Estate. All rights reserved.
Compare
0